James Coney  

Advisers turned therapists

James Coney

James Coney

This really is like nothing we have seen before, with the very fundamentals of big business under threat.

Monetary policy is running out of options.

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Chancellor Rishi Sunak’s injection of £350bn of support calmed nerves, but it did not end the fear.

We are in uncharted territory and so explaining all this to clients (if and when you are still allowed to see them), is going to pose enormous challenges.

We have had 11 years where it looked like any fool could make money, and this now is where advisers really show their worth.

Pensions problem

So, what about the savers in drawdown? This is going to prove a massive test of the pension freedoms.

The last research published by the Financial Conduct Authority showed that most were not taking enough risk – largely sitting in cash. Let’s hope that remained the case.

I fear now though that generating an income will become nigh on impossible. I suspect that the threat of inflation, if we are to dump billions in to the economy to keep it running, will rear its head again. 

Oh, for a final salary pension.

Life admin

If or when we do go into full lockdown I really hope we will try to keep the financial system as open as possible – I have got some serious admin to do.

I can think of no better opportunity to finally get round to making sure all the family’s savings are in the right place, or that we are on the right electricity and gas deals. 

This could be the opportunity of a decade to get all that paperwork straight.

I am already building up a quarantine to-do list. I may even get the piano tuned in the hope I can finally learn to play.

James Coney is money editor of The Times and The Sunday Times