The COVID-19 pandemic and the Great Resignation that followed have changed business as we know it. Many industries and many people were negatively affected by the lockdowns that had occurred across the world in order to protect people from the spread of the virus. Although the world has begun to open back up and to recover from the pandemic, much of what has changed may turn out to be a new normal that will impact our lives and how we do business for many years to come.
But how has this new normal impacted financial planning?
Meet Virtually with a Financial Planner
In the past, financial planners would meet with their clients face-to-face. However, due to the pandemic, in-person meetings weren’t always possible. Financial planners therefore had to switch to meeting via video conferencing software instead. Virtual meetings are much more commonplace now, especially as so many people are continuing to work remotely even after businesses have begun to open back up.
This switch to digital financial planning does mean that advisors have many clients that they’ve never met in person. However, it also means that they can extend their pool of potential clients, because they don’t have to be local. Financial planning in Orlando can be offered to clients across the country instead of only those living locally in Orlando, Florida. For individuals who are financial planning, they have a greater range of financial planners to choose from.
Reassess Financial Goals
The pandemic changed a lot of things for many people. A lot of people were laid off or furloughed. Some were able to take the opportunity to start their own business. No matter what your financial circumstances are, it’s a good idea to reassess your financial situation and your life goals. The pandemic may have radically changed your financial situation, either for the worse or for the better. No matter how your finances may have changed, it’s a good opportunity to reassess your goals. Because things have been changing rapidly in response to the pandemic, it’s important to be flexible and continue to reassess as needed.
Re-Evaluate How to Achieve Your Financial Goals
Even if your financial goals have remained the same, how you want or what you need to achieve them may now be different. Buying a house may cost a different amount than it did in the past. Which goals take priority may also have changed, so where you allocate your available funds may have changed. It’s important to remain flexible so that you can adjust as things change.
Set up a Rainy Day Fund
If the pandemic has taught us one thing it’s that having a rainy day fund is a good idea. With the state of many people’s jobs in flux, having some cash set aside for emergencies can help you get through difficult times. If you had a rainy day fund and were forced to spend it after getting laid off, for example, rebuilding that emergency fund should be a priority.