Jason Andrew of OFS Financial Services offers investment strategies to tackle COVID-19
The past few months have been unlike anything our community has known as we have responded collectively and individually to the COVID-19 pandemic. It is understandable that many people feel overwhelmed with the management of their savings and investments. I sat down for a Zoom chat with Jason Andrew, a financial advisor with (OFS) Financial services to learn more about what he does to help clients and community members answer their questions, concerns and decisions.
What are the most frequently asked questions in recent months?
A lot of clients, colleagues and friends ask what I think the market will do and how long the recession we are in now will last. First, I remind them that no one has a crystal ball. It is always important to look at the entire history of the market and remember all the ups and downs that we have experienced before. Having a plan and a strategy to overcome a downturn is the most important thing.
You have a great analogy to what has happened over the past few months and the strategy you have used to help your customers. Can you share this with our readers?
What happened to the market in late February when COVID-19 hit and stock prices started to fall is akin to the sport of skydiving. Some people jumped off the plane without a parachute (a plane) and they didn’t do well. Others jumped with a parachute (a plane), and they were able to slow their fall.
When those who had the parachute hit the ground, or the bottom of the market, they were in a better place than those who had neither a plan nor a parachute. Those who had a parachute were able to pack it up and create a new plane that included the parachute (the original plane) because if you’ve ever tried running with an unpacked parachute, you know it slows you down.
I always create plans for my clients that allow them to step up faster and take advantage of market opportunities. For many, it paid off. They were not only able to recoup their losses, but in many cases they were able to find themselves in a better position than in February when the pandemic began.
What are the economic factors and should individuals take into consideration when considering their future plans?
When thinking about your future, it’s important to remember things like inflation, health care costs, lifestyle expectations, and your lifespan.
As inflation rises over the years, it can have a profound impact on the purchasing power of your fixed retirement savings. Also, while Medicare is there to help you past the age of 65, you will likely need additional insurance coverage to ensure you receive quality health care. Plus, since people are living longer than ever before (life expectancy has increased by 25 years over the past century), you’ll likely need more money in savings to get through those extra years.
Realistic lifestyle expectations also play a vital role in retirement planning. You need to have a good understanding of what you hope to do and how you plan to live when you retire so that you can plan.
accordingly with your finances. You may find it difficult to maintain the lifestyle you currently enjoy on a fixed income, so it’s important to set realistic priorities and expectations before you retire.
We hear that you are a youth baseball coach. Can you share some things you learned from your team this year?
It has certainly been an interesting year for training young athletes. My baseball team had just started training when the pandemic hit. We didn’t meet for most of March and all of April and May. When Thurston County was cleared for Phase 2, we started getting together in small groups and working on the fundamentals. Now that we are in phase 3, they can play games. It took a lot of work to organize our first tournament as we made sure that all players and parents followed the safety guidelines, but it was well worth it.
I have learned so much from this amazing group of children. They have been resilient, patient and courageous, while remaining passionate about improving their sport. I think I am compelled to share all of this because it is reflected well in the advice I offer to my clients. Investing is similar to baseball. You have to take it one day at a time and remember that it is a long season. It’s about making smart decisions and dedicating yourself to finding opportunities for growth and improvement. My team is a great source of inspiration for my work in the field and in the office.
OFS Financial Services works with individuals, families and small businesses to make smart investments for the future. If you are interested in exploring their services, contact Jason at [email protected], call their office at 360-596-9788, or visit FSO Financial Services website.
OFS FINANCIAL SERVICES
Securities and insurance products offered by Cetera Investment Services LLC. FINRA / SPIC member. Advisory services offered by Cetera Investment Advisers LLC.
Neither Cetera Investment Services nor Cetera Investment Advisers are affiliated with the financial institution where the investment services are offered. Check-in location: 4310 6th Ave SE, Lacey, WA 98503 • 360-596-9788. Investments are: NOT FDIC INSURED, may lose value, are not guaranteed by any financial institution, do not constitute a deposit, and are not insured by any agency of the federal government.