Pennsylvania entered the green phase of COVID-19 recovery on June 5th, and we are cautiously optimistic about returning to work and life amid our new normal. At WMS, inc, we plan to continue following all guidelines and recommendations to ensure the health and safety of our staff and clients alike. Prior to your next visit, we will brief you on our revised procedures and precautions.  

As we've responded initially to COVID-19, our team has been committed to sharing proactive advice and information with our clients and friends. The specific long-term impacts are yet to be seen as we move further into the recovery period. However, speaking from experience, we know that we can and will weather this storm no matter how it may turn.  

A reminder: if your plan hasn't changed, your portfolio shouldn't change. It is critical that we stay the course. If nothing else, this pandemic has taught us that we must remain calm and resilient; logic, not emotions, should drive our financial decision-making.  

We're ready to get back to (the new) normal, but, more than ever, this has been a time to be ever-cautious and careful about making financial moves. Here are a few key points to keep in mind as we move forward.  

Evaluate: Take time for reflection and consider how your mindset may have shifted in how and where you spend and allocate funds. Evaluate your current and long-term cash flows and savings plans, as well as your day-to-day and longer-term spending habits. This should be a periodic, ongoing process that will enable you to gain short- and longer-term emotional and financial insights into your cash flow and spending so that you can remain on track or reconsider your financial goals and mission. 

Contribute: It is imperative to maintain current contributions to your retirement and long-term savings so that you do not derail long-term financial planning, strategy, and goals. If you are able, consider an increase in contributions. If your spending habits have changed, consider if newly available funds can be reallocated to retirement savings plans. However, if, for any reason, you need to make adjustments because of cash flow reductions, please contact our team to discuss the safest, healthiest, and most appropriate financial approach for your situation.  

Position: If you are financially able, we suggest taking advantage of the ebbs and flows of the COVID-19 recovery market. We can help assess your cash position, goals, and risk tolerance to ensure you're making decisions and investments that position your portfolio for long-term stability and growth.  

 Insulate: As you are evaluating cash flows and maintaining or increasing retirement funds, you also want to consider creating and contributing to short-term emergency funds. These funds can cushion any economic changes throughout the recovery period and insulate you from taking actions that would affect your current financial course.  

Most importantly, keep in mind that our economy is resilient, our firm is resilient, and our clients and friends are resilient. Whether you need advice or support, have questions, or want to talk through your concerns, we're available. Please email us or call our Aspinwall office at 412-781-7100 or Greensburg at 724-836-7001 to be directed to a member of our team.