Cash-Out Concerns Ahead of Tax Season
Alex Reffett, the principal and co-founder of adviser firm East Paces Group in Decatur, Georgia, recently sat down with PLANADVISER for a wide-ranging interview, during which he reflected on some key lessons learned in 2021 and shared some suggestions for providing great client service in 2022.
Reffett described the experience of advising clients in 2021 as “volatile.” After a summer of relative economic calm, Americans became increasingly worried about financial risks stemming from market volatility, rising inflation and the resurgence of COVID-19 infections and hospitalizations.
“It was a challenging second half of the year for the country and our clients,” Reffett says. “However, what was rewarding for me personally was the actual reaction that our clients had and, that is to say, a majority of our clients actually had very little reaction. Very few of them called in with concerns about wanting to sell and flee to cash during the multiple sharp dips we have experienced. A few of them called in with concerns, of course, but it was very rare.”
Reffett says this is a testament to his firm’s commitment to the basic tenants of good advising—of clear communication and coaching about the need to define and commit to a consistent, long-term strategy.
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