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March 27, 2020 at 01:21 AM
“It’s the disaster everyone has been predicting for years,” Bob, an advisor in Ann Arbor, Michigan, told me during our online coaching session. “My income is going to be down and who knows how many clients I’m going to lose,” he continued.
In California, Rick, one of my clients who has been advising against investing directly in the market, and instead has been using insurance products with his clients, was more concerned about how he could continue doing annual reviews and other client service in the time of the corona virus.
(Related: Knowledge Is Not Power)
“I’m also a little scared about meeting with new people right now,” he told me. “You just don’t know if they’re going to be the ones who give me and my family the virus.”
Let’s talk about Bob’s issue first. The question I asked him was, “What do we do when the market is throwing us into a recession?”
“Panic!” was his initial response. Then, he gave me the classic, “Isn’t that what I have you for?” (And the answer to that is no.) But then we talked about communication.
“At times like these,” I told him, “many financial advisors are hiding under their desks when the phone rings, terrified that a client may be calling to sell everything. But what’s the advice you would give those clients?”
