How are financial advisers helping clients to protect finances during a pandemic?
About 2 million people in our country have been affected by this pandemic and about 40 million people have lost their jobs and faced pay-cuts since they have applied for unemployment benefits.
Therefore, it is quite evident that lots of people are experiencing financial crises. People are compelled to change their lifestyles, and not to forget, reevaluate and change their needs to cope up with the reduction in income.
So, whom they can resort to? The financial advisers. They are proactively helping their clients to overcome the Covid-19 crisis and guiding people to manage their financial life efficiently. Financial advisors are also facing many challenges. They had to adjust how to handle their employees remotely and sort out new options to handle their clients.
Let us see how the financial advisers are helping people to overcome this pandemic situation and protect their financial health.
Reaching out to their clients proactively
The primary thing that is required at this pandemic time is to provide empathy and support. To reassure the clients that the financial advisers are always there to help them when needed. The main thing that is needed at this time is to believe that “We are all in this together”.
Being proactive is the primary thing to assure the clients at this pandemic time. Most of our email inboxes are full of Coronavirus updates. We somehow glance through these updates and become stressed no matter how much we consciously try to avoid this. However, an email from our financial adviser is what can calm us down a bit. That is what they are doing.
Solving the clients’ queries and helping to make decisions
It is quite obvious that the clients will have lots of questions in this difficult situation. They are worried about how to manage their finances. They are a bit stressed about how this will affect their business, their investments, and so on.
The concerned clients also want to know whether or not they are a priority to their financial advisers. So, the advisers set up virtual meetings to answer their clients’ queries. Moreover, the advisers are often sending emails or calling their clients to book a virtual meeting and discussing how to manage finances at this time. This personalized approach is helping their clients to get a clear picture, make important decisions, and abstain from making mistakes at this time.
As I have already mentioned, staying connected solves a lot of problems during this difficult time. So, the advisers are working as a team so that they can provide maximum service to their clients when needed. Brainstorming together and staying updated regularly can help to advise their clients on how to manage their finances like a pro.
Posting updates in their websites regularly
The advisers are posting updates on their websites as well as on social media so that the clients are constantly informed. They can find relevant information always handy. By doing so, the advisers can reach a much wider audience since they also are struggling to manage their team remotely.
And, not to forget about cybersecurity. The clients need to be assured that the information they are sharing is completely secure because every time it’s not possible to reach each customer personally. Moreover, the clients will also be disturbed if advisers call every time to give important updates. Therefore, gathering information through secured advisers’ websites is probably the best idea at this moment.
Reassuring their clients and guiding to make proper decisions
Probably the most important thing at this time is reassuring the clients. The advisers can’t change the economic condition of the country. The advisers are predicting that this recession will be worse than the Great Recession we faced a few years back. However, the advisers know how to motivate people to be calm and hold on to their investments and protect their financial health. The customers can avoid committing crucial mistakes at this time because the advisers are just a phone call away. They are there to guide their customers on how to best protect their financial health at this time.
No matter how much knowledge we have about managing finances, we often make incorrect decisions, especially during this stressful situation. But the financial advisers constantly update their knowledge and are competent to evaluate their customers’ portfolio and financial situation to help them to make the right decisions.
For example, as a client, you might be thinking whether or not to purchase a house since the mortgage rates are down. But, it’s not like one-size-fits-all. The decision needs to be taken keeping in mind your financial situation and your capability of managing the loan over the entire loan term. So, here is the role of your financial adviser. He/she can evaluate your financial situation and guide you on whether or not you should make this investment.
Advising to choose the right option to repay debts, if any
Many people were already struggling to repay debts before this pandemic situation started. And, with losing jobs and facing pay cuts, the situation has become worse. Many people have used their credit cards and even taken out payday loans to meet the reduction in income.
Though most of the creditors and lenders have become quite empathetic and have worked with their customers to arrange a payment plan, yet finally the debtors will have to repay their debts. So, the financial advisers can evaluate their customers’ financial situations and guide them to choose the best debt relief option. You, the customer, can know the ins and outs of each debt relief option and choose the best suitable one.
For example, if you, the debtor, have payday loans and they are legal, and you can repay them in full, then you can consolidate payday loans with bad credit. Paying back debts can also help you have a positive item in your credit report and improve your credit score.
Along with it, you can also take the help of your financial adviser to decide how to save every month, how to budget, and protect your financial health, so that you can have a better financial future.
Author Bio: Phil Bradford is a financial content writer and an enthusiast. He has expert knowledge about personal finance issues. His passion for helping people who are stuck in financial problems has earned him recognition and honor in the industry. Besides writing, he loves to travel and read books.