Presented by Kristen Smigelski, CFP®, RICP®

During a crisis, you need answers, and your financial advisor 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, you should chat with your financial advisor at your next meeting about their emergency contact 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 to do anything to assist them during the 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 financial advisor. No matter if the market is in a bear, or has stopped trading altogether, let the experts handle the emergency. Simply put, you freaking out, or getting anxious is not going to have any effect on the market. 

Secondly, take a look for your information docket, and find the contact information. Your financial advisor may prefer an email or a phone call, but either way, follow the emergency contact plan that they laid out with you. If you did not set up an emergency contact plan, try an email and then a call. Pay attention to the automated reply; it may have information about a conference call or other pertinent information. 

Third, after you make contact, go about your day. Your financial advisor has your best interests in mind and will be able to navigate the market for you. Repeatedly calling or emailing will not help! 

Finally, most financial advisors will either send out a mass email or arrange a conference call to go over the issues, and what they foresee over the next few days or week. This meeting will probably present an opportunity to have your questions answered, so prepare! 

Final thoughts

During a crisis, the last thing you want to do is panic. Markets ebb and flow, and although you might see a massive bear, the market will crater and get back to normal soon enough. As a client, it is tough to wait and see, but you trusted this financial advisor before the market went into a crisis, why would it change during it? Simply put, trust your advisor and reap the benefits when the market rights itself.

*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 Federal tax penalties. Individuals are encouraged to seek advice from their own tax or legal counsel. Individuals involved in the estate planning process should work with an estate planning team, including their own personal legal or tax counsel. Neither the information presented nor any opinion expressed constitutes a representation by us of a specific investment or the purchase or sale of any securities. Asset allocation and diversification do not ensure a profit or protect against loss in declining markets. This material was developed and produced by Advisor Websites to provide information on a topic that may be of interest. Copyright 2024 Advisor Websites.