'People want to check in, so don't wait for them to call you,' says veteran advisor

It’s also a good time to do a stress test their retirement funds and look at making this year’s RRSP contributions. It’s also a good time to look at ther budgets and cash flows, particularly if they saved during the pandemic and started spending more after with the costs to return to the office, such as the impact of driving more and paying higher gas costs. But, it’s also important to review their emergency fund – whether it was drained in the pandemic, or they have extra cash they can add.

“I think the role of an advisor is to remind people where the risk is that they might not see and help them put a plan together for that, to be their risk manager and  help them think through the risk of the next thing and plan for it.” she said. “It’s a good time to remind people of their longer-term plans, but also shore up their cash for their business as well as their personal finances.”

So, there are lots of touchpoints and then advisors could suggest a financial plan or investment plan review to help clients determine their next steps. That could be especially helpful if clients divorced during the pandemic and now need to re-examine their entire picture to move forward.

“People’s plans changes, so we can help them realign back to what they told us they wanted to do and paint a picture of what that looks like and what the implications are for taxes and cash flow,” said Porter. “That could potentially help them sleep better at night.”

Read More: How to help clients keep saving and investing post-pandemic | Wealth Professional