Navigating a Financial Crisis
by Thomas Hanes on Jun 17, 2020
During a crisis, you need answers, and your we at TLH Advisors knows this. It is a scramble to find the right information, and sometimes you do not even know whom to call. So, what do you do? Well, luckily for you, we have spent some time thinking about this and have come up with some of the most important things to do to during a crisis.
Before the Crisis
First and foremost, give us a call at your next meeting about your emergency plan, and what you should do. Ask questions such as if you are not reachable, who should I contact, and what is your preferred mode of communication during an emergency. As well, ask about what you should expect during the process, and if you need any assistance during a crisis. Most importantly, write these answers down and put it with your files.
Secondly, you should gather all of your documents and any other pertinent contact information and put them in your file folder. This will allow you to grab all the necessary information quickly, including the account numbers and contact information in case of a crisis.
During the Crisis
First, you need to take a breath and relax. Crises will come up, and the best person to help guide you through this process is your advisor. No matter what the problem is, you can let us guide you during the crisis.
Secondly, take a look for your information docket, and find the contact information. TLH Benefits Advisors may prefer an email or a phone call, but either way, follow the emergency contact plan that has been laid out with you. If you did not set up an emergency contact plan, try an email and then a call. Pay attention to replies; it may have information about a conference call or other pertinent information.
Third, after you make contact, go about your day. We have your best interests in mind. Repeatedly calling or emailing will not help!
Finally, we will either send out a mass email or arrange a conference call to go over the issues and set up a meeting. This meeting will probably present an opportunity to have your questions answered, so prepare!
During a crisis, the last thing you want to do is panic. Events may ebb and flow, and eventually get back to normal soon enough. As a client, it is tough to wait and see, but you trusted this advisor before the crisis, why would it change during it? Simply put, trust your advisor and reap the benefits when the crisis has subsided.
TLH Benefits Advisors is committed to your success & wellbeing.
Take care and good luck in this trying time, and stay well!
*This content is developed from sources believed to be providing accurate information. The information provided is not written or intended as tax or legal advice and may not be relied on for purposes of avoiding any legal penalties. Individuals are encouraged to seek advice from their own legal counsel. Individuals involved in the estate planning process should work with an estate planning team, including their own personal legal counsel. Neither the information presented nor any opinion expressed constitutes a representation by us of a specific issue with your plan. This material was developed and produced to provide information on a topic that may be of interest.