Proactive communications can ease clients’ nerves.
By Anita Dennis
In February, Dave Stolz, CPA/PFS, was able to tell a delighted client that she had sufficient investment resources to retire. Two weeks later, the global stock markets began a roller-coaster ride that continues to this day, ravaging many retirement and other investment accounts. Stolz, however, was able to reassure his retiring client that nothing had changed, since her plan was based on assumptions about average returns over time.
In periods of stock market turmoil, CPAs may be contacted by clients who are anxious about the potential impact on their finances. Those anxieties may be magnified now, when market gyrations are driven by worries about the global economic impact of the coronavirus, a threat that’s not yet fully understood.
How can CPAs deal with client anxieties during a time of uncertainty? The best steps include preparing them for unexpected events before they happen and acknowledging their concerns.