​Covid-19 Update and Communication

My opening line last week was about the strange times we are in – the past week has done nothing to change that feeling.  As the Country faces the next few weeks or months in Lockdown, we are all facing huge disruption to our everyday lives and this is not easy for any of us.  As always, the health of everyone is the number one priority and I think it goes without saying that we are all behind the measures that have been brought in to protect that.  Please do stay in and stay safe.
Last week I wrote to you about our service and the steps we were taking in response to the COVID-19 pandemic. We have been monitoring the situation closely and continue to respond to government guidance. Looking after our clients, colleagues and their families is our number one priority, and we are determined to maintain the level of service you should expect and deserve from us.
Our objective is to safeguard the services that are the most important to our clients. We would ask that if your enquiry is not urgent, you consider using email in the first instance as the majority of staff are working remotely and will be able to deal with these enquiries in a timely manner. We have maximized the use of our technology in order for our working processes and procedures to run without disruption, for example, digital signatures will be used where possible to ensure that we are not reliant on postal services.
If we have to make any further changes to our service as the situation develops we will let you know.
From an investment perspective, markets have continued to be extremely volatile, although thankfully, at the time of writing, the recent volatility has been positive. With COVID-19 rightly dominating the headlines, it’s been easy to miss some of the actions being announced by governments and central banks to support the global economy and financial markets. There are signs that these measures are helping to improve market sentiment and on Tuesday the FTSE 100 posted its second best gain in history, and the US equity market had its best day since 1933. However, we will continue to see significant daily swings whilst efforts to contain the virus remain in place, or are extended.
Although the situation may seem quite desperate at the moment, this crisis will pass. During periods of extreme market volatility the natural response is to sell everything, but history tells us that this is the wrong thing to do. Whilst our portfolios and funds are holding higher cash levels than usual, we are mindful that financial markets should start recovering long before the disruption to daily life improves and will act accordingly.
As always, if you have any concerns or would simply just like to talk things through with your Adviser or usual contact within Skerritts, please do not hesitate to give us a call or send us an email.
In the meantime, on behalf of the whole team at Skerritts in the office and at home, thank you for your support and patience. We will continue to provide regular updates and we wish you and your families all good health during this difficult time.
Yours sincerely
Richard Skerritt
Managing Director