To say we are living in volatile times could be somewhat of an understatement. The French stock market, the CAC 40, experienced its largest ever one day fall last week, over 12% in just one trading day!
The market crash in October 1987 was severe, the dot-com boom and bust caused great misery, a global banking crisis in 2008 even caused the mighty Lehmans to fall. Why am I reciting this? Because, like most of my colleagues, I witnessed all of these events.
Covid-19 now appears to be at its most prevalent exactly where all Spectrum advisers work: Europe. The French Prime Minister has declared that all non-essential shops, offices, cinemas and restaurants should now close, and as I write this my mind wonders about the next weeks’ market activities, especially as traders and brokers will most likely decide to work from home. We have a very long climb to recover from the exceptional falls of late.
When I make initial telephone contact with a person who has requested information from our website, or maybe a personal referral, or interest from our advertising, it quite often happens that they appear surprised just how local I am, “Oh, so you’re not based in London, you live in Chambery? But that’s so close, you must be a keen skier,” and this opens up a very important conversation, mainly because the person on the other end of the phone has rarely spoken with a financial professional who has 25 years of experience in this region of France. At this stage the conversation explodes, “Where did your children go to school? Can you suggest a good one? Do you know a good company to insure my car with? How do you start to build a pension in France?” The questions are many, and I consider it my personal duty to assist, after all what is all the experience worth if you cannot help your fellow expatriates?
In the last few days such local contact has taken on a whole new meaning, “Could we meet up soon? I need to decide on my new fiscal residence, the UK tax year is so close, but due to Brexit my old UK adviser cannot help me.” Or, “I have so many UK based investments, they are all severely beaten down, but the phone lines are blocked, nobody can update me, and the annual statement is eight months away.”
And this is what Spectrum is all about; we, the advisers who live close to you, all have not only many years behind us in financial services, but equally importantly have lived, worked and paid taxes and social charges in France for many years. We know how the system works, the good and the not so good bits. We know the better accountants, the real ones who actually work for you, the client, not administrators/book keepers who collect for the system. We are supported by some of the world’s best investment houses, insurance companies and trust companies. Our knowledge is vast, and often a short car trip from your home or office. There is no cost or commitment in meeting up for an initial discussion, but the luxury of having so much available experience on your own doorstep, and in your own language, makes us a unique financial services company locally.
The concern currently is real, the media has caused Europe to panic (I just tried shopping with my wife, high stress levels everywhere). We are close, capable and can at least put your mind at rest during these testing times.
Try us, you will be amazed how quickly we respond, arrange a meeting and help to guide you through this rather bizarre period.