5. Prioritize
Clients frequently have one of two reactions to their list: either everything is equally urgent, or one thing is the focus to the exclusion of all else. To mitigate those reactions, we use a now, soon and later process structured by timeline and urgency.
a. The items that are an immediate threat and controllable go in the NOW category.
b. The items that are important but not urgent go in the SOON category.
c. Everything else goes in the LATER category.
Tips
• Do this in person or virtually with video. It’s important to be able to see the client’s expressions.
• Do the exercise in writing, using an organized worksheet or table.
• Give the client a copy to take home.
• When they are telling their story, let them do it without correcting or clarifying what you think are their misconceptions.
• Keep the client involved at all times; it gives them a sense of ownership and control.
• Make the list and organize it together, periodically checking with them to make sure it’s an accurate depiction of their situation as they see it.
• The exercise might provide clarification of points that have become muddled by emotions and confusion. But if it doesn’t get clarified to your satisfaction, keep normalizing emotion and confusion. They’re at where they’re at, and that needs to be okay.
• Focus on action on the now items while reassuring that the soon and later items will not be forgotten.
The current collective threat of a pandemic will eventually pass, but it will be replaced by another crisis. We don’t need to know what it is or exactly when it will arise. What we need is a toolkit that helps us fulfill the implied promise we make to every client. I will be there for you, to keep you as safe as possible and help you work your way through whatever life brings your way. Financial triage should be in every advisor’s toolkit.
Susan Bradley is the founder of the Sudden Money Institute.
Learn more about financial triage in a one-hour, live webinar (1CFP CE) with Susan Bradley on April 2, from 12pm-1pm, ET ($79).