While we have been extraordinarily lucky to contain the pandemic in this country, it seems the economic impact of the virus will have vibrations felt for many years to come.
As well as a pending impact on property prices, Chinese trade, employment and lost tourism dollars, the impact of those in too much debt – who may default once government subsidies have ended – means the full force of the virus is yet to hit us as a country.
As an adviser, it might feel like standing on the beach and watching a tidal wave about to hit – with so much coming at us all, how do you make a difference? What can you do now to prepare for the wave to crash down?
I know most advisers have been talking far more to their clients – on the frontline and more needed than ever – to help navigate government aid and the impact of phase two (containment of the virus). But as we head into phase two and three, we are going to see even more complex financial problems arise – mortgages and credit cards/loans defaulting, rising debt due to unemployment, and investment markets that nobody can predict.
So how do you stay calm amongst the chaos? How can advisers be the trusted voice of reason to help people through complex and stressful financial issues?
The first thing to do is take care of yourself, your family and your business first. Trying to put everyone else’s need before your own makes no sense, with the role financial advisers need to play – and will continue to be needed even more.
If your stress levels are managed, and your life is operating in a way where you can create calm in your own environment, you are much more likely to be able to help others more effectively. It is why they tell you on an airplane, “In case of emergency, put your own mask on first before helping others.”
To continue to do the good work you do and help people who are facing a bleak financial future, you need to make sure that while there seems to be no rest for advisers, you take some time. You must create respite in your world to keep yourself strong.
Advisers, you are needed more than ever. Make sure you and your health are business priority number one – while there are sure to be busy times ahead, it can be incredibly rewarding to be able to demonstrate just how crucial quality financial advice is to Australia.
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