Not just financial health: Advisors guide clients through Covid-19 crisis
CFP and president of Cumbie Advisory Services in Fort Worth, Texas, spent a good deal of time discussing his clients' health.
Cumbie sends out regular emails, explaining topics like the difference between a treatment for coronavirus and a vaccine. He gives clients tips on wearing masks and social distancing. Although Cumbie tries to get a sense of how much anxiety a client can handle through assessments, many still freak out when their investments go red."If we've overestimated their psycho-emotional risk tolerance, then we take careful note of that and make portfolio adjustments," Cumbie said. Usually, he said, that means paring back equities.
"One of the more difficult things through all of this is the isolation," Busillo said. "We're a pretty close organization. Just being away from each other has been something we've had to adapt to."
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