Tag Archives: Investments

Money Management during dual crisis

How to Manage a Dual Crisis: Coronavirus and Market Meltdown

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.

Buy Phillip Morris International

This highly volatile market is not a safe havens by any means, and fixed income investments yield very little. In this situation, one might be wise to take some moderate risks and examine equities. Equities which offer both growth prospects and dividends with help to stabilize portfolios.

Phillip Morris International (PMI) is an economically insensitive business because people will smoke in good times and in bad times. In bad times people want the upper to calm their nerves and therefore they will not quit smoking easily. PMI is not connected to the American Phillip Morris Company and therefore is not exposed to the American Company’s legal problems. Pmi is headquartered in Switzerland and operates in 180 countries. It owns the 15 top cigarette brands in the world and employs 75,000 workers worldwide. Whether you smoke cigarettes or not, the company is on its way up and looks like a good short to mid-term investment and also pays a decent dividend.

Buy Real Estate

Yes it sounds strange, but perhaps the best investment right now is real estate.  Besides the housing prices being so darn low, housing can offer a great way to have some sense of stability when everything else in the economy seems so out of whack.

Its true housing hasn’t always been a great in terms of get rich quick investments, but long term stability is what the average person should be after and that comes with owning a house.  Houses also can provide passive income through renting rooms, yet most of all houses when valued correctly can offer long term stability when nothing else seems to.