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FEATURED: What my client’s are asking about Brexit

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In light of the EU Referendum results last week, many of my clients have contacted me to discuss their financial affairs, in the wake of the Brexit win. What are my client’s asking? And what is our broad guidance at this early stage?


This does not constitute advice and advice should be sought in all instances before acting on it.

post-brexit-keep-calm-carry-onDon’t panic!

It is only natural to panic, at least a little, when huge economic and political decisions take place, such as those the UK is experiencing now. Particularly, as the media often portray contradictory messages and can hyperbole the details around sensitive areas, causing distress when it isn’t necessary.

The immediate slump in the value of the pound was expected following a Brexit result however, when it becomes reality, it can still be a shock.

Looking at the FTSE it’s not actually down that much, and we’ve had volatility for two or three years, so that’s not new.

Whilst this is the first time that the UK is poised to leave the EU, it is important to remember that we have been in similar turmoil before, in 2008 and 2011, to mention a couple of more recent events.

Common sense can be thrown overboard at times like this and matters may take time to digest. How long could depend on the nature and complexity of your financial portfolio.

Advice firms, including our own, are first and foremost telling clients not to panic in this period, during which the wider market and policymakers will work out the next steps for the UK’s relationship with the European Union (EU).

It could take some time, so for now it is business as usual.

Looking for reassurance

Most of my client’s are sensible and level-headed, so they understand that markets tend to work in cycles.

On the whole, most clients who have picked up the phone are simply looking for reassurance. They ask the broad questions such as “How will the Brexit affect my mortgage?” and “Should I reconsider my investments in light of the result?”.  Others ask, generally “Is there anything I need to be worried about?”. 

We are pleased that our clients are making contact with us to discuss their questions and concerns, as we are in the position not only to reassure them, but also to review their portfolio and start to discuss how this change of course could affect them.

Generally, we have also been working with our partner firms in the last few months to prepare for either result.

Continue to focus on your financial priorities

Whether you voted Brexit or Remain, the wheels are in motion and the rest is largely out of our control.

The problems you faced last week are the same as you face today. Your financial priorities also remain the same.

post-brexit-focus-financial-prioritiesMy client’s have a focus on planning for their retirement, putting their children through school, passing money through generations tax efficiently and getting the best rate on their mortgage, amongst other things.

This is what you should continue to focus on whilst things pan out in the government and the EU negotiations.

It is important to remember, on a 30 or 40-year financial journey, this is just one more bump in the road.

Read more of Darren’s monthly features on topical financial and investment issues:

We are here to help you! Speak to Darren

darren-scott-guinness-financial-adviserDental & Medical Financial Services are ready to help you with your financial and mortgage planning following Brexit. Call to speak with Darren about your individual circumstances.
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