What Advisors Are Doing To Help Clients Through the Virus Crisis

Even for financial advisors who have lived through Black Monday in 1987, the dot-com bust and the global financial crisis of 2008, the coronavirus-induced market meltdown is uncharted territory.

On the front lines of investing, these advisors have been trying to guide their clients in fathoming the gut-wrenching market correction. For every panic-stricken retiree who’s seen their budget implode there are market timers poised to put their cash to work, they say.

Here’s how they’re shepherding clients through the crisis.

‘Is it Time to Buy?’

Susan Kaplan, registered investment advisor in Newton, Massachusetts. Her average customer account is $3.5 million with an average net worth of $10 million to $12 million.

“What I’ve been doing is holding people back,” she said. “They want to buy things -- they have big amounts of cash.”

While she says prices may appear seductive she’s telling clients to wait for more certainty before buying. “I don’t think the volatility will be over until we’re finished with this virus,” she said.

‘Are We Close to the Bottom?’

Kristin McKenna, wealth advisor, Darrow Wealth Management in Boston. The firm runs about $200 million and the average client account is $1.6 million.

“Most folks have the same questions: Is there anything we should be doing? Are we close to the bottom? Should I still put money in? Most of our clients are comfortable staying the course and know that is the best thing they can do.”