New York Advisors and Coronavirus Crisis Management

Over the last few weeks, individuals, families and companies have found themselves in unprecedented situations as a result of the COVID-19 epidemic.  Consequently service providers in all industries are seeking out new ways to help their clients.  

In this article local fiscal advisor Michelle Smith Source Financial talks about what she has seen and how she is responding to her clients.  We also look at a group in the educational and artistic industry and their experience.

CEO of Source Financial Advisors Michelle Smith explained that she has been dealing with the shame some of her clients are encountering.  She said:

“Ten percent of my client base legitimately realized their risk appetite is not what they thought it was. I am counseling those people not to be ashamed of that. Just because you cannot tolerate volatility to this degree is nothing to be ashamed of. Half of my clients are also ‘newer’ investors as they are divorced women who are newly in control of their money so this is the first crash they have experienced. In fact, the opposite is true. Your money should not keep you up at a night. If it is, something is wrong and needs to be corrected. This health crisis combined with the economic avalanche shortly behind it hit people’s primal fears of dying alone without money. I am meeting all clients ‘where they are’ and not throwing a bunch of historical data at them to convince them otherwise.”

A few weeks ago, a group of scientists, musicians and comedians performed a show called, “Asians Strike Back: A Coronavirus Comedy and Science Show,” expressing their attempt to help the public through both education and humor. This is their attempt to    “fight back” against COVID-19 .  

When there is so much uncertainty in the world, experts in all fields often have something to offer.  Be it financial planning, laughter or just listening, they are all valid approaches.