By Casey Franken, CFP®, Wealth Advisor, Investment Manager
An election year alone is enough to make some investors a bit skittish. But, when you consider the additional turmoil caused from COVID-19 and social unrest, many people are wondering where and how they should be doing their investing. Here are three things an investor should be doing right now leading up to the 2020 election.
Evaluate your current holdings
Now, more than ever, you need to know exactly where you are invested. Now is also the time to reassess your risk profile. The world looks completely different than it did earlier this year. So, you want to make sure your investments are following suit. Past performance does not guarantee future result of any investment. However, this analysis can be a good litmus test for your holdings.
Maintain your long-term approach
You must think “past” the 2020 election and remain steadfast with a long-term focus. Now, with market volatility, oftentimes the desire to capitalize on short-term gains is enticing. And while there are opportunities in every market, you must make sure your only using “short-term money” for some of these short-term opportunities. Holdings you have in-place for the distant future must be viewed with an “in-it-for-the-long-haul approach.”
Meet with your advisor
If you don’t have an investment professional on your team, now is the time to partner with one. Being goals-focused and implementing important strategies to help you and your portfolio through the 2020 election can be extremely beneficial. Perhaps, you’re in a situation where you choose not make any changes to your portfolio or continue to hold onto cash stores until after the 2020 election – a financial professional can help give you confidence knowing a plan is in place.
If you would like to speak with a Pinnacle Wealth advisor, please, give us a call at (605) 271-6023 or visit www.pinnaclewealth.com.