On March 16th, we sent out a communication to reassure you that we have business continuity plans in place and that there will be no impact to our level of service. Thankfully, this remains the case. As we (along with many others) have put in place considerable social distancing measures to help keep our employees and their communities safe, our previous investment in IT infrastructure and the close relationships amongst our team have ensured that every part of our operation remains fully functional.
Currently, we have about 75% of our team working remotely while the other 25%, several partners and staff continue to work at the office. As a backstop to ensure we remain fully operational, we also have the option to return to the office in full. As a financial company, we have an exception to the Shelter-In-Place order (similar to banks). While we do not anticipate moving back towards business-as-usual at the very least until the Ohio Governor’s Shelter-In-Place order has been lifted, should the need arise, we have the ability to do so.
Focus on Risk Management
While there are areas of the market that we believe are mispriced following deep sell-offs in every single asset class, risk management is our main consideration in each action taken.
As we (along with medical experts, which we are not) have no reliable way of predicting the duration or the extent of this medical crisis (never mind the resulting impact on the economy), we are taking the approach of utmost caution in investment and allocation decisions.
When we make a purchase decision, it is only in assets which we believe are mispriced and well placed to survive even if a worst case scenario were to be realized. We are also analyzing your liquidity needs to help ensure that your near-term cash needs are met – this helps ensure that equity holdings can be held long-term. While it is impossible to know the full extent of what the impact will be on all of our lives, we remain committed and able to serve your needs.
Wells Fargo Advisors is not a tax or legal advisor. While this information is not intended to replace your discussions with your tax advisor, it may help you to comprehend the tax implications of your investments and plan efficiently going forward.
Wells Fargo Advisors is a trade name used by Wells Fargo Clearing Services, LLC and Wells Fargo Advisors Financial Network, LLC, Members SIPC, separate registered broker-dealers and nonbank affiliates of Wells Fargo & Company. © 2020 Wells Fargo Clearing Services, LLC. All rights reserved. CAR-0320-04765