The people were given the choice and they have chosen. Resoundingly.

So, the people were given the choice and they have chosen. Resoundingly.

The coming days and weeks will likely be underscored by confusion, noise and opinion, all things we categorically know that markets do not like. Not only are we out of the European Union, but we are left without an effective Prime Minister and no real certainty as to whether or not a General Election will be triggered – it is difficult to imagine a Conservative government maintaining legitimacy but I suppose the last 9 hours have demonstrated that anything can happen!

The unprecedented fall of Sterling against the US Dollar and Euro as well as an early 8.5% fall of the FTSE 100 are early signs of volatile times ahead. I have no doubt that your clients will likely want to know what the implications of leaving the EU are for their portfolios; especially given the particularly salacious coverage being readily provided by news outlets.

But it is worth bearing in mind that for investors, all of this is opportunity as much as it is scary. I refer you back to the materials that we produce – the rollercoaster of investor emotions, for example – we’re all on that rollercoaster right now and as tempting as it might be to cash out, it isn’t the answer. Volatility is always uncomfortable, but it does provide opportunity. As I write this, the FTSE 100 has regained half the ground it lost since the initial opening bell tumble.

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It is also worth remembering that Britain is a small part in the global economy and this is reflected in the portfolios your clients have invested with us. They have holdings all over the world in Russell Investments funds which have been positioned to minimise the impact of today’s result. I can’t remember how many times I’ve presented those slides about how what’s on the news so rarely reflects what’s in an advised investor’s portfolio, but today is one of those inflection points when it really is worth reiterating that.

I’m sure that more details will emerge over the course of today and the weekend will hopefully allow the dust to settle somewhat. But in the event that you do have clients calling you uncertain and afraid, be sure to remind them that this is all part of the journey and that these short term shocks are not symptomatic of the journey as a whole.