The Client/Fiduciary Focus

by | Aug 7, 2020 | WWC WorthWhile Reading

The world has had a “double whammy” this year!  The seismic effect of a bear market, coupled with a devastating pandemic, has rocked every foundation of our lives.  We certainly were not expecting this worst-case scenario.  But here we are – just as has happened in the past.  We know from history that after the Covid-19 health crisis dissipates and the economy gains greater strength, life will come back, as a “new normal”.  But it will come back.  So, how might this impact the interaction between you and your fiduciary advisor?  There will probably be some changes, just maybe not what you might expect.


Depending upon a firm’s individual preference, you might find fewer office workers physically present.  The workload has not changed, but some employees might be given the option to work from home.  Working from home has become quite commonplace since the pandemic outbreak.  Social distancing has turned out to be one of the best ways to stay healthy and it’s probably going to continue for some time.  And some staff, especially younger and those with families, have discovered that they prefer working from home.  So, some firms have decided to make this optional.


Another change emerging might be in a firm’s meeting style.  Traditionally, most advisors held nearly all meetings in-office, but after the Covid-19 outbreak, businesses were not able to continue “as usual”.  New ways had to be found to meet with clients safely and technology already had teleconferencing.  So, this has been much more widely adopted by advisors, with clients appreciating the safety and convenience.  For firms with offices in more than one location, this was an easy move, since it merely expanded an acceptable practice already in use.  Even people who never used video conferencing became interested in this way of communicating and interacting, both personally and professionally.  We cannot know how widespread this might become, but there’s a good chance that many professional services will continue to move in this direction long after Covid-19 has passed.


It is clear technology has already made a huge difference.  The mundane tasks that were previously necessary have been swept away by technology, just as distances between loved ones and business associates.  As our profession becomes increasingly digitized and consumers become more comfortable, we expect to see further benefits for clients and advisors alike.  One benefit we do see across the advisory profession is a stronger emphasis in the advisor/client relationship on those deeper values clients wish to address through their planning and money management.


We call these your worth living assets – your passions and the loved ones who make your life worth living.  This is a trend Worthwhile Wealth has been leading for decades.  But now we see more consumers looking for this more wholistic approach.  Technology has freed up time for advisors to maintain a closer, more personal interaction with you and your life with money.  Helping you see the whole picture in light of your worth living assets is a great place to start.  One way to address these worthwhile goals is to start with a fee-only Certified Financial Planner™ professional.  Technology can help you with that, too.  Go online at (National Association of Personal Financial Advisors) to locate a fiduciary in your area.


Have a great weekend.