Wealth Advisement Could Change Due to Coronavirus
Businesses of all types are adjusting to the new normal, and wealth advisory services are changing with the times, too. Some of these changes eventually might not be for the best.


I’ve been working from home in recent days, since social distancing is a big part of my firm’s new policy to protect us and our clients from exposure to the coronavirus. The client projects I have already begun to implement are surprisingly unimpaired by my location and lack of access to paper files and a well-equipped resource room.
My planning services, including financial planning, are mostly on hold until my clients find a reliable new normal from which to springboard. My remaining clients have been calling mostly to express an interest in additional investment allocations in stocks. But almost all of them are reaching out or responding positively to my engagement for simple social interaction, reassurance and understanding.
With all levels of government advising, and sometimes ordering, closings and cancellations of almost every possible human encounter, we are experiencing an unsettling halt of normal interactions. This will change the delivery of wealth advisory services, and something important may get lost in the translation.
From just $107.88 $24.99 for Kiplinger Personal Finance
Be a smarter, better informed investor.

Sign up for Kiplinger’s Free Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
The Importance of Going Local
Most of my clients live within 25 miles of my office, and others are within a two-hour drive. Only a small number would require a two-hour flight or more to visit. My client book already limits most periodic visits to monthly, quarterly or annual events, outside of project implementation. And my clients, who lead busy lives, are used to conference calls, online access to performance numbers, forms and proposals and email conversations. Nonetheless, they certainly appreciate the personal touch of in-office or in-home meetings.
Today’s new normal may actually level the playing field for remote wealth advisory firms that have historically relied on a network of online trading and financial analysis to build their advisory business. If your primary wealth adviser no longer sees you in person, does it really matter if he/she sits five minutes from you or five states away? I’m here to say that yes, it does matter.
Why Having a Local Adviser Matters
My clients are subject to both national and local economic, political, social and financial factors. Because I am subject to most of the same factors, my understanding of and reaction to my clients’ circumstances amounts to a kind of shorthand intuition compared with out-of-state advisers. In my town, people still ask where you went to high school to establish base assumptions or find instant commonality. Local knowledge of where our community came from and how it got here is important to projecting where it is heading.
Ethically, people still expect more from members of their own community. After all, we owe a lot for our development and success to our community. We may have been educated somewhere else (not me, actually), but our community involvement and local service establishes a connectivity that assures our clients that I am both credible and reliable. After all, as the saying goes, you know where I live. Accountability is a clear advantage to the local adviser.
Finally, interdependency. This is the assumption that we are all in this together — not just as to the current coronavirus calamity, the market correction or the economic downturn, but all of it. My clients and I, our entire community, is in this together. We all have an equal stake in our local business operations, restaurants, entertainment, community events, local sports, education, libraries, police, fire and other emergency responders, and in the safety and success of our spiritual centers, parks, roads and neighborhoods.
This community interaction is essential to our common good. We have always valued this the most in all our relationships. We will find our way together. You can rely on me and I will rely on you.
Profit and prosper with the best of Kiplinger's advice on investing, taxes, retirement, personal finance and much more. Delivered daily. Enter your email in the box and click Sign Me Up.

Timothy Barrett is a Senior Vice President and Trust Counsel with Argent Trust Company. Timothy is a graduate of the Louis D. Brandeis School of Law, past Officer of the Metro Louisville Estate Planning Council and the Estate Planning Council of Southern Indiana, Member of the Louisville, Kentucky, and Indiana Bar Associations, and the University of Kentucky Estate Planning Institute Committee.
-
S&P, Nasdaq Hit New Highs: Stock Market Today
A late-day rally wasn't enough to lift the Dow into the green as its six-session winning streak came to an end.
-
Five Things to Consider Now If You Want to Retire in 2026
To retire with confidence in the year ahead, tackle these essential tasks right now.
-
Striking Gold (or Gas): A Financial Pro Unpacks the Nuances of Energy Investing
Investing in the energy industry, particularly oil and gas, involves understanding the facts about how projects generate returns through cash flow and long-term asset building, while also being aware of the risks.
-
Escaping the New Golden Handcuffs: A Financial Expert Has a Plan for Today's Executives
Feeling stuck in your job? It could be your complicated compensation package, but it also could be where you live, your family or even how you view yourself.
-
I'm a Financial Planner: Here's How to Invest Like the Wealthy, Even if You Don't Have Millions
Private market investments, once exclusive to the ultra-wealthy and institutions, have become more accessible to individual investors, thanks to regulatory changes and new investment structures.
-
Four Ways a Massive Emergency Fund Can Hurt You More Than It Helps
Saving too much could mean you're missing opportunities to put your money to work. Redirect some of that money toward paying off debt, building retirement funds, fulfilling a dream or investing in higher-growth options.
-
I'm a Financial Planner: How to Dodge a Retirement Danger You May Not Have Heard About
Timing is everything, and sequence of returns risk can mean the difference between a retirement nest egg that's overflowing … or empty.
-
Caring for Aging Parents: An Expert Guide to Easing the Financial and Emotional Strain
Early conversations, financial planning and understanding the progression of care needs can help to mitigate stress and protect family relationships.
-
I'm a Financial Adviser: The OBBB Is a Reminder for Older People to Have a Long-Term Plan
The new tax bill presents a good opportunity for retirees to revisit tax plans, look into doing some Roth conversions and consider plans for long-term care.
-
I'm an Insurance Expert: This Is Exactly Why Your Insurance Rates Are Soaring (and What You Can Do)
A dramatic rise in the frequency and cost of severe weather and wildfires means you need to prepare, prepare, prepare — no matter where you live — for higher premiums.