March 16, 2020 News 0 comment

Atlas Wealth Partners COVID-19 Update

Atlas Wealth Partners COVID-19 Update

 

We are posting an update in light of the extraordinary situation that has developed with regards to the COVID-19 virus. There are several points to address with regards to the functioning of Atlas Wealth Partners, our primary custodian Charles Schwab and markets overall.

Our firm, Atlas Wealth Partners, has the ability to continue to function throughout this crisis. Our office at 2 Meridian Blvd. will remain open until we receive federal or state instructions to the contrary. If our physical office does close, we have the capability to fully function remotely. We have phone and email access and will service you as best we can as the situation will allow. We would discourage in person meetings over the next couple of weeks. We are and will remain available to discuss you account and answer any questions you may have.

Charles Schwab has multiple service centers located across the country and will be able to process our trade and money movement requests. They have disaster contingency plans that they will put into action as needed. If you are receiving automatic payments from your account, they will continue as normal.

We do expect the extreme volatility of the market to continue as we all try to process and understand the effects of the virus. There will be some obvious primary effects and less obvious lingering secondary effects. A large amount of uncertainty makes it very difficult to value assets. This event appears to have aspects that are similar to 9/11 or the 2008 great financial crisis but it will be it’s own event. We expect the US and Global economy to be severely impacted for at least 6-8 weeks. The knock-on effects will linger for a year or two. This may prove to be optimistic but based upon the experience in China and South Korea testing and isolation have helped to limit the number of new cases. In the US we expect the number of new cases to continue to climb as testing becomes more widely available. The news flow will be negative until those numbers peak.

We will get through this event with common sense and a healthy respect for what is happening. It is better to error on the side of caution. We wish you and your families the best of health. As we mentioned we are available to speak with anyone who needs to talk.