The conversations advisors are having with their clients are very difficult right now.
Depending on the client, you could be having a conversation about any number of sensitive topics such as…
- Clients wanting to abandon their investment strategy
- Losing their job
- The financial impacts of COVID-19
- … and more
In an effort to help advisors navigate these difficult conversations with the confidence that they are covering the important topics, we put together two new checklists that can be used during these conversations.
What Issues Should I Consider During A Recession or Market Correction?
This checklist covers many of the issues to consider during a recession or market correction.
It addresses some strategies particularly useful when the valuations of the markets are low (such as Roth Conversions and gifting strategies) as well strategies to mitigate the negative impact (cash flow becoming tight).
This can help to pivot a conversation away from one of fear of the future to one where you and the client discuss strategies to take advantage of low valuations.
If you are a member, access and download the resource here.
If you are not a member, you can view a sample checklist here and learn more about membership here.
What Emergency Relief Options Should I Consider During The Coronavirus Pandemic?
This checklist covers the new emergency relief options for individuals to consider. It is very specific to what is occurring now and highly valuable to share with your clients right away so you can help them navigate their options.
This new checklist includes emergency relief options outlined in:
- The CARES Act
- Families First Coronavirus Response Act
- Executive orders
- IRS changes
- And other relief options specific to COVID-19 as they pertain to individuals
We will update this checklist periodically as new emergency relief options are introduced.
If you are not a member, you can view a sample checklist here and learn more about membership here.
What Issues Should I Consider If I Lose My Job?
We also want to remind members of another checklist we produced recently that may be helpful.
This checklist covers many of the planning issues to consider for a client that recently lost their job or will lose their job shortly.
Even if your client is simply concerned about the prospect of losing their job, this checklist can help shed light on some of the planning issues that they may need to consider.
Anything we can do to help clients feel more prepared or in control of their financial situation is a huge win and can be very valuable.
IMPORTANT TIPS: How To Be Proactive Serving Clients Right Now?
Our opportunity as advisors right now is to give our clients as much of a sense of “control” and proactive approach to their finances as possible.
Here are a few ways you can use your membership with fpPathfinder with your clients:
- If you have a newsletter you send to keep clients up-to-date with changes, consider joining/upgrading to Deluxe or Premier so you can send custom-branded versions of these resources (and any of our other 60+ resources) to your clients.
This will help your firm look prepared, professional and create shareable resources clients are likely to pass along to their friends. Using our custom branded resources will also help you have “done for you” content you can share on your website, in emails or social posts that you do not have to create yourself.
- Document your conversations as you go through these checklists with your clients.
Our interactive checklists allow you to complete the checklists online and save a note to the client record of your CRM. This is available to Premier members.
We know right now is a challenging time for advisors. Markets are volatile, clients are calling, and the information and options are changing daily.
We will all get through this together by being kind, proactive and helpful.
We hope that our resources can be a valuable way to connect with clients, be proactive and help you be a trusted source during these challenging times.
We will continue to share new and updated resources as we develop them and members are encouraged to submit suggestions on resources they need during this time and we will work on creating them. Here is a summary resource guide showing all of the resources at fpPathfinder.
Have any questions about your membership, how to use it, or how to upgrade to Deluxe or Premier? Simply reply to this email.
To diligent planning,
The fpPathfinder Team
PS. Current members log in here to access all the flowcharts and checklists. Non-members who want to learn more about the membership can go here.
