Business beaver (From Wiltshire Business Online)

Business beaver

3:43pm Wednesday 5th November 2008

• Print
• Email
• Share

I'M starting to feel as though my Beaver column in September 2007 has come back to haunt me.

In that column, I questioned why financial markets always go into meltdown when I go on holiday. Well, I'm sorry, but I did take the last two weeks of September off and just look at what has happened!

On returning to the office, no one seemed to be too interested in whether I'd had a good holiday, and they certainly weren't interested in my holiday snaps.

People only wanted to ask me one thing - "is my money safe?" This question was often preceded by the slightly tongue-incheek comment of "are you busy?".

So, at the moment, most of my time is spent reassuring clients; holding their hands if you like.

It's at times like this that Independent Financial Advisers need to be highly visible, and not shut themselves away.

Clients are scared, and they need to be guided through these times with strong, positive and, most of all, decisive action.

Holiday snaps are most definitely off the agenda.

In all seriousness, the current economic turmoil is no laughing matter.

The global financial system appears to be staring into the abyss, with little or no clear indication of just how things will get better.

But are we correct to write off the entire capitalist model just yet? Of course not.

Global markets are far too resilient in the long run to allow this to happen.

With both business and State intervention, we will see an end to the current problems and, whilst financial markets may look different going forward, they will still function and provide the bedrock of our society.

It is incomprehensible to think that an entire financial system will collapse.

If it did then quite frankly the world as we know it ends. This simply cannot, and will not, happen. Major State intervention has already clearly demonstrated that this will not be allowed to happen, there is just too much at stake.

Time is a great healer and I have no doubt that in a few years, while we sit in our holiday apartments in some exotic location, we'll be reflecting on 'the great credit-crunch'.

In the meantime, you'll no doubt be pleased to hear that I've been refused any further holiday leave for the next few years, just to be on the safe side!

• Contact Gary Mothersill at Morris Owen on 01793 603900

• Print
• Email
• Share