FROM THE DESK OF BOB CARROLL: PERSONAL FINANCES DURING THE AGE OF COVID-19
For most of us, life has slowed down as we work from home in sweatpants and binge watch Netflix! But for those in the financial industry it has been a busy time. I was fortunate to get some of that precious time with Bob Carroll, the Managing Director for the Cincinnati office of Carnegie Investment Counsel and founder of Carroll Financial, to discuss how coronavirus is impacting his work.
Bob Carroll; Photo by RVP Photography
McKenna: How have things changed for you in the past few weeks? Bob: Somewhat surprisingly, there have been not as many incoming calls as you might expect in a moment like this. Most of our time has been spent reaching out to our clients and checking in on them. Thankfully, everyone is heeding the health warnings and hunkering down until the health concerns pass. I’ve even offered to make dinner for a client that has a compromised immune system. Hope she likes Turkey Lasagna (Barefoot Contessa recipe. Never disappoints).
Our firm effectively set up a virtual office “overnight”. We are fortunate that there is terrific technology to continue our ability to meet client needs. Our work from home dress attire though can be a subject for another blog.
McKenna: What are the most common concerns you are hearing from clients? Bob: Uncertainty of course. We don’t really have any past history to draw on, all previous financial downturns have been ‘man made’, the cause of this one is very different and clients are hearing a lot of conflicting advice. But this will end! I have spent a lot of time reassuring clients, for some we have made adjustments to their plans but for the most part we had built in safeguards to weather this storm, that is one of the benefits of having a personal financial plan.
McKenna: Is there anything that individuals can do now to strengthen their finances? Bob: Yes! It may be tough to get motivated, but it is a great time to take stock of your financial picture. Start with a budget and evaluate your spending. This area is the “low hanging fruit.” We cannot control what happens in the stock market, but we are in control of our spending decisions. For many of us spending has gone down as we ‘shelter in place’. Are there expenses you can cut, such as:
subscriptions you no longer use
insurance you may be able to renegotiate or take advantage of the low interest rates?
Are there any habits you have formed now that you can maintain once this is all lifted – maybe eating out less often or exercising at home?
Are you able to re-direct some of those savings to support small businesses or charitable contributions to help others impacted?
Don’t be afraid to rely on the experts, much like you would for legal, medical or automotive advice – lean on them to guide you to a good outcome for you. While it may be tough to get started, once we return to our busy lives you will be happy that you carved out some quarantine time to focus on your finances.
McKenna: You are also a Certified Divorce Financial Analyst, are you seeing anything different in that part of your business? Bob: Absolutely. Divorce settlements may need to be revisited as employment status changes or salaries are temporarily reduced. While there’s talk of a baby boom, sadly, we are also expecting an uptick in divorce as a result of the stay at home orders. Creating a clear picture of budgets and finances is an important first step in the divorce process.
McKenna: What are you looking forward to most once life gets back to normal? Bob: Definitely meeting with clients in person! The best part of my job is working with people on some of the most important aspects of their lives. I really feel honored to be able to help people articulate and reach their financial goals and modify and adjust as life unfolds – but I have learned that it is a lot more enjoyable in person!
On a personal note, my wife and I are celebrating our 10th wedding anniversary this fall with a trip to Italy. It will be a great way to celebrate and hopefully help out a country (even if only in a little way) going through some difficult times at the moment.”
Watch a short video on all the things Bob Carroll helps his clients with! https://vimeo.com/408975257 (Work by Rhine Media & RVP Photography)
Thanks to Bob for taking the time to share his wisdom during this busy time. If you need any help with Financial planning or divorce financial planning, you know who to call and be sure to tell him Scout sent you!
~McKenna
RVP Photography