Politics play a major role in numerous industries and markets. With changing markets and emotions running high, financial planning and wealth management is especially challenging. As a result, many individuals and families are turning to professional advisors for help.
Chuck Cumello, president and CEO of Essex Financial Services, recently wrote an article for wealthmanagement.com discussing the challenges these advisors may face on the job, as well as things to look out for while working with a professional.
“It is often said, and is quite accurate in my opinion, that a financial advisor’s greatest challenge is managing the emotional and psychological challenges that beset clients when looking at their portfolios.”
Emotions such as fear and anxiety run especially high in times of political unrest. Though it can be hard to remain focused on the bigger picture and long-term plans, a good advisor will help you balance your concerns against your financial reality in a productive manner.
“The best advisors always use times of stress or instability to cement their relationships with their clients. They never shy away from difficult or challenging conversations; they embrace them and use these events as opportunities,” Cumello explained. “An opportunity to review their clients’ financial plan and to fully engage their clients on their agreed-upon commitments to achieve the goals set forth by that client and their family,” for example.