Recessions are defined as periods of significant but temporary economic decline. However, a recession is not the same as a bear market and stock prices can increase during an economic downturn just as they can decline in an expanding economy. This is all part of a normal economic cycle that The financial and economic fallout caused by the current coronavirus pandemic has made the daily up- and down-swings in the market difficult to watch. As advisors, history and experience have taught us that the general rule of thumb to “ride out the situation” has proven to be an effective recovery strategy. However, at Predico Partners we specialize in comprehensive financial planning tailored to each client’s individual needs and feel that more can be done as we advise clients through the age of COVID-19. A few specific areas we are addressing in our plans are “cash flow updates to review income needs and potential budget adjustments”, “tax loss harvesting”, “opportunities to invest cash or rebalance”, “Roth conversions”, and “potential gifting strategies”.