IRA expert Ed Slott, president of Ed Slott and Co., stressed that the COVID-19 pandemic “shouldn’t be down time” for advisors: “This is the time you want to strengthen your relationships.”
In particular, he said, many clients need your help understanding the federal government’s COVID-19 relief initiatives, including breaks on required minimum distributions from retirement accounts.
He spoke Wednesday at the Virtual Financial Advisor Summit hosted by Broadridge Advisor Solutions and Advisorist, a marketing firm.
“We know clients and consumers are desperate for information,” Slott said. “Call your clients. Connect with them. This is the kind of thing they want. Do it virtually…. More people are open to this…. You can actually bring in clients from all over the country now. So there are silver linings” despite all the “doom and gloom.”
Slott predicted: “This is the time you’ll be judged by how you reacted to [clients’] concerns [and] their anxieties.”
Slott noted he was “getting deluged with questions” about the government’s COVID-19 relief initiatives. Clients are “desperate to hear from you,” he told advisors, urging them to contact clients with information they can use about components of the $2 trillion relief package, signed into law on March 28, that they may not be clear on.