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As financial markets and the economy at large are roiled by the effects of COVID-19, financial advisors are being proactive with clients and don't see panic in their ranks, although they do report clients showing heightened concern.
That's among the findings of a report from Practical Perspectives, which also notes that large asset managers, such as First Trust, American Funds, and JP Morgan; broker-dealers and home offices; and information sources like CNBC, Morningstar and the Wall Street Journal are proving to offer the most useful support.
Coronavirus restrictions aren't creating a lot of disruption to serving clients, either, with phone, email and remote conference capabilities enabling advisors to connect. Advisors are relying on asset managers they already work with, and broker-dealers —with the most helpful resources proving to be economic and market updates, portfolio manager insights and client approved materials.
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Marlene Satter
Marlene Y. Satter has worked in and written about the financial industry for decades.
