Plan post-COVID financial-planning, business goals

As COVID-19 case numbers drop and other news begins to take the top spot in the headlines, it’s a good time for individuals and business owners to take a moment to reassess their investment management, financial planning, and business goals as we begin to transition toward a post-pandemic world.

“I think we’ve all just been concerned with trying to stay healthy,” says Christopher Giambrone, partner at CG Capital in New Hartford. It’s important to also make sure our financial lives are healthy as well, and this is a good time to do so.

For individuals, one of the main things he suggests is to evaluate any debt as all signs are pointing to increasing interest rates later this year.

Current inflation rates over 7 percent means higher interest rates on the way, says Alan Leist, III, CEO of Strategic Financial Services in Utica. Higher inflation also means our dollars don’t go as far as they used to and causes worry that the Federal Reserve could overcorrect on interest rates and trigger a recession.

“People are generally unsettled and scared,” Leist notes. 

One way for investors to combat that unsettled feeling is to review investment portfolios and make sure that they are well diversified and monitored regularly, says Doug Walters, Strategic’s chief investing officer.

Giambrone agrees that a portfolio review is in order. “It’s a good time to take a look at your investment portfolio … and make sure it’s in line with your risk profile.”

Both Giambrone and Leist concur that the pandemic had one effect on people that could affect their financial-planning strategies.

“It encouraged people to think about what a great life means to them,” Leist says. For many people, it made them reevaluate priorities.

“There have been a lot of people that assessed things and retired early,” Giambrone notes. Whether it’s retiring early, traveling more, or some other goal, he recommends people get as specific as they can about those goals so they can develop a clear path to get there.

Things like figuring out when you want to retire and making sure your estate plan is up to date are critical components of planning and should be constantly evaluated as goals change, Leist notes.

Business changes

The workplace is one area that seen great change during the pandemic. While some people opted to retire, it wasn’t an option for others, Giambrone says. However, between working remotely from home or the loss of some service-industry jobs, there are a lot of factors business owners need to consider as the world transitions out of the pandemic.

Working is a big commitment, Leist says. “That commitment needs to be honored by the workplace, so the workplace becomes an empowerment tool.”

People are less stressed if they aren’t worried about their finances, and being less stressed can make them more productive, he says. “Make sure your people are being taken care of financially,” he adds.

Some businesses may be struggling to find the necessary staff, Giambrone says. He suggests they consider outsourcing tasks when they can. “There are a lot of specialty firms out there now to work with small businesses.”

Businesses should also reevaluate the client relationship to see what service model is best for each client going forward. Some clients might be eager to get back to in-person interactions, while others might prefer to continue a virtual model. Businesses need to be prepared to adapt.

This is also a good time for business owners to examine their objectives and make sure they are on track. “One really important aspect of being a business owner is your vision,” Giambrone says. Take some time with all the changes COVID-19 brought and make sure the company’s actions are supporting that vision, he says.