THE CORONAVIRUS PANDEMIC TOUCHED off increased demand for toilet paper, Clorox wipes, at-home hair coloring kits—and financial advice. A recent survey by the Certified Financial Planner Board of Standards found that nearly 80% of CFPs had seen an uptick in questions from existing clients since the pandemic began, and one-third reported an increase in calls from prospective clients.
That’s not surprising. Millions of Americans have seen their retirement savings bludgeoned by the bear market. Many are reviewing estate plans and insurance coverage. And although the Coronavirus Aid, Relief, and Economic Security (CARES) Act, signed into law in March, has numerous provisions to help Americans weather the crisis, it also raises a lot of questions, ranging from what to do with your stimulus check to whether you should take an emergency withdrawal (or loan) from your 401(k) plan.
“You can be a DIY investor when you have a 10-year bull market,” says Kevin Keller, chief executive of the CFP Board of Standards. “When we’re in a state of chaos, people feel like they really need somebody to talk to.”
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