The Financial First Responder

Agents and advisors are usually the first to be called during a financial crisis.

By Juli McNeely, CFP, LUTCF, CLU

As I’m writing this article, much of the United States and the world are under “safer at home” or “shelterin-place” orders due to COVID-19.

As financial advisors, we are on the front lines when it comes to responding to our clients’ financial health. We are often one of the first to be called, especially when a crisis hits. We may be assisting with insurance needs including claim fillings; coverage clarification; or discussing investment savings, market fluctuations and financial goals.

When an emergency occurs, first responders jump into action as well. We certainly share some characteristics, and perhaps it is good to be reminded of some of the steps we both take to assist those in need:

• Be Knowledgeable and Well Trained — Both first responders and financial advisors will do right by those they serve if they have the training and knowledge and are prepared to jump in where needed. It doesn’t matter if you are new in your chosen field or a seasoned pro, the learning never stops

— Financial Advisor Quarantine Tip (FA Q-tip): Use this time to learn more. Read articles, blogs or books; listen to webinars; take continuing education courses; or meet virtually with your mentors or coaches to grow your knowledge.

• Be Ready — Neither first responders nor financial advisors know for certain when they will be called to action, but they need to be ready when they are called, sometimes at a moment’s notice and sometimes at inconvenient times. In times of crisis, we need to be prepared to do what we have been trained to do. If we are “on call,” we are on alert.

— FA Q-tip: Instead of being “on call,” make “calls out.” In this current crisis, we already know all of our clients are affected. We should be proactive and reach out to check in on our clients instead of waiting for them to call us.

• Be Aware — First responders need to be careful to assess the situation once they arrive on the scene to protect those around them and ensure the scene is safe to move forward. They also constantly assess the ongoing risks of the situation. As financial advisors, we essentially do the same thing. We are constantly assessing the current situation while also looking ahead for other potential risks our clients may face.

— FA Q-tip: Our clients rely on us to be aware of new laws and regulations, tax implications, market conditions, objectives, timelines, estate planning implications, and so many more things. Especially in times like these, we need to be fully aware of their individual situation and make decisions based on a broad look at the consequences and not simply a knee-jerk reaction.

• Be Prepared to Follow Protocol — First responders know that they follow a protocol and bring in other experts where needed. As financial advisors, we also have a set process we follow. At times when our clients may want to go “rogue,” we need to remind them of past history, the long-term plan and even their short-term strategies.

— FA Q-tip: Be the voice of reason in a time of uncertainty. Remind your clients as often as necessary of their set plan and the safeguards that have been put in place to protect them and their financial security.

This has been a very difficult time for everyone. This is our time to shine with our clients even though our plates are full as we try to keep our own families and staff safe.

Be the voice of reason in a time of uncertainty.

I’m often in awe of our first responders when they run into a dangerous situation, and I’m also in awe of each of you as you do what you do best: Serve Main Street America! Keep up the great work! I wish you great success!

A 24-year veteran of the financial services industry, Juli McNeely, LUTCF, CFP, CLU, is president of McNeely Financial Services in Wisconsin. She is a past president of the National Association of Insurance and Financial Advisors (NAIFA), having served as the first female president. She is author of No Necktie Needed: A Woman’s Guide to Success in Financial Services and founder of Juli McNeely Consulting LLC. She is also an active member of MDRT and is affiliated with Woodbury Financial Services. You can reach her at juli@mcneelyfinancial.com.