The mission at Larson is to “Empower our Clients, Colleagues, and Communities to Flourish.” However, it can be challenging to flourish when we are feeling anxious, afraid, and potentially unsafe. The past few weeks have been filled with news of COVID-19 (coronavirus), stock market declines, major life disruptions and more. Fear of the unknown is rising quickly.
We believe a key antidote to fear is preparation. Dwight D. Eisenhower once said, “I have always found that plans are useless, but planning is indispensable.” Our teams have been planning for years to be prepared for contingencies that are now being carried out in an effort to weather this current environment, including our corporate Business Continuity Plan.
Planning for Market Volatility
Especially during these volatile market conditions, our teams are giving extra attention to monitoring client portfolios and making the necessary adjustments to maintain the strategic asset allocation. Staying diversified and rebalancing are even more critical right now.
Our comprehensive financial planning process also factors in the possibility of these kinds of wild swings to keep our clients on track as much as possible, even when declines happen. In other words: we already accounted for changes like these.
Adjustment to Business Operations
Starting this week, most of our team members will be working from home for the next few weeks. Given the rapid spread of the COVID-19 virus, we feel it is best to prioritize the health and safety of our clients, team members, and communities in which we live. We also feel it’s important to do our part to slow the spread of this disease and allow our health care professionals the time necessary to treat people most at risk.
Calls to our offices will likely go to voicemail, but those systems will be monitored closely, and calls will be returned as soon as possible. In-person meetings will be moved to video calls or rescheduled to a later date, depending on the client’s preference.
Technology to Bridge the Gap
Video conference and remote management systems have been in place with our teams for years, enabling us to serve our clients no matter where they are located. Security protocols are also in place to protect client data, even when accessed remotely by advisors and staff.
Misinformation spreads more rapidly than the virus itself, and we want to discourage false information from circulating. If you’re looking for trusted, up-to-date information, we recommend visiting the specific coronavirus websites of the CDC and the WHO.
Stay safe and stay healthy. Don’t hesitate to reach out to your financial advisor with any questions you have. We will get through this together.