Financial planners spend much of their time preparing clients for an uncertain future. They cite worst-case scenarios and pepper clients with anxiety-inducing hypothetical questions.
Bishop has found an effective way to reduce client anxiety: He creates what he calls “survival guides” to help people brace for threats to their financial security. Through podcasts and articles, Bishop educates clients on how to be proactive in the face of recession or layoffs and other challenges. He urges them to research their options, ask smart questions and take practical steps to anticipate and address potential financial risks. “Don’t just worry about it,” he said. “Do something.
People also need to imagine what their financial life would look like after a layoff. What ongoing expenses would they incur? What expenses could they cut ? What are their loan options, such as a home equity line of credit? Knowing these answers in advance may take some of the sting out of a layoff. This also allows for a clear understanding of what’s next, rather than panic.
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