InDaily InDaily

Support independent Journalism Donate Subscribe
Support independent journalism

The best financial plan is not to panic

Sponsored

The past month has been uncharted territory for many sectors. Private wealth adviser Tony Simmons provides his take on the financial planning industry and the loss of live sport on TV.

Print article

In March 2017 my son and I carefully and covertly arranged a Foxtel subscription. It had to be a covert operation as my wife had for many years prevented me accessing this valuable subscription, as in her opinion it cost too much.

However, this Foxtel offer was too good to turn down as it offered all the sports channels and more for just $55 per month. What a deal!

When I pushed that final button on the application form (with my son’s expert help) we had it! It was particularly important as Australia was about to start a cricket tour of India and it was the only way I could watch.

I am a big cricket fan. I am a big AFL fan as well. In fact, I am a fan of most sporting codes. I will even watch soccer if Adelaide United are playing well.

My son recently commented that this subscription is possibly the most used television subscription in the history of television subscriptions, such has been its non-stop use.

I can watch AFL non –stop on some Saturdays from around 1pm to 10 pm. How good is that?

Fast forward three years and there is no live sport on TV. This is serious.

There are plenty of hard-working people in Australia and elsewhere in the world who rely on sporting events for a significant part of their income. I feel for them.

I also feel for the millions of hard-working Australians in small and medium business, the backbone of our great country, now out of work due to this pandemic.

Monday March 23, 2020 was a high watermark day for panic and enquiry in the financial planning industry. I haven’t experienced such a day as this but the events of the last few weeks certainly should have made me aware it was coming.

Markets continued to tumble. Safe haven asset classes such as Bonds declined in value. Flimsy Australian Equity positions collapsed. Fund managers kept churning information to keep us all informed.

Information overload is certainly a collateral impact of this war.

Not to mention the casualties – the poor people who suffer with this illness and those who pass away. Truly tragic.

It is very hard to find someone, be they family, colleague or client who hasn’t incurred some form of loss throughout the Pandemic.

What can advisers like me do in times like this?

The approach would be common among other financial advisers but my offerings have been:

I think we would all like this pandemic to move on, so we can get back to our lives.

I can get full use of my Foxtel subscription again and we can all adjust to the ‘new normal’ – whatever that looks like.

Good luck. Stay safe.

Tony Simmons leads the Private Wealth team for BDO in South Australia. He has over 30 years’ experience supporting business and personal clients to protect and grow their wealth and is a frequent contributor to specialist publications.

Any advice in this publication is of a general nature only and has not been tailored to your personal circumstances. Please seek personal advice prior to acting on this information.

 

Help our journalists uncover the facts

In times like these InDaily provides valuable, local independent journalism in South Australia. As a news organisation it offers an alternative to The Advertiser, a different voice and a closer look at what is happening in our city and state for free. Any contribution to help fund our work is appreciated. Please click below to donate to InDaily.

Donate here
Powered by PressPatron

More Sponsored stories

Loading next article