Do you have a large single stock holding that you are concerned about and would like to protect?
In difficult times like this, it is often the view of financial professionals to role out the mantra “to do nothing and stick to your plan” I politely disagree, now is the time to get very busy to help you navigate and make the most of this challenging situation.
In my profession, when I mention the topic of retirement to people it can often generates a mix of resignation/denial or fear. Many us will have seen older family and friends with declining health, unattractive lifestyles and living on reduced incomes. Unsurprisingly many of us hate thinking about retirement, never mind planning for it.
Often when I introduce the idea of building a financial plan to people it is regarded as an alien concept, but in fact, it is one of the key steps to successfully building your wealth. That is not to say that people do not have financial plans but very few people have it written down and even less have crunched the numbers.
Given the very recent challenging economic and operating environment the focus for many self employed is on business survival rather than wealth accumulation. Hence personal financial planning has taken a back seat to the everyday challenges of running a business in a recessionary environment.