Helping Clients Prepare for the Unexpected

Our economy is currently going through a great change as a result of COVID-19, and many families are having their financial strategies upended because of it. However, as a financial planner, you are in the perfect position to guide your clients through this troubling period and help them work towards their financial goals.

Keep reading to see our top 3 tips for helping your clients with risk management.

Make Financial Plans Flexible

Despite our best efforts, we could never really plan for a situation like this. While it’s important for your clients to commit to every step of the plan that you have established together, it is also critical for you and your clients to understand which features of the plan can be adjusted as needed.

Encourage Emergency Funds

Many families try their best to set up “rainy day” funds, but with 78% of Americans living paycheck to paycheck, very few are actually able to set funds aside for it.

While your clients may not be in a position to put away extra money, you should make sure that they are educated about the benefits of doing so and help them create a financial plan that will enable them to set up that fund.

Proper Document Storage

While the current COVID-19 situation is surely the most pressing concern on everyone’s minds, it is only one of many risky situations that your clients may not expect or be prepared for.

Proper risk management is about protecting people whenever disaster strikes, so advise your clients to keep all of their critical documents together in case they ever need to leave their home quickly.

COVID-19 is presenting us with an unprecedented situation, but that means there has never been a better time to inform your clients about the value of risk management.

 

If you’re looking to spread the word about your services, give DMI Marketing a call today at (800) 322-6342 or visit our website for all of our digital marketing services.

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