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Washington state has had the most deaths from coronavirus in the U.S. and continues to be one of the hardest hit states. Financial advisors in the state are coping with a host of challenges, including calming investor fears to worrying about their own health and safety. So reports Financial Planning.

buildings 1846133 640 smallMichael Policar of HighTower Bellevue, who has isolated himself after experiencing cold-like symptoms, says clients want to know how long the outbreak will last and when they should “buy the dip.” His advice: stay the course and rebalance as needed. Advisors quoted in the article suggest proactively reaching out to clients about the current market volatility.

Firms are also cancelling events after Governor Jay Inslee declared a state of emergency late last month. HighTower nixed an executive services showcase in New Orleans “to keep everyone safe and healthy,” according to Abby Salameh, Chief Marketing Officer. The firm has its largest annual meeting set for Nashville next month, but is closely monitoring developments with the outbreak. Some firms that have not cancelled events are offering partial refunds and communicating “heightened levels of cleanliness and onsite accommodations.”

However, many firms did not want to discuss the outbreak with Financial Planning. “The topic clearly isn’t at the top of the list any advisor or firm would like to be addressing, given the disturbing potential for an exponential rise in cases and the substantial regulatory obligations relating to business continuity plans,” according to the publication.

Read the full article from Financial Planning.




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