Self-love is defined as “the state of appreciating oneself that grows from actions supporting our physical, psychological and spiritual health.”
Now and for the foreseeable future, advisors are doing double duty dealing with their client’s stress and their own. How do we cope when things go wrong, as they did during the Great Recession of 2008 and in our daily lives of life and death public health and the resulting economic crisis?
As we enter the next phases of COVID-19, we must remain connected and interact with each other even more so to fight off the effects of social distancing. Despite our cities looking like desolate shells of uninhabited human space, we still have each other, and we are still here. We are survivors. Although we may have others at home, the lack of client and co-worker interaction can make us feel isolated as we try to juggle work and home life. Clients expect their advisors to be at the forefront of market mitigation, helping to recover their portfolios. This role creates additional stress despite the obvious of us going through our own.
Perhaps you are an advisor that is part of a team; being connected and interacting with them each day and throughout the day is crucial to everyone’s mental health. If you’re an advisor working on your own, set up a daily or weekly call with someone you know in the wealth management industry. Talking to someone in the industry can help since they are experiencing the same professional trauma you are. Family and friends are a great support system; however, they cannot fathom what it is like being an advisor right now. Advisors are the stewards of their client’s wealth, and many feel responsible for this financial crisis unfolding, even though there is no way an advisor could’ve predicted this.
As the weeks go by while we wait out the pandemic, we want to wish you good health and to keep these ideas of ‘self-love’ in mind:
Practice Social Distancing as if it Means Your Life – Because it Does. As of this writing, the imperative to keep your distance is more important than ever. No matter how strong the urge to splurge – don’t do it. Every new person you introduce into your chain of contacts increases the possibility of infecting yourself or your loved ones. This is not our opinion but the result of epidemiological studies.
Keep the same schedule during the workweek. Wake up at the same time and go about your daily activities as you were only a few short weeks ago while things were ‘normal.’
Get outside and exercise. Go for a walk or run or any other outside activity you enjoy. Nature has a way of healing us and is unscathed by the markets or COVID-19. If you belong to a gym, check to see if they’re streaming online classes for members to continue exercising at home.
Meditate or practice yoga. Being able to center yourself, focus on your breath, practice mindfulness, and not overreacting is beneficial to your mental and physical health.
Be aware of your nutrition. Not having access to restaurants, coffee shops, bars, etc. forces you to eat at home and prepare your food. When you make meals yourself, you start to experience the smells, tastes, and benefits of eating at home. Be mindful of eating foods that are bright in color and loaded with vitamins, versus packaged in plastic or cardboard and full of preservatives. Grocery shopping may become challenging in the next weeks, so make good choices and store fresh food optimally to make it last.
Reach out to your clients. Reminding clients that you are there for them now and after COVID-19 is essential for you and them. A quick email or a call to ask how they’re doing is necessary and shouldn’t be about the markets unless they want to talk about it.
Unplug. The stories getting most press right now are COVID-19 and the markets. Just like the advice you give to some of your clients, right now may be the best time to turn off the media noise.
AdvisorPeak is here for you now and will be after COVID-19. In the meantime, we wish you good health, happiness, and time to reflect on all that is important to you. Stay optimistic and realize that this, too, shall pass.