We are now in the midst of a global health crisis that completely enshrouds us. As the impact on mankind grows, we stand united in our efforts to protect lives and contain the virus. At Tompkins Financial Advisors, we are implementing all appropriate safeguards for the continued safety of our colleagues and clients.
As I compose this in my literal home office, Tompkins Financial Advisors is well prepared to make prudent investment decisions and serve client needs in a remote environment. Our business continuity plans have been well-tested, and we are fully equipped and committed to providing the communication, service and investment integrity clients expect of us, for as long as it takes.
Market volatility remains extreme, with both stock and bond markets swinging wildly. As comparisons to the 2008 global financial crisis abound, we still believe this time is different. The 2008 crisis was rooted in deep, structural impairments within the financial systems. This is a global health crisis that is impacting financial markets and economies. The good news is our banking system has never been stronger, more solvent and resilient by what came out of 2008. Aggressive containment measures, coupled with powerful monetary and fiscal stimulus, will additionally help to mitigate the economic and market impact of this biologic crisis.
Client emotions are, quite naturally, on edge. The abundance of uncertainty makes it difficult to focus on long-held investment plans. As investment managers, we must try to take the emotion out of the equation, concentrating our efforts on fundamental analysis, risk controls and liquidity. Ours is a measured approach, easing concerns with downside protection and clarity where possible. There will ultimately come a time when new Covid-19 cases peak, consumer confidence turns up, jobless claims diminish, market selling bottoms, restaurants reopen and economic indicators recover. When that happens, the market will turn aggressively positive, and we’re resolved to help clients envision the other side of this crisis.
We realize you rely on us for guidance and advice during uncertain times, and are here to support you and explain how these market events may impact your portfolios. Though we are working offsite and are foregoing in-person meetings, we remain available to you by phone, email and video. We will also stand alongside our fellow humans in collectively doing our part to slow the spread of this virus and give us all the best chance to survive and thrive.