Quoted: Member Media Roundup - May 2020

5 min read
May 11, 2020

XY Planning Network members regularly serve as subject matter experts for major media outlets. (We invite our journalist friends to submit requests using our media portal.) We've compiled this roundup of recent articles featuring some of our superstar advisors.

Remote Work Can Benefit Clients and Advisors. But Is Your RIA Prepared?

RIAIntel, featuring XYPN member Charles Thomas

Twitter, Amazon, JPMorgan Chase, and other large companies are asking employees to work from home to help stop the spread of the new coronavirus, also known as COVID-19. With close to 112,000 cases worldwide and about 4,000 deaths, the novel virus isn’t just wreaking havoc on the market; it’s also changing the way thousands of people work.

It’s a perfect opportunity to test remote work, which can offer benefits for investment advisors, their staff, and their clients.

“There’s been an organic creeping toward flexibility in the workplace, but there hasn’t been the motivation for organizations to do the work to really make it happen on a large scale,” says Cali Yost, workplace strategist and CEO of Flex+Strategy Group in Madison, N.J. “Now it’s a life or death situation; you have to become flexible if you want to stay open and keep people safe. This moment is an opportunity to experiment with new ways of working that can be a necessity now, but could possibly get you organized for future success beyond this moment.”

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The Most Important Things to do with Your Money During the Coronavirus Outbreak, According to 5 Financial Advisors

CNBC, featuring XYPN member Shaun Melby

The coronavirus has officially been declared a pandemic by the World Health Organization, bringing instability to the U.S. economy. The stock market is hitting lows not seen since the 1987 market crash and hard-hit industries are beginning to lay off workers.

Health experts and governments around the world are urging caution, but it’s also critical to be prepared for the outbreak to become worse. People across the U.S. are already stocking up on basic supplies in the event that they need to stay home from work for a prolonged period. Others are cancelling trips and foregoing conferences and sporting events.

CNBC Make It spoke to five financial advisors about what to do if you are worried about what the instability could mean for your money. First: Don’t panic. Then, prioritize these four things.

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Pandemic Fallout Sends Consumers Racing Toward Financial Planners

Investment News, featuring XYPN member Ryan Bayonnet, Kaleb Paddock, and Todd Pouliot

The COVID-19 pandemic that has cast a dark shadow over much of the economy and the financial markets has been shedding new light on the value of financial planning.

While some advisers are comparing the increased thirst among consumers for advice to the 2008-2009 financial crisis, others are saying the appetite has never been this strong.

“We haven’t had any client turnover, but our in-calls from new clients is about double what it usually is,” said Ryan Bayonnet, a financial planner at Hyland Financial Planning.

“When the market was going up, people thought they had a good portfolio, and maybe didn’t really look at it,” he added. “Now they got smacked in the face, because this might be the first time in a while they’ve really been challenged.”

Virtually across the board, the financial planning industry is experiencing a flood of inquiries from potential clients that are either shopping for a new adviser or shopping for an adviser for the first time.

Kaleb Paddock, an adviser at Ten Talents Financial Planning, has signed on 10 new clients since February, which compares to his normal target of adding about two clients per month. 

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8 Things Financial Planners Tell Clients When They Call in a Panic

Business Insider, featuring XYPN member Eric Roberge

These days, with the United States newly placed at the center of the coronavirus pandemic, it feels like panic about the virus is spreading nearly as quickly as the outbreak itself. Hospitals and medical personnel are under unimaginable strain, businesses are shuttering, the markets are vacillating wildly, a record 3.3 million Americans filed for unemployment last week — and that's just the tip of the bad news iceberg.

Not one of those issues is one we can resolve simply, but we do know some experts who can help out with the financial anxiety aspect. In the face of all this uncertainty and fear, we asked a handful of financial planners for the advice they've been dishing out to the clients who've called their offices in a panic, and their sage words already have us breathing a little easier.

There's a lot to be fearful about, but more than almost anyone else, these folks are familiar with the vacillations of the market. So if they're telling us it isn't time to panic about our investments, it's safe to believe them.

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6 Quotes from Financial Planners That Will Make You Feel a Bit More Optimistic About the Future

Business Insider, featuring XYPN member Eric Roberge

In these uncertain, coronavirus-fueled times, the one thing that's clear is the world could really use some good news.

Some folks are facing reduced hours due to the outbreak, many are out of work entirely, and even those who are still employed are likely finding it hard to focus on work as the market continues to vacillate. In short, we all need something to look forward to that doesn't involve constantly refreshing our investment accounts and blindly hoping for a miracle.

With that in mind, we turned to an unexpected source for a burst of optimism — financial planners. We asked a group of experts to contextualize this crisis for us, and they happily agreed, providing a range of calm, level-headed responses that are downright encouraging.

There's a lot to be nervous about at the moment, but if some of the smartest, steadiest minds in the financial industry are feeling hopeful about the future, we're inclined to follow their lead.

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100+ Canceled Internships Threaten Planning Careers, Industry Talent Pipeline

Financial Planning, featuring XYPN member Steven Fox

James McDougal, a junior at Texas A&M University, was looking forward to spending the summer working with clients for the first time as a paraplanner at the RIA arm of a national corporation with offices in his hometown of Houston.

“I was super excited,” McDougal, 21, says about the paid internship that dangled the prospect of a job offer at its conclusion in August. Then came the coronavirus pandemic, followed by a phone call from his would-be employer informing him about the quarantine. No one could say when the firm’s physical offices would reopen and the offer was rescinded.

“It was a better-safe-than-sorry sort of thing,” says McDougal, who’s still on track to graduate early in December but now, maybe, without any client experience. “I’m feeling a little more uneasy about going into the workforce.”

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What Is a Good Reason for a Personal Loan?

The New York Times, featuring XYPN members Angela Moore, Tony Matheson, and Ben Smith

Unsecured personal loans can pay for almost anything. Their flexibility makes them easy to turn to when you want to consolidate your debts or put in that kitchen island.

But first assessing all your financing options can save you money. As the economy shifts, so will the way a personal loan fits into your plans.

Right now, for example, the cheapest way to get extra cash might not be with a personal loan, but with 401(k) funds. The government is allowing penalty-free withdrawals from these savings for those affected by COVID-19.

Still, withdrawing money from your 401(k) could mean you lose out on potential market gains and set your retirement plan back.

Even if an unsecured loan isn’t the cheapest, it may be the next-best option. Here’s what financial planners say about some of the reasons people take out personal loans.

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XY Planning Network's media request program is available to all XYPN advisors as a member benefit. Interested in joining our community of expert advisors? Read more about XYPN's marketing support and watch our introductory video, Disrupting Financial Planning: The XYPN Movement.

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