🔒Letter from the Editor: With economy in turmoil, investment pros look to calm investors

We have all watched with degrees of shock as pieces of the economy have crumbled in the past several weeks, with the pandemic shutting down many businesses and keeping people confined to their homes.

What’s been encouraging to see is how some leaders have stepped up, as if called to duty to rise to the occasion, field generals that seem to excel when the routine is blasted apart and order is needed in a time of chaos.

In a different field of battle, in this issue on wealth management and retirement, we see financial services professionals who are having to reassure clients who have watched their retirement funds get rocked.

Maureen Milliken talked to a range of investment advisors to come up with five ways to stay calm in this turbulent period. As Geoff Alexander, CEO of R.M. Davis says in the story, “It’s human nature to feel the pain of a 10% loss more than the pleasure of a 10% gain.” See Page 17.

It’s not just investors who have had to readjust their sights. Laurie Schreiber looks at the issue of succession planning, talking to both business owners and planners. She found that the economic uncertainty has changed or at the very least delayed many succession plans. But she also uncovered some sound advice for business people going through the process. See Page 20.

Our cover story focuses on women who have taken a greater leadership role in the financial services industry. Renee Cordes introduces us to some of Maine’s business owners, managing partners and leaders in the making. See Page 14.

For our “On the Record” feature, we find out more about the new dean of Maine Law, Leigh Saufley, and what’s ahead for Maine’s only law school. Page 23.

R.M. Davis and HM Payson are a close 1-2 in our list of Maine’s largest investment firms. See Page 26.