Our Commitment: To Deliver Opinions that Foster Confident Action
I'm writing this in early September 2015. If you're reading it around that time, you'll know we experienced huge market swings in the latter half of August.
How does that kind of movement impact investors? For many, it inspires a response ranging from uneasiness to outright panic.
Unfortunately, the media does little to help the situation. Currently, analysts are making dire predictions of what the future holds. "Sell before it gets worse!" is the (panicked) consensus.
The Wisdom to Weather Storms
So what's my role in all this? I believe it's my job to give my clients informed opinions and a long-term perspective so they can wisely weather these storms.
And this role goes beyond what to buy or sell, how to allocate savings or how to change spending habits. It's about instilling confidence in your decisions.
Take Confident Action
My team and I work with our clients to develop financial plans unique to their goals and financial situations. Because we put so much time, effort and analysis into it—and because these plans are based on real numbers and not generalizations—it gives our clients the confidence to stay the course, even when contrary opinions come from media, friends and family.
It's only when you lack confidence in what you're doing that you doubt your decisions. Without confidence, you lose sleep at night and follow market swings. Often, you end up selling at the worst possible time and buying at the worst possible time. Not good.
And guess what? The market is recovering. One day it climbed over 600 points and almost 400 the day after. If you'd panicked and followed the doomsayers, you'd be a sad person today.
So does our lack of panic mean we put our heads down and ignore everything that's going on around us? Definitely not, rather, we work hard to keep on top of market changes and use what we learn to uncover new opportunities for clients. It's part of our philosophy of continually broadening our perspective, a concept we'll discuss in more detail in our next blog post.
Pedersen Group Wealth Management is a personal trade name of Darren Pedersen.
This article was prepared solely by Darren Pedersen who is a registered representative of HollisWealthTM (a division of Scotia Capital Inc., a member of the Canadian Investor Protection Fund and the Investment Industry Regulatory Organization of Canada). The views and opinions, including any recommendations, expressed in this article are those of Darren Pedersen alone and not those of HollisWealth.