I had a client email me in the fall enquiring about the drop in his accounts. He wasn’t panicking, just wanted to touch base with me to make sure that regular contributions still made sense, given the volatility going on.
There are two awesome things about this scenario – one, the client didn’t hesitate to reach out to me when he had a question or concern. We try to remind clients of this all the time: there are NO silly questions or enquiries. We are always available to answer them, even if they are not directly related to their investments – we have a large amount of resources available to us, and we’re connected to lots of experts.
Second, he completely trusted in the response that I gave to him and continued the regular contributions that we’ve planned on. He trusted in the advice that I gave him as an expert in the field.
As a financial advisor, it is my job to analyze a situation, and provide the results of that analysis to my clients. We can’t force clients to follow our advice; and not all clients listen to everything we suggest. We can only give the best advice possible, and hope that clients heed it. (and then document everything!) In this situation, the client was concerned about a market event. I had already received a lot of commentary from different providers, and so I was able to pass that on to the client. Volatility in the markets is likely here to stay for a while, as our world goes through some political and economic growing pains. Fundamental analysis tells the economists that things still look good for growth. In the case of the client who emailed me, his regular contributions are going to benefit from the changing markets prices. He’s a smart guy who has enlisted an expert to help him achieve his financial goals. Have you done the same with your financial future?
Plan Today…Secure Tomorrow