Kochis said RIA firm leaders need to stay in contact with staff and sources of referrals, as well as clients. “I learned in the 2008-2009 crisis that you cannot overcommunicate. Use the technology that is available now to do that.”
In addition, he said, “let people know you are still very interested in taking on new clients. The best way to do that is to stay in front of people using technology.”
Esclamado said more advisors and firms will be acting in a virtual environment. “We’ve learned you do not need to maintain an office. There definitely are some positive things coming out of the pandemic,” he said.
All actions taken during this crisis “should reflect the vision of the organization. That will guide you through a lot of uncertainty,” Kochis said.