FA-IQ reached out to advisors to ask: What are the financial planning lessons people should learn from the Covid-19 pandemic?

Brian Buckley, managing partner and chief investment partner at Buckley Wealth Management. Las Vegas-based Buckley has been in the industry for 43 years and has around $530 million in client assets.

#1 Don’t panic. Keep the long-term view in focus.

Brian Buckley
#2 Clients need to maintain secure online access to their accounts. Some of our clients were reluctant to use online account access and would drop into the office weekly to drop off checks for deposit and chat. When we closed our physical office, we helped them learn how to make remote deposits and how to join Zoom meetings so that we could review their accounts and chat with them at any time. The pandemic forced everyone to adapt to the digital office.

Michael Durso, founding partner and chief investment officer at ShoreHaven Wealth Partners. Red Bank. N.J.-based Durso has been in the industry for 16 years and has around $360 million in client assets.

Michael Durso
“The biggest financial planning lesson we learned from the pandemic was the importance of leveraging our technology to deliver and implement financial plans. Historically, we conduct most of our reviews in person, but we needed to pivot once that was no longer an option. One of our favorite tools is secure vault technology to exchange sensitive financial information and deliver customized plans to clients.

Providing our goals-based financial plans allows us to remind clients to focus on the big picture and the time horizon for their money. No one could have predicted where markets would have been six to 12 months after Covid hit. That gave us the perfect opportunity to remind clients why we build diversified portfolios for the long run and why timing the market is impossible.”

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