Money Matters

April 2026

At the start of the year, conditions appeared supportive. Inflation was contained, interest rates were expected to ease, and growth was improving. Yet, as is often the case, the outlook shifted quickly. With ongoing geopolitical tensions and mixed economic signals, investors are being tested again. It is the classic marshmallow test. Do you act for immediate relief by selling in a downturn or chasing recent performance, or do you remain patient and disciplined, allowing time and compounding to work in your favour?

Recent returns have been driven by a narrow group of assets, particularly gold and a small number of large US technology stocks. While this can make more concentrated strategies appear compelling in the short term, it often reinforces the very behaviour being tested, namely reacting to recent performance at the expense of long-term outcomes.

In this edition, we revisit the costly belief that “this time it’s different” and demonstrate how patience is rewarded. While each cycle feels unique, the principles of successful investing remain unchanged. Acting on short-term noise often comes at the expense of long-term outcomes.

A similar trade-off exists in estate planning. It is tempting to opt for a simple Will for the instant gratification of ticking the box. However, this can come at a cost. A more carefully structured Will, while requiring greater upfront thought, can provide clarity and protection and help avoid unintended consequences over time.

Across both themes, a common thread emerges. Long-term success is not driven by immediate comfort, but by disciplined, well-considered decisions.

As advisors, our role is to guide you with clarity and objectivity, helping you stay focused on what matters and avoid decisions that may prove costly over time.

Many of you may be feeling anxious about the rising geopolitical tensions and the recent movement in oil prices. Our clients may recall back in 2020, at the height of the Covid-19 crisis, we shared a message encouraging them to zoom out, stay disciplined, and trust the process. At the time, the fear felt overwhelming. Markets were falling rapidly, headlines were relentless, and uncertainty seemed unprecedented. But when we zoom out today, the COVID-19 market pullback appears as little more than a blip on a long-term market chart and barely registers in the broader context of long-term investing. This highlights an important truth about markets, which is that they move forward, regardless of the crisis of the moment.

Each time markets decline, it feels different. The risks appear unique, and the uncertainty feels deeper, but the underlying principles of investing have remained consistent.

Life is messy. People pass away out of order, beneficiaries may fall ill, and relationships can change. A one or two page Will rarely provides for these realities. When events don’t follow that tiny script, beneficiaries end up arguing about interpretations, and executors and in some cases trustees, are left trying to administer an estate with their hands tied behind their backs.

There are countless cases where overly simple Wills have caused real hardship, but let me highlight just a few that left families dealing with unintended consequences