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Here’s a great conversation to have with clients between the holidays. The general consensus is we can’t leave 2020 behind bast enough. Lets get going with 2021 already! You client likely buys into this argument because it’s what their friends are talking about. How about lifting their spirits?
10 Reasons 2020 Was Good For Your Client
Watching TV news, it’s easy to get and stay depressed about the pandemic. Lets start with two obvious high points.
1. Your client (and their family) are healthy. They didn’t get the virus. Maybe they did, but they recovered. They are healthy at the end of the year.
2. The NASDAQ is up about 40% YTD. As of midday 12/21/20, the NASDAQ was up about 40%. Your client likely owns some tech stocks. The S&P 500 is up about 13% over the same period.
Consider those two points alone. If on January 1st, 2020 you told your client they would end the year healthy and the NASDAQ would be up 40%, they would probably say: “I wish every year would be like that.”
3. They saved a fortune. No one was flying to Europe or taking cruises for most of the year. Ditto eating out. Their American Express bill has never been lower! If your client spends what they earn (despite your urging them to save) they are spending less.
4. They paid down credit card debt. Like food, “A second on the lips, a lifetime on the hips” holds for credit card debt too. Your client might not save like you told them to, but they were smart enough to pay down those credit card balances. Oh, that was your idea too.
5. They gained two extra hours a day. Why? Because they weren’t commuting. They were working from home. They might have worked longer, but maybe they spent more time with their families.
6. They developed good spending habits. You’ve told them to moderate their spending. The pandemic knocked out restaurant meals (for a long time), travel, buying wedding presents and home renovation projects. They brought their spending to a more manageable level, something they always wanted to do.
7. They got up to speed with technology. People often find a comfort level with technology and stick to it. If your client was resistant to video conferencing, that suddenly changed. Now they are Zoom experts! They might have avoided video in January, by July they were organizing virtual cocktail parties. They wanted to do this for a long time.
8. They reconnected with family members. There’s lots we mean to do “when we get around to it.” This includes checking in with aunts, uncles and distant friends. The logic was simple: “If not during a global pandemic, then when would you call?” They feel satisfied they checked this project off their to do list.
9. They got their house cleaned. They had so much time on their hands! Working from home and virtual cocktails only fills up a certain amount of time. They organized. They gave stuff to charity. They threw stuff out. Another item on their long term to do list was accomplished.
10. They gained a new perspective on what’s important. This ties into you and investing. They realized they might not live forever. Their tenure in their job might not be under their control. What if they weren’t here to provide for their family? Maybe they should retire early and enjoy life. You are in a position to help them realign their investments to the new reality.
A lot of good has come out of 2020. Unfortunately, it’s been buried under an avalanche of really bad news. Remind clients why the year was good for them and how you helped.
Related: How Will Your Clients Remember 2020?