Advisers may leave the office physically, but in these uncertain times, they cannot completely leave work behind.
William Feschus is excited for his trip to France later this month. He’s not sure how much he’ll be able to enjoy it.
Feschus, like most financial advisers, has clients who are concerned about market volatility and other economic challenges that threaten their portfolios. Whether he’s on vacation or not, they look to him for answers and reassurance.
That’s why, while in Europe, he’s made sure he has mobile access to his custodian’s platform, as well as phone and iPad connectivity. He claims that most of his clients are “not overly concerned” about market conditions, and he has worked to make portfolio adjustments for those who are.
However, some advisers who attempted to unplug and get away this year were unable to do so.
During times of volatility, advisers must always be available to clients because they must assist clients in avoiding reactionary mistakes, he said.
Clients who are accumulating wealth have been advised to continue investing, while those who are depleting wealth have increased cash reserves and cut back on spending. The messages are beginning to sink in.
Every client works with a three-person team that includes a lead adviser, another adviser, and a client service associate.
The team structure creates redundancy so that when one member is absent, the others can assist the client.
Time off can benefit advisers and provide a better experience for clients.
