Greetings, clients and friends.

As you are all aware, we are continuing to see unsettling market movements as global markets react to the unknowns surrounding COVID-19. We know you are worried about the health of your loved ones and your financial future, and we want to share what we know, some perspective on the market, and our commitments to you.

The stock market is continuing to fall in response to fears of a coronavirus recession. Interest rates are in historic decline and oil prices have fallen drastically. But this is a rare instance in which we can pinpoint the precise cause of economic weakness. We rarely know the exact reason for poor economic readings, but in this case we know why the markets are behaving this way.

In times like these, perspective is key. Investing is a long-term endeavor. While we have seen declines in recent weeks, the trajectory of the markets is up. While the current circumstances may feel different than in past moments of instability, remember that we have been here before.

Our experience with the markets is why we put so much care into financial planning and portfolio construction. In times of uncertainty, investors need to be disciplined and trust in their preparation.

Even in a bear market, if the economy is healthy, the market recovers much more quickly and the market declines are shallower. The recent upward trend in new jobs is evidence of the health of the economy.

Diversified portfolios have helped stabilize investor returns this year. Bond prices have risen as interest rates have fallen, so balanced portfolios are working precisely as they were meant to.

For those who draw income from your investments, we have designed your portfolios to allow for sufficient liquidity to let you continue to do this. There is no need to feel paralyzed or stuck in a holding pattern–you can continue to live the lifestyle you have designed for yourself. For example, if you need to replace your car, you can proceed with your plans.

We understand that you may still have serious concerns given recent market swings. We want to emphasize that not only are we here to ensure that your portfolios are working for you, we remain here to listen. It is important to us to take proactive measures to communicate with you. Our experience and expertise are available to you at all times.  You are not in this alone.