A New Kind Of Normalcy
One month after the worst attack on American soil in our nation‚s history, a sense of numbness is still pervasive. Haltingly, in fits and starts, America is struggling to get back to business. But very deep and real wounds remain–and will remain with us for our lifetimes.
Only now are certain realizations sinking in. In the greater New York metropolitan area, funerals continue on a daily basis and probably will do so until Thanksgiving. As Americans are learning from our government, the war against terrorism is likely to take years and may never end.
I‚ve always believed that the only way to deal with unspeakable tragedy is to try to take the worst experiences in one‚s life and turn them into something positive. That‚s a lot easier for an individual to do than for a nation to attempt collectively. Nonetheless, America seems to be making progress on this front. I certainly can‚t remember seeing our country so unified in my lifetime, though I wasn‚t around in World War II. We may well be in a recession, but not if your business is manufacturing flags.
Events like the tragedy of September 11 do place things in their proper perspective. All of a sudden, the things that consume our daily lives and our attention, from baseball to the stock market to the twice-canceled Emmy awards, seem very small. Ultimately, it‚s a reminder of how few truly momentous challenges have really faced this generation.
Your role as advisors is to help your clients sort through the chaos and find meaning and purpose as they search for a new kind of normalcy. Our role as a magazine is to present you with ideas about work solutions to deliver to your clients.
In that regard, I‚m particularly proud of this issue of Financial Advisor. Before September 11, we had approached contributing editor Nick Murray about doing an extended interview about client psychology and what is turning out to be the longest bear market in 26 years. As I wrote 16 months ago in our first issue, there is a certain space that exists between a client and an advisor that is very difficult for most people, even those with great interpersonal skills, to grasp. Unless you are Nick Murray.
After September 11, Nick‚s insights became even more pertinent, as I think you‚ll discover in this month‚s cover story on page 58. Times like these are no cause for self-congratulation, but what comes through loud and clear is that the need for advice has climbed dramatically.
For statistical evidence to support that, turn to Hannah Grove‚s article on page 70 in our special report on the reaction to the terrorist attacks. A survey of affluent investors conducted by Prince & Associates found that 86.6% of those who had no personal contact with their advisors were extremely anxious after the terrorist attack, compared with 27.9% of affluent investors who were in touch with them. The data is remarkably compelling, and it‚s borne out in Ray Fazzi‚s report on page 73 on how advisors responded to clients‚ concerns. Both articles confirmed my suspicion that most people are focusing on bigger issues than their portfolios.
That brings me to another subject, which is how lucky I feel to have spent the past 11 years writing for and about folks like you. Most of the articles I‚ve written and edited have dealt with money in one form or another, but as the events of September 11 reminded all of us, that‚s not really what you are about.
A New Kind Of NormalcyOne month after the worst attack on American soil in our nation‚s history, a sense of numbness is still pervasive. Haltingly, in fits and starts, America is struggling to get back to business. But very deep and real wounds remain–and will remain with us for our lifetimes.