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Maintaining income amid market turmoil

17 April 2020: In a distressed and chaotic market it can be difficult to keep a cool head and avoid the temptation to sell assets, but it’s important to remember that history proves risk assets generally recover, according to ICAEW’s Head of Personal Financial Planning John Gaskell.

Individuals and professional advisors looking to access timely advice on strategies to deal with the current turbulence in the financial markets, especially those in drawdown or about to enter it, should mark their diaries for 12pm on the 22nd of April.

At that time John Gaskell, ICAEW’s Head of Personal Financial Planning, will host a webinar on “Maintaining income amid market turmoil”,  where he will be joined by Vince Smith-Hughes, a personal finance professional of 30 years standing and a director of specialist business support at Prudential UK.

The webinar, part of a ‘WealthCare’ series on personal financial health, will focus on how to put short-term worries aside and look to medium and longer-term recovery. Such steely resolve can be all too difficult to maintain in a dramatically shifting market, as John is quick to admit.

“That is often easier said than done, especially if individuals need to draw on invested assets to generate an income, such as via a pension drawdown plan,” said Gaskell. 

“But it’s important to remember that history proves that risk assets generally recover in due course.”

Those who are already in pension drawdown or on the cusp of it, are particularly advised to take part, commented Gaskell, given that some of their asset base could have dropped by around 25% since the outbreak of the COVID-19 pandemic. 
Among the topics to be covered by the webinar are: 

  • The strategies for managing sequencing of return risk
  • Rebalancing funds and income
  • Recouping investment losses

 It will also touch on the tax system and maximising your tax allowances.

Other forthcoming events in the series include ‘Protecting your investments’ on 11th May and ‘Brexit and lockdown in the EU on the 14th May 2020.

A further webinar on mortgages is being planned with dates and times to be advised. Details of forthcoming events and WealthCare content can be accessed via the ICAEW Personal Financial Planning Community which is free to join.