Matthew Shiely is senior vice president and senior resident director for wealth management in the Worcester office of Merrill Lynch.
Updated: February 20, 2023
Know How
Managing investments during today’s economic uncertainty
By Matthew Shiely
With today’s current economic climate full of unknowns, many people have questions on managing their investments. Here is how to plan ahead for the new year in the current market.
Last year was a tough year for the markets, with rising interest rates and stock market volatility. What does this all mean?
Yes, 2022 was a challenging year for both stocks and bonds, an unusual combination.
However, history shows challenging economic times are good moments to reevaluate your portfolio, as they generally produce some of the greatest investment opportunities and are usually followed by periods of innovation and growth.
What should people be doing today to protect their retirement savings and other financial goals?
Our chief investment office is providing the guidance for investors’ portfolios to be as diversified as possible. While it’s easy to be concerned given the news cycle, it’s important to stay focused on your long-term priorities and goals.
What are the top concerns you are seeing in Worcester?
People are understandably concerned about their investments and financial situation. That’s where an advisor can be helpful. Advisors can help alleviate financial stress by providing useful historical perspective and timely advice and guidance. During times like these when the market is volatile, we spent a lot of time helping clients review their asset allocations and plans.
Are you seeing an increase in demand for financial advice in Worcester?
Yes, we are seeing a significant increase in demand for financial advice. Research from Merrill Lynch found in the light of the pandemic, nearly half (46%) of unadvised affluent Americans are taking the search for a financial advisor much more seriously.
As we head into 2023, what should people be focused on financially in the year ahead?
For those working with a financial advisor, now is a good time to check in on progress toward your goals and assess next steps. For those without an advisor, it’s the perfect time to take your search more seriously. Ask your advisor about:
• Where are potential investment opportunities?
• What can I do to offset the effects of higher inflation on my retirement savings?
• What can I do to better prepare for unexpected events?
If someone doesn’t have an advisor, how can they go about finding one?
One of the most common ways to find a financial advisor is a referral made from a family member or friend. If you don’t have an advisor in your network, there are online tools available to help you in your search. For example, Merrill Advisor Match is a digital platform matching prospective clients with an advisor based on a questionnaire that evaluates things like personality, communication preferences, and planning goals.
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