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Advisors Make Special Effort To Reach Out To Clients Living Alone

People who live alone face challenges during the pandemic. Cut off from family and friends, these individuals may fight feelings of isolation.

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Advisors are reaching out and stepping up to stay in touch.

Before March, many planners who work with single clients, widows and others living on their own made an extra effort to maintain contact. In these difficult times, they're increasing their outreach more than ever.

Not every one-person household requires special attention. For those single clients who keep busy and socialize often, advisors may feel less compelled to check in frequently. But if someone has no family nearby and few social outlets — and lacks a support network — advisors play an important role beyond just financial planning and portfolio management.

"People living alone are already struggling with loneliness and now they're more lonely," said Sharon Duncan, a Houston-based certified financial planner. "When you're lonely, you want reminders that you're not alone."

Duncan estimates that about 10% of her clients are lonely. She seeks to forge a stronger bond with them.

When calling them, for example, she often stands and looks out the window or sits in a different chair. Moving to a different spot in her office reinforces her intent to connect with them more fully.

"You have to process loneliness all the time when you live alone," she said. "So I want to remind myself to be more human about the conversation."

Support Clients In Need

To show their appreciation, some advisors send gifts to clients on special occasions. In the current environment, a surprise present can make an even greater impact on a lonely recipient.

For instance, Duncan recently sent a client a monogrammed beach bag. She wrote on the card, "Looking forward to the day you can use this."

She emphasizes that customizing your message makes all the difference. Choose a gift tailored to that client's interests. And express real emotion in your card.

"You have to make it personal, not generic," she said. "And don't use a typed mailing label. Everything should be written by hand."

Newly widowed clients may need more support. While you don't want to get too involved in their travails, attentiveness to the condition can prove a lifesaver.

Duncan cites a client in her 50s whose husband died unexpectedly. She lapsed into a prolonged phase of mourning.

"I checked in with her regularly and got a sense she was slipping into depression," Duncan said. "So I asked her to come in for a face-to-face meeting. She did, and it took two seconds to see we needed a major medical intervention."

Alarmed at her uncharacteristically gaunt appearance, Duncan urged her to go directly to the hospital emergency room. The client agreed and received the proper treatment.

"Today, she's thriving," Duncan said. "Did I cross a boundary? Yes. But crossing a boundary is sometimes necessary and may have saved her life."

Listen And Retain What Clients Say

Some clients are not bashful about discussing the challenges of living alone. When shopping for an advisor, they may signal their eagerness to have someone to lean on.

Eran Goudes, a certified financial planner in Potomac, Md., recalls meeting with a woman in her mid-70s who was looking to hire an advisor. When vetting Goudes, she asked, "If I get stuck in a bad part of town at 2 a.m., can I call you and will you pick me up?"

"Absolutely," Goudes replied without hesitation. She wound up hiring him.

"I wasn't taken aback by her question," he said. "I laughed, because she wasn't really going to call at that hour. But I understood what she was getting at, that she wanted to count on me being there for her."

Building a lasting relationship with lonely individuals requires rapt listening — and the ability to retain what you hear. Clients may be particularly appreciative if you show ongoing interest in their lives.

For instance, a client told Goudes that she set a goal of taking 10,000 steps a day. When he checked in with her months later, he asked about her pursuit of that goal.

"With Covid-19, it's harder to exercise so that becomes relevant," he said. "In the course of our conversation, we didn't talk about her portfolio at all."

Advisors with lonely clients develop a heightened sense of how and when to communicate with them.

"It's trial and error," Goudes said. "Over time, I get to know how they respond to my communication. Some prefer more communication. Another might sound annoyed if I call too much. So you have to adjust as you go."

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