The Money Panel founder Catherine Morgan said advisers should “park their own beliefs” about money when handling clients during a recession, following the news this morning that the UK is now in "its largest recession on record".
This morning (12 August), the Office for National Statistics (ONS) confirmed the UK is in a recession, as GDP figures showed a record 20.4% contraction in Q2. The data followed a more modest decline of 2.2% in Q1, leaving the UK economy more than a fifth - 22.1% - smaller than it was at the end of 2019. Morgan said it is important to understand the client's own behaviours and to be self-aware when giving them advice. She said advisers should understand their clients will have their own beliefs about money which will affect how they respond to a drop in the market, for example. "One of...
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