BUSINESS
What One Advisor Learned From The Pandemic Every client had their own challenges and opportunities from COVID-19, yet the pandemic taught advisors lessons that can help them empower all their clients in planning for what’s next. By Osmar Garcia
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hen COVID-19 hit, so many Americans were faced with unexpected personal and financial challenges. Business owners, retirees, newlyweds — to name a few — were confronting serious questions regarding their short- and long-term financial goals: Will I be able to retire as planned? What will this mean for my employees? Is this still the right time to purchase a home? 48
As all of us work to navigate the pandemic’s financial implications, the advisor-client relationship has become an increasingly critical partnership. And, while every client brings their own challenges and opportunities to the table, there are several pandemic takeaways that transcend personal financial situation for advisors to keep in mind to empower clients in planning for what’s next.
for right now. According to a recent Northwestern Mutual Planning and Progress Study, 20% of Americans say they have revisited their financial plans and made significant adjustments in response to the pandemic. Given market uncertainty and questions of job security throughout this year, important questions for clients to consider when making adjustments have included:
Adaptability Is Key
» What options do I have for quickly
If there’s anything that 2020 taught each of us, it is the importance of being adaptable to life’s unexpected challenges. However, the “right” way to adapt during this time has undoubtedly looked different for everyone. For so many, the pandemic shifted previously established financial plans and priorities. Many people went from planning for the future to planning
InsuranceNewsNet Magazine » January 2021
accessing cash?
» How can I protect my income during these uncertain times?
» What types of loans and financing am I eligible for?
» Looking ahead, how can I financially prepare for what’s next?