The 2020 IA25: Michael Kitces
The Nerd's Eye View blogger shares how advisors can best help clients today and why working from home is a challenge.
Michael Kitces, CFP, leads Kitces.com, writes the Nerd’s Eye View blog and is head of Planning Strategy for Buckingham Wealth Partners. He also co-founded XY Planning Network and AdvicePay and has over 58,000 Twitter followers.
Top Advice
While it’s important to help clients stay the course, recognize how frustrating it is for clients to feel stressed, have a desire to do something to protect themselves and be told to “do nothing” and stay the course.
Instead, for clients who are calling and want to take action, help them to find a way to exert that energy positively to do something instead.
Perhaps it’s a small adjustment to the portfolio, or their spending, or the plan, or another action they can take to stay (or get back) on track. But don’t just tell clients don’t do nothing; instead, help them do something (that’s actually constructive).
Biggest Challenge
Like so many Gen Xers, it’s being forced to work from home while the schools are closed and our children are home, as well. I’m a financial planner, not a skilled home-school teacher!
Adapting our habits and spaces to have children home for what may be five months now (until they return to school in the fall), while also working from home myself, has definitely been a challenge — even as someone who has spent many years in a partial work-from-home environment.