When the markets swooned in March and the global pandemic took center stage, there was a period when it felt like we were heading back into the dark days of 2008.
In the wealth management industry, our muscle memory kicked in and we began to steel ourselves for a drawn-out bear market, longer conversations with clients about poor investment performance and tough choices for the future of our practices.
This time, though markets snapped back, we faced a challenge unlike 2008. This challenge forced us to review how our business services were delivered, how to keep employees safe and engaged and how to demonstrate our unique value proposition in a changed world.
No doubt 2020 was a bleak year, but the silver lining is the lessons we were taught and how we can leverage them to improve our practices.
Matt Regan, who has more than 20 years of experience in financial services, is president of Wealthcare Capital Management LLC, a technology-enabled RIA that provides advisors business support and operational services.