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Keystone Financial Group

Staying the Course

Tempted to Make Big Changes in Response to Short-Term Volatility?

Read this First!

Staying the course amid economic turmoil can be a daunting proposition. As markets ebb and flow in response to world events as well as earnings reports and data releases from the Federal Reserve, it can be tempting to divert course away from your long-term objectives and financial planning goals. As is often the case, when faced with sustained inflation, lackluster wage growth, and developing economic threats from around the world, many find themselves asking the question “What do I do now?” To answer that question, I would say two things.

First, during times of turmoil or market upheaval, it can be not only tempting but also even correct, to grab a life jacket and jump ship. Many people did, for instance, during the Great Recession and the “Covid Crash” that took place in early 2020. However, it is important to distinguish between a critical threat to your financial plan and a development that, while difficult to navigate, can be dealt with in due time.

This is my second point: sometimes, in order to fulfill your financial goals, you must Stay the Course!

As an example, if an investment portfolio was allocated for the purpose of dividend income during retirement, then liquidating all or part of that portfolio in response to news headlines does not make sense. Maintaining focus on your long-term objectives is key – sometimes the waters will be rough, but you must not lose sight of the long-term goal because of the hardships you face today.

Successful Retirement Planning and Portfolio Management: Wealth Management Requires Balance, Patience, and Insight

Now, do developments like those I referenced above affect only investment portfolios and financial stability? By no means! For someone trying to maintain their standard of living in the face of rising inflation, that process can be intricate: trying to maximize the utility of their income as costs rise for goods like food or gasoline is tricky, and doing so while not jeopardizing other aspects of their financial life, such as their risk management strategy or retirement savings, can seem impossible.

What is inflation? U.S. inflation can have a real impact on your retirement planning and must be taken into account.

Balancing these goals and maintaining a long-term focus on portfolio management is a common discussion we have with our clients who are focused on retirement income. We are a wealth management practice, and this means we focus on both what is happening in the markets on any given day as well as details like risk management strategies and practical day-to-day advice for personal wealth upkeep. Another way to think about us and our approach is this:

We are like general contractors, and before you hire us to build a room for your home, we need to know the details about that room so that we can bring the correct tools to the job.

What kind of room is it? Where in the house will the room be? How much insulation will the room need? How will the electrical be run? What types of outlets will there be? When we sit down with clients, we answer each of these questions as it applies to them, and often, while the management of a stock portfolio is included in that discussion, there are many additional tools at our disposal that we bring to the table to meet the needs that are present in your current stage of life.

Ensuring Your Financial Future Requires Intelligent Professional

Our job at the end of the day is to help our clients plan their financial futures and achieve their goals and objectives. From our first interaction, we set out to construct a financial plan that will become the foundation of our ongoing engagement and become the means by which we measure our progress in fulfilling your objectives.

An important reminder, though, is that in order to fulfill the merits of your financial plan, it is essential that we stay the course regardless of the challenges we might face. Financial planning in Alabama takes careful planning.

Navigating through these challenges can be an arduous task, which makes engaging with a financial professional even more important. Whether you are just getting started or are already well underway, I encourage you to call us so we can help you fulfill your financial goals and attain the financial freedom you are yearning for.

*David Guttery and Brandon Guttery offer products and services using the following business names: Keystone Financial Group – insurance and financial services |  Ameritas Investment Company, LLC (AIC), Member FINRA/SIPC – securities and investments | Ameritas Advisory Services (AAS) – investment advisory services. AIC  and AAS are not affiliated with Keystone Financial Group. Information provided is gathered from sources believed to be reliable; however, we cannot guarantee their accuracy. This information should not be interpreted as a recommendation to buy or sell any security. Past performance is not an indicator of future results. 

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