This past year was one of the most challenging periods in the history of our company. The United States remained under the tight grip of a severe economic recession which began due to COVID19. This current environment is weighing heavily on the businesses of our clients. Our firm transitioned our workforce to a remote work posture and are working with our clients to weather this unprecedented environment.
For Navigant Advisory Group and other businesses in the benefit broker industry, large and small, this past quarter was characterized by weak profit margins, tight competitive conditions and a decrease in sales. However, it was also a time where a conservative balance sheet, asset diversification and niche market focus positioned Navigant Advisory Group to press onward in an otherwise dismal operating climate. By becoming disciplined with our capital on hand and investing in talent, and changing our focus to adapt to changes in this current economic environment, Navigant Advisory Group has weathered the storm. We did this by implementing the same strategies we have advised other businesses to implement and for us, it’s working for us.
While changes to the status quo may be an unwelcome disruption for some companies, we have made a business of growing our asset base during this period of cyclical transition. As we enter a navigate this year, we are confident in our ability to capitalize on the opportunities inherent in an uncertain market. As before, we remain committed to seizing strategic opportunities without compromising balance sheet discipline, while seeking to position our business for sustainable, profit growth, over the long term.
Your Market Delivery Team