Ep #251: Making Advice Available in the Time of COVID-19
April 15, 2020
On this special episode centered around COVID-19 and XYPN's pro bono effort, we are joined by long-time XYPN members Kevin Mahoney, founder and CEO of Illumint, and Dana Menard, founder and CEO of Twin Cities Wealth Strategies. Kevin and Dana, who have been running separate fee-only firms for several years, discuss how they have made their advice available on a pro bono basis for consumers around the country who have been impacted by the coronavirus global pandemic.
In this episode, Kevin and Dana not only talk to us about why, but also how they are making themselves available to the general public. Listen in as Kevin addresses the structure of the conversations he’s having, and as Dana speaks about his work with his client base: small business owners and medical professionals. We discuss how important it is to give people the time to process, to recognize and empathize with what people are going through, and why that often means pivoting from the traditional comprehensive planning engagement.
Although we’re just in the beginning stages of coronavirus and its ultimate toll, Kevin and Dana offer their advice about what you, a fellow advisor in the industry, can be doing differently right now to make an impact, serve your clients, and move our industry forward.
Listen to the Full Interview:
What You'll Learn from This Episode:
- Brief overviews of Kevin and Dana’s firms (00:03:19)
- Current status of clients due to COVID-19 (00:04:53)
- Kevin and his spearheading role in XYPN’s coronavirus relief pro bono effort (00:08:07)
- Dana and why he decided to participate in this pro bono effort (00:11:17)
- Kevin’s and Dana’s pro bono services within their firms (00:14:19)
- Why clients aren’t proactively reaching out in a time of crisis and uncertainty (00:19:15)
- What being a father is like during this time (00:21:58)
- How they were able to take on the additional calls/servicing from pro bono work (00:25:29)
- How Dana anticipates working with his small business owners and medical professionals during COVID-19 (00:28:03)
- How COVID-19 will shift the industry and change consumer’s priorities around planning (00:34:19)
- How Kevin is specifically working with pro bono clients and how he builds that pro bono servicing into his business from a compliance standpoint (00:42:30)
- How Dana is ultimately supporting his clients at this time (00:47:15)
Featured on the Show:
- Kevin Mahoney: Website | LinkedIn
- Dana Menard: Website | LinkedIn
- XYPN’s COVID-19 Pro-Bono Effort
- “Analyzing The CARES Act: From Rebate Checks To Small Business Relief For The Coronavirus Pandemic”
- SECURE Act
This Episode is Sponsored By:
Avocado toast. Selfies. A mountain of student loan debt. Gen Y is anything but traditional and with over 75 million people, it's a population you don't want to ignore. Learn more about how to serve this unique population in our guide, "Attract and Profitably Serve Millennial Clients in Your RIA." Discover three key ways to tap into the millennial market and the six things they want from their financial advisor. Visit www.xyplanningnetwork.com/millennials for your free copy.
Get the Full Episode Transcript:
Read the Transcript Below:
You May Also Like
These Related Episodes