David Parnell of DP’s Financial Advice and Services discusses legacy of 2008 financial crisis
David Parnell, one of the senior partners of DP’s Financial Advice & Services, an independent advice company, spoke with The Parliamentary Review’s Jonathan White about the 2008 financial crisis.
Of the crash, Parnell noted that it had a “massive impact regarding client’s valuation and expectation levels."
However, he did highlight the resilience of some business that were impacted, stating,
“Once people got the story- especially long-term investors- it was not a major issue. It is a case of people wanting reassurances that money was in the right place. It depended on the individual.
"If you manage people’s expectations at the start and give the service, then you shouldn’t have any nasty surprises. It’s part of the territory people invest in... I wouldn’t say it didn’t cause any problems.”
Parnell’s comments come at a time when the Belgian MEP, Phillipe Lamberts, disclosed his belief that the climate crisis required a similar resolution to the financial one.
Lamberts stated that “When we had to rescue the financial system, nobody asked: ‘Can we afford this? Do we have the money for it?' And now, when it’s about the survival of the planet, we have doubts.”
He also highlighted how, in his opinion, it was inappropriate to frame economic concerns when searching for solutions.
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