She has been calling up clients to connect “on a human level,” she added. “Especially for those in the most impacted industries or individuals closer to retirement, the planning component becomes even more important.”
‘Is It Time to Sell?’
Leon LaBrecque, chief growth officer at Sequoia Financial Group in Akron, Ohio. The firm manages about $4.2 billion. The average account balance is about $1 million.
LaBrecque said almost half the calls he gets are from clients asking about opportunities to buy. The rest are concerned, though they’re not selling yet, he said. His advice? Hold tight -- for now.
“The fear is different than the ’08 situation,” LaBrecque said. “We all have a wall of worry about the virus, our jobs, how we cope with social distancing, plus our money.”
‘Should I be Scared?’
Steve Morton runs the Captrust Financial Advisors office in Greensboro, North Carolina. Average accounts are about $2 million, almost all retirees or nearing retirement.
Morton says his clients set aside five years of money for income, typically $400,000, and hold the rest in actively managed stock and bond accounts.
“We’re selling bonds and buying stocks,” he says, adding that he tells clients they don’t need to worry because their income’s taken care of. “Certainly within five years we’re going to come up with a vaccine for this. That calms them down.”
Andrew Komarow, co-founder of Tenpath Financial Group in Farmington, Connecticut. The firm manages about $100 million for 100 families.