Novel Coronavirus (COVID-19) will continue to affect people and economies across the globe, impacting many of our clients in multiple jurisdictions. The speed at which the situation is unfolding requires agility to assess and respond to risk and change as it arises.
As governments take steps to restrict movement of individuals and to protect their economies, the day-to-day impact on HNWIs will be felt in multitude of different ways.
Managing risk is a key consideration for HNWIs and their families. This might include making the succession arrangements that have so far been over looked, understanding the impact of temporary changes to tax laws, keeping on top of the changes that affect staff they employ and fast tracking decisions about investments.
Those with residential or commercial property portfolios will also be concerned about the impact on their assets. It may be necessary for landlords to take steps to comply with the Coronavirus Bill. And of course, people are worried about their own health and ensuring that their families and loved ones are provided for if the worst should happen.
While the short terms outlook is currently uncertain, what's clear is that the situation will continue for some time yet. HNWIs and their advisers will need access to good and up-to-date knowledge and advice, so they can understand the risk and implement changes to weather the storm. Where we have expertise that can support our clients in navigating this uncertain time, we will share in-the-moment updates as they arise.
At Howard Kennedy, we too are seeking to be agile and work in new and innovative ways. To support our clients and their advisers, both in the UK and internationally, we plan to share regular insight as and when the situation develops. As we have always been, we are available to talk on the phone, and we have expanded our technological capabilities to make video calls for those who prefer a more face-to-face approach.
For us, it's business as usual… just not in the usual place. But if there's anything we can do to better support our HNW clients and their advisers then let please us know.