Maybe you’ve heard of the 1973 song “There’s Got to be a Morning After,” by Maureen McGovern. As an insurance or financial services professional, the title should speak to you.
The coronavirus pandemic is similar to a hurricane. We are all sheltering at home or another place of safety, watching the TV news. Like a hurricane, “This too shall pass.”
Homeowners emerge after the winds have died down. They see downed tree limbs in the yard. They look for their outdoor furniture in their neighbor’s yard. They see missing shingles on the roof. They need to take action.
(Related: Keep Calm and Carry On (With Your Practice)
Your client should emerge from the Coronavirus pandemic in similar fashion. You need a plan moving forward.
1. Importance of Diversification
Some clients might have little money with you, but plenty in the stock market elsewhere. They might be like the house next door that sustained extreme damage. There’s a reason they should have a portfolio that’s allocated between stocks, bonds and cash. If you hold the proper licenses, you can help.