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April 22, 2020 at 03:25 PM
Jeff Levine, CPA/CFP, is the “lead financial planning nerd” at Kitces.com and director of Advanced Planning for Buckingham Wealth Partners. He’s recently become a “go to” source on IRS updates and small-business relief loans.
Top Advice
“Control the controllables.” Anytime there is a crisis, whether it be financial, in nature, medical or otherwise, it’s easy to throw one’s hands up in frustration and “shut down,” because the perceived ability to control one’s own destiny has been reduced.
But it’s important to remember that while we can’t always control outcomes, we can almost always influence them.
Doing things like tax-loss harvesting, re-balancing, opportunistic Roth conversions, etc., are not going to ensure an individual reaches their goals, but they continue to positively influence the likelihood of doing so, even in these challenging times.
Also advisors should consider using the work-from-home opportunity to allow their clients to have greater visibility into their own lives.
Clients are often very interested in their advisors’ lives, their children, their personal interests. It’s only natural, as good advisors generally spend substantial amounts of time trying to learn these things about their clients.
