NAILBA Perspectives Spring 2020 | Page 14

MARKET STRATEGY Tracking the year from page 12 FURTHER THOUGHTS On the impact of COVID-19 With the COVID-19 pandemic affecting absolutely every business and every person in some fashion, I asked the insurance pros who participated in this article if they’d like to comment. Their perspectives follow: Randy Scritchfield, CFP, LUTCF “With the COVID-19 situation and the resulting impact on our economy and stock market, it is another reminder of how important we are to our clients. To have the products that we promote in place and to have a trusted financial advisor is now more important than ever. “Of course, the products I speak of are the ones that we use to help people prepare for dying too soon, living too long, or becoming sick or disabled. Relevant to the recent stock market collapse, the primary benefit that we trusted advisors provide is help to ensure people’s money does not die before they do, either through protection features, proper asset allocation and diversification, or both. And of course, what we do for clients in times like these is often to counsel them to ‘stay the course,’ as appropriate. “This COVID-19 situation reminds me of what our most important job is — not money management or investment advice but rather behavior management. It is in times like these that we do our most important work — helping clients do the right thing or not abandon what we decided years ago was the right thing. “I am reminded of the three primary activities a financial advisor should spend time on: creativity, relationships, and leadership. We use creativity to design sound financial plans for our clients. We must now reach out in a relationship- based approach to ensure that our clients are okay, and use our leadership skills to keep them to stay ‘on track’ with the original plan we created. “At times like these, when our clients are stuck in their homes, it is most important to reach out and provide counsel. I am reminded of an axiom that I always have tried to apply to my business but I may have gotten away from in recent years. That is ‘high tech/high touch.’ Let me elaborate. I have a confession to make: I have become a big proponent of using email for communication. I am fond of the efficiency of conveying information by email rather than making outbound phone calls. That can be a trap that can put our client relationships at risk. “In recent weeks I have made a point of calling a certain number of clients every day, not only to allay their concerns about the markets, but primarily to see how they and their families are doing. “Given the nature of my clientele, many of my clients are elderly. These calls, not surprisingly, are being very well received and much appreciated. Guess what I will be doing the rest of my career? High tech and high touch. “So, my admonition to any advisor is as follows: Do not fall into the trap of just communicating through electronic means. “The other new technique that this veteran advisor will be adopting is virtual meetings. As I write this, just this morning I had my first virtual meeting with two clients using Zoom and video conferencing. (I know, many of you are asking, ‘What took you so long?’) This is something else that I will be doing more of in the coming years. Just because it didn’t necessarily fit the demographics of my clientele does not mean that it is something that I should not be doing and offering to all of my clients. “The way we learn to do new things is sometimes by first being forced to do them out of necessity. I welcome some of the different ways that I will be doing business in the coming years, but more relevantly, I look forward to getting back to some of the things that I did when I originally built my business, such as outbound relationship-based calls. “So speaking specifically to the COVID-19 situation, I maintain that this will be one of the best opportunities for financial advisors, both through this crisis and, most importantly, after we get through this situation. High tech and high touch!” Tracking the year continued on page 16 14 Perspectives Q2 2020