Nearly two-thirds (64%) of Certified Financial Planners say their clients’ stress levels are either high or very high during this time, and clients are turning to their financial planner for help easing their concerns over the impacts of the coronavirus, according to a new survey released by the CFP Board.
Nearly eight in 10 CFP professionals report an increase in the volume of calls from their clients, as the coronavirus pandemic continues to wreak havoc. Over the past month, 34% of CFPs had a boost in inquiries from prospective clients, according to the CFP Board’s recent online survey of 1,078 CFP professionals.
"The spread of COVID-19 is having a resounding impact on all aspects of our lives," said Kevin R. Keller, CEO of CFP Board. "While no one could have predicted the magnitude of this pandemic, research has shown that Americans who enlist the help of a CFP professional to create a holistic financial plan feel more confident when faced with economic uncertainty."
An October 2019 survey commissioned by the CFP Board found that 65% of adults with a financial advisor say they’re more prepared now for a potential recession than in 2008.
Seventy-four percent of CFPs reported managing volatility as a top financial concern of clients, followed by protecting assets (72% of CFPs) and liquidity (35%).
CFPs say their primary recommendation to clients during this time is to sit tight and wait to make major financial decisions until the volatility subsides (36%). About 16.5% of CFPs are rebalancing portfolios, with another 16% recommending clients review and update their short- and long-term goals.
