Financial Fiduciary Tips for Surviving Market Volatility Surrounding the Presidential Election & Political News
The Worley Banks Group, a financial services firm, shares their recommendations for managing investments during market volatility, especially high-profile political events like presidential elections.
Tip 1: Now is a good time to plan your retirement.
The difficulties of 2020 have caused many people anxiety and concern for the future.
“Use your fear and frustrations to motivate you to get your financial plan together,” says Dave Worley, Worley Banks Group partner. “People are experiencing challenges they never expected. Starting the process and finding out when you can retire will often resolve stress and provide peace of mind.”
Worley says this is especially true for the Missouri educators that he helps with pension analysis. When circumstances seem out of control, it helps to focus on the things that can be planned, he says.
Tip 2: Ensure your plan covers all the bases.
“A financial plan is much bigger than just managing investments. Make sure you include all aspects of your financial life in your plan. Other financial decisions can have a bigger impact on your income and asset preservation at retirement than investments alone,” says Worley Banks partner Tim Banks.
Be sure that your financial plan includes tax, insurance, mortgages, risk, estate planning, and reliable investments that meet your goals, Banks says.
Tip 3: Look at the facts, not the hype.
When you look at history, the party in power—whether it’s Republicans or Democrats—has had little to no impact on investment returns, according to Forbes.com.
Since Franklin Roosevelt, the U.S. has had seven Democratic and seven Republican administrations. Yet, according to Capital Group, a $1,000 investment made under FDR would likely be worth $14 million today. Stocks have trended higher regardless of which party has been in office. Yet, getting out of the market to avoid any of these presidents could have negatively impacted an investor’s long-term returns.
“The message history tells us is stay invested,” says Worley. “There is market volatility that can be unnerving in reaction to political events. However, it’s best to ignore the headlines and focus on your long-term plan.”
Tip 4: Stay the course for your retirement plan.
It’s easy to get caught up in the emotional aspects of politics, pandemics and social upheaval.
“This year has caused some of our clients to consider delaying their planned retirement or make unexpected decisions to retire,” says Banks. “It’s fine to change your plan, but you don’t have to react to scary news or situations. A good financial plan considers the unexpected for retirement income and asset preservation. Your plan is designed to enable you to retire as planned, even if it is in the midst of a pandemic and changing political cycle.”
Ultimately, the financial advisors at the Worley Banks Group suggest that you stay focused on the end game.
“We’ve been through two economic downturns. We’ve learned to invest for the long-term, not the everyday market moves,” says Banks.
About The Worley Banks Group
The Worley Banks Group (https://worleybanks.com/) is a fee-only financial planning firm that guides families at retirement in all financial aspects of their lives. The firm builds holistic financial plans that include investment, retirement, pension, estate, tax, insurance and risk management planning. The Worley Banks team also specializes in helping Missouri educators make informed decisions for their PSRS and PEERS pension plans. Founded in 2002, The Worley Banks Group is headquartered in St. Louis, Mo. For more information, please call (314) 530-2700 or visit https://worleybanks.com/.
Financial Services Firm Serving St. Louis County Offers Holistic Planning-Centered Investment Approach
St. Louis, Mo. (June 23, 2020) – The Worley Banks Group, a financial services firm, is launching an independent Registered Investment Advisor (RIA) and moving its headquarters to a new location in Creve Coeur, Mo. As a fee-only RIA, the firm is strengthening its commitment to independent advice and the fiduciary standard to act in the best interest of its clients. The Worley Banks Group will also be able to provide more responsive, top-notch service by implementing technology efficiencies.
Founded in 2002, the firm’s advisors work with families to build holistic financial plans that focus on income distribution and principal protection. In addition, the Worley Banks team also specializes in helping Missouri educators analyze their retirement options and make informed decisions for their pension plans.
“This move is ‘independence day’ for our clients. When Tim and I started nearly 20 years ago, we simply wanted to help people make sound financial decisions. It was our goal to be a personal CFO to our clients by guiding them through all areas of their financial life,” said Dave Worley, partner. “Launching as a fee-only RIA enables us to deliver the services that are best for our clients. Those who are retired or nearing retirement deserve independent advice from a fiduciary when planning their financial future.”
Helping Families at Retirement Build Holistic Financial Plans & PSRS Missouri Pension Analysis
The Worley Banks Group is led by co-founders Dave Worley and Timothy Banks. Worley, a teacher who retired from the Public School Retirement System of Missouri (PSRS), focuses his practice on pension analysis and complementary strategies for Missouri educators. Banks has spent the last two decades helping families at retirement build comprehensive financial plans around their goals and concerns.
“My goal and passion is to help families within five years of retirement or already retired to build a holistic financial plan, based on income and asset preservation,” said Timothy Banks, partner. “When people are nearing retirement, it’s important to bring families together and collaborate to change their financial strategy. With a solid plan, clients can turn their investments into income and protect their principal for future generations. As an independent, fee-only firm, our clients can be assured that our advice is transparent with no hidden fees and no bias due to conflicts of interest to sell a certain product line or offering. Bottom line, we are looking out for our client’s best interests.”
The firm’s team brings a combined 60 years of experience and includes the Certified Financial Planner (CFP®) designation.
The Worley Banks Group has strategic relationships with TDAmeritrade®, the custodian for their clients’ investment assets, and Alpha Capital, who builds and manages their portfolios.
The Worley Banks Group serves financial services clients in Missouri and neighboring states, with an emphasis on St. Louis County and City, St. Charles County, Jefferson County, Franklin County, Warren County and Lincoln County.
About The Worley Banks Group
The Worley Banks Group (https://worleybanks.com/) is a holistic fee-only financial planning firm that guides families near or at retirement in all financial aspects of their lives. The firm provides investment, retirement, pension, estate, tax, insurance and risk management planning. The firm also specializes in helping Missouri educators with their pension plans. Founded in 2002, The Worley Banks Group is headquartered in St. Louis, Mo. For more information, please call (314) 530-2700 or visit https://worleybanks.com/.
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Sonia Coleman
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