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A Third of CFPs See Uptick in Inquiries from Prospects During Market Volatility

By Alex Padalka April 22, 2020

Certified financial planners believe that more Americans will seek out professional financial advice in the wake of the Covid-19 pandemic — after all, many of them have been getting more inquiries from prospective clients, according to a recent report.

Seventy-eight percent of CFPs say they’ve received more inquiries from clients than usual as the pandemic has evolved, the CFP Board says, citing a survey of 1,078 CFPs conducted between April 6 and April 13.

And 34% of respondents have seen an uptick in inquiries from prospects over the previous 30 days, according to the report. Subsequently, 64% of CFPs believe more Americans will want professional financial advice in light of the pandemic, the CFP Board says.

Current CFP clients are most worried about managing volatility, cited by 74% of the survey’s respondents as one of the top three financial concerns among their clients. That’s followed by protecting assets, cited by 72%, and liquidity, cited by 35%, the CFP Board found.

To earn their keep, 36% of CFPs “say their primary recommendation to clients is to sit tight and wait to make any major financial decisions until volatility decreases,” according to the report. Sixteen percent of CFPs are recommending that their clients review and update short- and long-term goals, and 17% recommend that they rebalance their portfolios, CFP Board found.

“The findings show that during the current health and economic crisis, CFP professionals play an important role in counseling Americans through stress and uncertainty. It’s inspiring to see that the competent and ethical financial planning advice that CFP professionals provide to Americans is making a difference in helping people feel prepared to get through this unprecedented time,” CFP Board CEO Kevin Keller says in a statement.

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Tags:  Finding and winning new clients , Client retention , Portfolio management , Behavioral finance

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