Regency Wealth Management has been and will continue to be fully operational. On Saturday, March 21, Governor Phil Murphy implemented Executive Order # 107, which required the closure of all “Non-Essential” businesses in the State of New Jersey to slow the spread of COVID-19. As of March 23, all Regency employees will be working from home and ready, willing, and able to service your needs.
Accordingly, we’re taking the following actions with our operations:
- We are suspending in-person meetings and have closed our Ramsey office until the governor’s executive order is lifted.
- We can set up video conferences as well as phone calls to address any questions or concerns or service requests you may have.
- We invite you to reach out at any time if you would like to speak to one of us as we will be available.
COVID-19 has infected many people and is also negatively impacting the global economy. Markets have dropped quickly and significantly, reflecting a now likely recession and uncertainties about how long and deep it will be. Unemployment is likely to increase dramatically over the next few weeks as companies react to a lack of demand and diminishing revenues. The drop by 28-30% in developed market equity indices thus far in 2020, as well as in the bond markets to a lesser extent, indicates some of this risk has been discounted in the financial markets. We won’t know if these are overreactions until we see contagion slowing meaningfully. Governments around the world are working to provide financial assistance to those most affected by this severe but temporary environment.
We have recently raised some cash and purchased a small position in hedged equity products to moderate portfolio risk and take advantage of these lower prices. Historically, those with investment discipline that maintain diversified portfolios have been rewarded when economies and corporate earnings recover.
These are unprecedented times of market volatility and uncertainty. We are confident that this, too, shall pass. In the meantime, we hope and pray for health and strength for all of you in these challenging times, recovery for those who are currently afflicted with the virus, and an end to the pandemic so that our lives can return to normal.
Please reach out if you have any further questions or concerns, and please be well.