What should a financial advisor be doing in a season of volatility? Ryan and Gabe discuss what you should expect when working with a Certified Financial Planner during a season of volatility and while planning your retirement.
Financial Advisors should Help to Create a Plan for Volatile Markets
The most important thing we are doing for our clients by our first meeting is, beginning to build a plan for seasons like this. We always see volatility in markets, and we always will. We need to plan for these seasons, each one of our plans for our clients is prepared for volatility.
We look at withdrawal rates, the amount of assets a client has, and their risk tolerance. To be clear, we won’t recommend someone retires if there aren’t certain metrics that are met. The idea is that our plans are prepared for when these “storms” come about.
Clear, Concise, and Frequent Communication from your Financial Advisors
It is so important to communicate well in these seasons. With so many fear-based headlines, it’s important for us as advisors to communicate via email, meeting, or whatever it may be to help you make wise decisions.
Financial Advisors should give wisdom and insight, based on History
Lastly, advisors help clients to understand from a broader, historical perspective, what is happening. We help to zoom out and look at things from a broader view, helping clients to gain perspective based on historical markets. This way, in the short-term lows of the market, clients are confident that they will rebound. Never, since the inception of the NY stock exchange in 1792, has it not made a new high following a low. We don’t think this time is any different, regardless of what the news is telling you.
If you don’t feel confident about your current plan in place, or you don’t have a plan to begin with, if you don’t have communication from your advisor, or help with making wise decisions, reach out to us. We want to help you do all those things, contact us at Strategic Retirement Plans.