The volatility has been head-spinning. The entire global economy has effectively come to a stand-still as the global pandemic spreads from country to country.
Helping individual investors navigate their investment is good. The other threats to their personal finances has financial advisors working overtime to help their clients through this unprecedented time.
Here are the things to address some of the most pressing clients concerns.
An Unprecedented Time
As COVID-19 continues to spread around the world, investors are struggling to understand the long-term implications of the economic shifts they’re seeing.
For advisors, offering clients a way to make sense of the changes can go a long way toward alleviating anxieties and helping clients create proactive strategies for the months ahead.
With the need for social distancing becoming more apparent, client communication has shifted. In addition, advisors are finding ways to keep their connections with clients as strong as ever.
Using email and Zoom to communicate each others is an alternative way to keep in touch with them.
To support the business, advisors can use social media platforms such as Twitter and LinkedIn. Those platforms can offer more opportunities to provide guidance and analysis on financial trends.
Addressing Investor Concerns
To stay connected, offering clients key insights about the current financial climate can be the best things. You can do it for your clients and guide them to know what to do.
While this advice should be general enough to address market conditions, it should also answer some of their questions about what the future holds—for their investments and their financial security.
Portfolio Management During Periods of Volatility
In addition to providing guidance on staying the course during volatile times, it’s also important to address proactive steps with clients—including portfolio rebalancing and tax-loss harvesting.
For those clients who want to be proactive while also minimizing risk, refinancing mortgage loans or debt could also be a good idea.
