Brexit Update June 24, 2016 As we begin to come to grips with this morning’s surprising news regarding the United Kingdom’s recent vote to leave the European Union, we’d like to provide information which may assist with answering a few of your key questions. • Yesterday, Thursday June 23rd, the United Kingdom (UK) held a public referendum vote on whether to continue to be members of the European Union (EU). This vote was commonly referred to as “Brexit”. The result of the vote was for the UK to leave the EU. It is worth noting that many widely quoted polls projected the vote to result in a “remain” result which is why the “leave” outcome has been such a shock to people and markets around the world. • The “leave” vote will set into motion a series of events whereby the UK will separate from the EU over a two year period. • The results of the Brexit vote have caused a number of after-shocks, such as: • Stock markets world-wide dropped over night as results were released – The general feel among market commentators seems to be that this downward movement is not a return to 2008 like market conditions, but rather a very rapid re-pricing of capital assets by worldwide markets which had assumed the UK would vote to remain in the EU. • British Prime Minister David Camron resigned effective in October 2016 -While this may seem shocking to American voters, it is somewhat expected under the UK’s parliamentary system. Mr. Cameron was a major proponent of the “remain” camp and a popular vote to leave the EU is tantamount to a vote of no confidence from the public. Succession plans will likely become more clear in the coming weeks and months. While the general feeling among many is that the above will lead to some short and intermediate term market instability, these events may give you cause to consider your personal and family financial plans. The KatzAbosch Personal Financial Services (PFS) group is available as a third-party resource with whom to discuss these types of questions. Whether you’d like to discuss specific segments of your personal financial situation (ex: portfolio diversification, retirement savings, insurance coverage, estate planning, etc) or you want to develop your own personalized comprehensive financial plan, KatzAbosch Personal Financial Planning specialists are here to help. Please contact your client executive or you can call 410.828.CPAS, if you would like to discuss any of the above with one of our Personal Financial Planning specialists.