Business Recovery Response to COVID-19: Cave & Sons

Tell us about your business and what you do.

Cave & Sons is a wealth management firm offering services that range from stockbroking to discretionary investment management, inter-generational planning and independent financial advice. We manage money on behalf of private individuals, companies, pensions, Trusts and charities.

What challenges have you/your clients faced during the COVID-19 pandemic?

As a business, apart from the virus-induced stock market volatility (which has certainly kept us busy), not being able to hold face-to-face meetings with clients has been the most significant challenge we have faced.

For clients, those that have been invested in the stock market for many years understand that (occasionally extreme) volatility is to be expected, whereas for those relatively new to investing, the recent market crash (which saw the FTSE100 fall 35% peak-to-trough) has been a rather uncomfortable experience.

How have you helped your clients overcome these challenges?

We have ensured client communications are frequent and relevant. During times such as these, clients are understandably unsettled and often speaking to them to explain what we are doing on their behalf and why we are doing it provides them with a degree of comfort. It’s also been important to remain on the front foot, making efforts where possible to contact clients first, whether it be via telephone call, email, or video call for those more accepting of technology!

What difficulties do you foresee now we are coming out of lockdown and what support could you offer?

It will take months, maybe years, to understand the full impact of closing down the economy for over a quarter of a year. A sharp rise in unemployment does, however, look inevitable. For those unlucky enough to lose their jobs but coming to end of their career, who were possibly considering retirement anyway, our team of financial planners can discuss and explore whether their current retirement provisions are sufficient to support their lifestyles and, if not, how this could be made possible. For those that were considering establishing an investment portfolio, but have perhaps been unsettled by recent developments, we can provide re-assurance and structure an appropriate plan.

What have been your highs and lows during the last 3 months?

The last three months have been the most challenging of my career, managing client portfolios through the extreme market volatility has been difficult, and at times felt like there has been no place to hide! Without my colleagues, though, it would’ve been far tougher. I now appreciate, more than ever before, being part of a hardworking and collaborative team, where experience, expertise and good humour are all required in equal measure and have been essential to navigating the current crisis.

Ed Caswell, Chartered FCSI & Associate Director at Cave & Sons | T: 01604 621421 | E: ecaswell@caves.co.uk