The first half of 2020 has certainly kept us on our toes. Stock markets have experienced the fastest decline and rebound of this magnitude in history. Even the most seasoned investors have difficulty stomaching that much volatility. While things are not yet back to normal, it certainly feels better than it did in March! Through it all, ‘Ça va bien aller’ is perhaps one of the most relevant and important messages, reminding us to keep a level head in trying times. Be sure to read PWL Research Director, Raymond Kerzérho’s Economic and Market Commentary for his synopsis of this spring’s events.
As the stock market crash began, we focussed on generating cash for those who withdraw regularly, to ensure liquidity. In April, we worked through all portfolios to harvest tax losses in non-registered accounts wherever available. If there’s one silver lining to a market crash, it’s the tax refund we can generate the following year by harvesting losses. Since then, rebalancing portfolios to take advantage of the recovery has been the order of the day. Stock markets are bouncing back, but portfolios are still down between five and ten percent, depending on your level of risk.
I am very proud of how the team handled the transition to working from home. Since the start of the pandemic, we’ve been conducting review meetings with clients, opening new accounts and making sure that we took advantage of the downturn in client portfolios. We continue to refine processes in our new working dynamic, so we can provide you with excellent service while working remotely, for as long as necessary.
We are very excited to announce the launch of the PWL Wealth Centre, our new online portal where you can consult all your portfolio details, including account values, asset allocation and performance. The Wealth Centre also contains a two-way vault, through which you will have access to all your PWL documents and reports, as well as providing you with a secure method of sharing documents with us. You’ll be getting an email in the coming weeks with instructions on how to log in, and we are looking forward to hearing your thoughts and feedback on this new service.
Finally, despite the pandemic, our efforts across the firm to create useful content through blogs, videos and podcasts has paid off as the firm now manages in excess of $4B in client assets. As always, your ongoing confidence and your business are truly appreciated.