CORONA CONVERSATIONS

New research from Northwestern Mutual suggests that in the midst of this crisis, people know that their financial plans need work, but most do not plan on going to a financial advisor for advice.  Almost a third trust themselves over a financial professional for advice.  

What is this about? If people know that they need to improve their financial plans, why wouldn't they look to financial advisors for help? 

I reached out to several other advisors about what they hear from potential clients  and some consumer misconceptions emerged. 

Many people think… 

-you have to have a lot of money to work with a financial advisor. 

-an advisor is going to try to sell you something. 

-working with an advisor is all about investments. 

Though it is easy to see why people have come to think that financial advisors only work with rich people who have a lot of money to invest, it isn't reflective of a whole new generation of financial advisors and the work they do. 

Advice-based Financial Advisors work with clients on every aspect of their financial lives.  Advice comes first and investments and insurance products are implemented based on the client's needs and priorities within the context of the larger financial plan. 

During the crisis, our meetings with clients have covered market updates and investment returns, but the focus of the conversation has been about how the current circumstances have affected their long-term plan and how to make the best decisions today.   

Some of the topics we have discussed include: 

-Is now the time to buy a house? 

-Should I refinance? 

-Will this insurance cover me if I go into the hospital with Covid-19? 

-I lost my job, now what!? 

-I have some spare cash, is now a good time to invest it? 

-Is my kid's 529 account too risky if he is going to school in a year? 

-I retired a month ago, the market went down 30+%, will I be OK? 

-I got a new job, which benefits should I select? 

-My student loan payment is suspended, what should I do with that cash? 

-I am self-employed, do any of these loan programs apply to me? 

Notice that most of these conversations are not about investment returns.  They are about decisions and choices and options available right now. 

While I fully understand why the average consumer in America thinks they should only go to a financial advisor if they have a lot of money and want to invest it, I want you to know that is not what I do for a living! 

I help my client's navigate the myriad financial decisions in their lives and help them build a financial plan to allow them to accomplish their goals and live in alignment with their values.  

We offer a complementary Discovery EXPERIENCE to anyone who reaches out to us.  We will guide you through a process that will document your concerns, explore your values and clarify your goals.   

Our commitment to you is that you will walk away with a better understanding of the strengths of your current plan and the opportunities we see for you to improve it…whether or not you become a client.   

So, if you are facing some tough decisions or just want to tune up your financial plan, I hope you look to me for advice. 

With Purpose,

-Lucila

Please note that The Intentional Advisor does not offer financial advice.  This blog was written as an example for advisors to see how they might write a blog and create social media content based on an article they read. 

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