While the spread of the coronavirus surges, we hope that the recent good news about vaccines will bring a sense of normalcy as soon as possible. Our best wishes go out to clients and friends. Please stay healthy, safe and keep sane…
Many of you have so kindly asked how we have coped with the challenges of running a business during this extraordinary time. Here are a few thoughts:
- We continue to grow! Today, our assets under management are about $650 million, a significant increase from year-end 2019. We are grateful for your support. As part of our commitment to client service, we are looking to add another operations professional in 2021.
- Our decision to upgrade technology a few years ago paid off. Our software and systems are “cloud-based”, allowing us to work remotely in a highly secure environment. So “work from home” was an easy transition. We embraced Zoom, as you probably did as well! Sorry about my dogs barking. Usually they are really good.
- Early in the pandemic we realized the need to increase communications with clients. In addition to calls, and more calls, we changed our newsletter format to weekly, we scheduled numerous webinars and online events, and increased our presence on social media. You can now follow us on Facebook, LinkedIn, Twitter, and YouTube.
- Sticking to our Core Investing Principles allowed us to navigate volatile markets. We stayed true to our long-term discipline. Along the way, we rebalanced many client portfolios, allowing us to add to stock exposure near the market’s lows. We were proactive with tax trading strategies, allowing us to realize losses for clients that can be used to offset future gains, while remaining fully invested.
- We have been asked if our firm took a PPP (Paycheck Protection Program) loan. We did not. As part of the application process, borrowers were required to certify that “current economic uncertainty makes this loan request necessary to support the ongoing operations of the applicant.” Our ongoing operations were never in question, so we did not apply for the loan.
Our firm is in good shape and looking forward. We hope you are too. Thanks again to all of our clients and colleagues. We are so grateful for your support. Please take care.
David Rappaport, CFP®
David is the Co-Founder of Rappaport Reiches Capital Management. He acts as personal CFO to entrepreneurs and corporate executives, providing organization and clarity in their finances. Please connect with David below. He loves to talk about investing, financial planning, and Aspiritech, a non-profit hiring individuals on the autism spectrum.