facebook twitter instagram linkedin google youtube vimeo tumblr yelp rss email podcast phone blog search brokercheck brokercheck Play Pause
Personal Finance in the Time of COVID:  Your Advisor is Your Best Untapped Resource Thumbnail

Personal Finance in the Time of COVID: Your Advisor is Your Best Untapped Resource

By:  Danielle Woods, daniellewoods@propel-fa.com

The irony of COVID happening in the year 2020 has not been lost on me.  If we could ever hope to benefit from hindsight, that time is certainly now. While we have all spent years complaining about our daily grind, we suddenly miss it terribly; and the choices we once took for granted seem like luxuries.  (I know that I am going through serious movie theater withdrawal.)  Alas, changes must be made, and we humans have an incredible history of adaptability.

I have been a financial advisor for more than 20 years, and I know there are positives even during tough times like these. From conversations with clients, friends, and family these past weeks, I would say that priorities have shifted.  Most are missing family, some are cooking more, and many are recognizing that their personal finances cannot survive on autopilot.  When I sat down to write this article, I immediately went to the thesaurus to look up alternatives to the word “plan.”  Some people, like me, are natural planners.  They make lists; they thrive on routine; they worry about what they may have missed.  Others, quite literally, avoid any reference to the word.  This article is for the latter group…and you know who you are.

Planning is our greatest asset in reaching our goal of financial freedom.

Our team at Propel works with nearly 90 individuals/families.  All our clients are unique personalities with vast differences in background, experience, and financial situation.  Working with a wide variety of people is, for me, the best part of my job.  In addition to being a proud planner, I am a sponge for information.  I love exchanging recipes, vacation suggestions, and online retail deals with my clients. I get to learn things from people who have had careers and life experiences that I would know nothing about if it were not for the privilege of acting as their financial advisor.  It is these clients who also seek my counsel on a variety of topics like personal budgeting, refinancing a mortgage, or saving money for a specific goal.

If you have not been talking to us, why not?  

Here are some reasons that our clients have given, and our response to those reasons.

“I don’t want to bother you.”

Let me be clear: YOU ARE NEVER BOTHERING US.  We are committed to speaking with you whenever we need to share something with you and whenever you need our help.  You pay for that support through your annual fee whether you take advantage of it or not.  We would much rather you reach out with questions before you make a decision or ask our advice as part of your independent research.  Too often, clients tell us what is going on after a problem has occurred.  Our team knows a lot of information that could save you time, money, and headaches.   

“My questions sound stupid.”

In finance, there are no stupid questions.  The laws of our country regarding personal finance and tax are extremely complicated and seem to change with the wind.  There is no way for anyone to know them all.  That is why we have a team!  Like our clients, our team members have experienced different market climates, personal mistakes and successes, and educational tracks.  We always consult one another on various ideas or concerns, and we reach outside of our firm when we need to know more.  One thing our team members have in common is our love of learning.  We never stop learning, and we want to help you do the same.

 “I’m embarrassed because I think I messed up.”

We are not here to judge you. When we are not planning, we are solving problems.   It is what we do.   There is no greater satisfaction than making your financial life better.  Your information is confidential, and we will all likely learn something from your situation.   In fact, the solution may be easier than you think.  Let us work together to make things right for you.

 “I don’t know where to begin.”

Thankfully, we do.  Our team has a lot of experience in many areas that impact your personal finances such as law, politics, tax, scientific research, and, of course, investment management.  We welcome your questions and look forward to helping you with whatever you need.  

In short…

We do a lot more than just buy securities in your portfolios.  Love it or hate it, planning is our greatest asset in reaching our goal of financial freedom.  Knowing what types of accounts to use, how to take advantage of tax laws, when to spend money and when to save are all tools that can help you reduce stress and stay organized.  Our team has a wealth of knowledge that we love sharing with you.  

We are preparing a webinar for Thursday, June 18th - How to Cope Financially During Covid: Tools for the New Economy.  Please send us questions and comments to help us shape future presentations in a way that will be beneficial to you.  In the meantime, email and call us with whatever you need.  We like hearing from you.