Matt Reiner Featured On Planning Through Turmoil

Take off your financial advisor cap and put on your unlicensed therapist tweed.

We’re living through tumultuous times. A pandemic that’s barely in the rear-view mirror, the pain of rising interest rates, necessary and unnecessary price increases, raises that haven’t come close to meeting or exceeding inflation and a market environment that’s as bad as anyone’s seen in 15 years. It’s been a rough ride for even the most experienced financial advisors, and it’s not hard to imagine how clients have felt—in fact, you probably don’t have to imagine it at all.

Most of us are familiar with 3 a.m. panic emails written by clients whose fiscal anxiety has turned into full-blown insomnia. It’s hard to blame them. Millions of adults are living through market turmoil for the first time, and it’s hard not to panic when you see your retirement portfolio shrink.

The question is: What can we do about it?

Proactive and Reactive Planning

There are almost as many ways to address big feelings as there are people who have them. You won’t find one solution that fits everyone, but there are certain ways to approach the situation that can help mitigate the effects of economic turmoil on your clients.

Before the Panic

Part of the reason clients panic is because they suddenly find themselves in unknown territory. They probably don’t watch the markets, stay up to date on economic indicators and earnings reports or stare at charts the way you do. In fact, many people are content to ignore the markets entirely until something goes either very right or very wrong.