Tag Archives: Communications

Money Management during dual crisis

How to Manage a Dual Crisis: Coronavirus and Market Meltdown

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The CEO of Source Financial Advisors, Michelle Smith, has issued several suggestions for how the financial community can endure two conflating situations: the economic fallout of the coronavirus and market declines.

Be in Touch

Use technology to maintain contact with clients. Video platforms should be utilized as much as possible to offer a face-to-face personal interaction. While working remotely may mean that things are a bit more casual, it is important to keep things professional.

Be Authentic

The need to maintain decorum and professionalism notwithstanding, it is also important to be genuine with clients. They want to know that their money is in good hands, but they also want to have a sincere conversation about life. Start and end every conversation with a client by discussing their wellbeing. Ask how they are managing and feeling. Give them the assurance they need. Show them that you care about their physical, mental, and financial health.

Michelle Smith advises maintaining professionalism alongside authenticity during these trying times.

Be Pro-Active

When things are uncertain it is tempting to switch to preservation mode. We have a fiduciary responsibility to do our best for those who are already clients; we may not have the bandwidth to grow our business. But as we focus on the clients we have, we should also maintain business contacts and relationships that can help our business in the future. Look for opportunities in various sectors and actively pursue leads.

Be Thoughtful

Clients are worried about a lot of things right now. It is the job of financial planners and economic advisors to ensure that money is not an additional concern. The current health concerns coupled with economic uncertainties present people with two extremely basic fears: being alone and broke. Now is not the time to overwhelm clients with statistics and trends. Listen closely to what the clients are saying and what they feel most comfortable with at this time. This is unchartered territory for everyone. Every individual, business owner, team leader, and industry specialist is figuring out how to navigate these uncertain times. In the money management field, being attentive, genuine, forthcoming, and caring is the best business practice right now.

Full Service International Marketing And Communications Company

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Omnicom Group Inc. (OMC) supplies an amazing variety of advertising, marketing and corporate communications services around the world. Omnicom provides services in media advertising, public relations management, customer relationship management and specially communications. The company was founded in 1944 and has 65,000 employees working on 5 continents. Its profit was approximately 7 percent of revenues or $827 million in 2010.

What I like about this company is that its a specialist company. It has taken the areas of marketing and communications and has developed as many of those areas as possible. The fact that it performs marketing work in many countries and cultures around the world testifies to its flexibility and creativity.

The company’s stock is selling at $41.15 which is below its 200 day moving average of $44.41 but above its 50 day moving average of $39.01. Omnicom stock dropped in August from $48 to $36 with the market and is now on its way back up.

Some of Omnicom’s up and coming managers are: Janet Riccio; Bruce Redditt and Asit Mehra.

As with all investment decisions, the stock should be investigated thoroughly before purchase.