Bill Feus is looking forward to his trip to France later this month. But he’s wondering how much he’ll be able to enjoy it.
Like most financial advisers, Feus has clients who are worried about market volatility and other economic challenges that buffet their portfolios. They turn to him for answers and reassurance, whether he’s on vacation or not.
That’s why he’s made sure he has mobile access to his custodian’s platform as well as phone and iPad connectivity while he’s in Europe. He said most of his clients are “not overwhelmingly anxious” about market conditions, and he has worked to make portfolio adjustments for those who are concerned.
“I don’t anticipate that when I’m in France, we’ll have to do anything additional,” said Feus, president of Gray Rock Financial Planning and Consulting. “My hope is I don’t have to do anything [work related], that I can reduce those types of intrusions on my vacation.”
But some advisers who have tried to unplug and get away this year haven’t succeeded in leaving work behind. Katharine Earhart, a cofounder and partner at Fairlight Advisors, took a trip to Paris and Rome last month. She also met remotely with two clients back in the States, making herself available late in the night Paris time to talk about the declining market.
Usually, Earhart and her business partner cover for each other when they go on vacation. But both are remaining in touch with clients wherever they happen to be.
“I don’t anticipate us unplugging this summer at all,” Earhart said.
Ryan Ortega, founder of Third Line Financial Planning, is on vacation now — sort of. He’s taken his phone and laptop on a hiking excursion in the San Francisco Bay Area so that he can respond to clients from Northern California in the same way he can when he’s in his Los Angeles office.
“With the heightened volatility, I don’t feel I can take an extended break from work,” Ortega said. “It’s mostly working remotely. There’s a small benefit in changing scenery.”
Always being available to clients is important during times of volatility because advisers must help clients avoid reactionary mistakes, said Leland Gross, founder of PeaceLink Financial Planning.
“We’re helping them navigate scary situations,” Gross said. “If someone is panicking and can’t get ahold of their financial adviser, they’re more likely to make a mistake like going straight to their accountant and liquidating.”
Gross plans to spend some time this summer at his parents’ lake house in Leland, Michigan, the town where they met and that they named their son after. Before he leaves, he’s talking to his clients about the importance of staying calm in the midst of gyrating markets.
“That proactive work is what’s going to allow me to unplug as much as possible during vacation,” Gross said. “I don’t anticipate a lot of clients reaching out fearfully.”
Ashlee deSteiger, founder of Gunder Wealth Management, said her firm “has been in constant contact with our clients” about what it’s doing for them, such as tax loss harvesting, rebalancing and Roth conversions.
Clients who are accumulating wealth have been told to keep investing while those drawing down wealth have increased cash reserves and reduced spending. The messages are sinking in.
“We don’t anticipate changing our summer schedule as a result,” deSteiger said.
When she travels with her family in July, deSteiger said it will be a “hybrid” vacation. She’ll monitor her email and pick up phone calls, “but I’m not going to bring my laptop.”
Rob Greenman, chief growth officer at Vista Capital Partners, may be able to truly step away this summer because of the way he’s structured his practice. Every client works with a team of three people — a lead adviser, another adviser and client service associate.
The team set up creates redundancy so that when one member is gone, the others can step in to help the client.
“You have an opportunity to unplug when you need that,” Greenman said. “Then you pay it back by covering your teammates when they’re out.”
That approach can reduce burnout, which Greenman said is a problem in the advisory business. Time off can help advisers and give clients a better experience.
“It’s going to [result in] more engaged employees and a better offering to clients at the end of the day,” Greenman said.
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