I have now called all of my clients. Really the first two days were the worst. Thanks to the market decline, everyone called me back pretty quickly. Some conversations were good, some were bad, and some were indifferent.
All the while the market was sinking, and sinking, and sinking. And the world was getting progressively crazier. Somewhere in there my company announced that “…for the safety of our clients and our employees, we are no longer allowing our financial advisors to meet with clients face to face…” I was quite annoyed about this, since the terms of my retirement contract require me to meet with every client (who wants to) with their new advisor, but it turned out to be a good idea.
This morning, my mom tested positive for Covid19. Which means I’m quarantined because I saw her weekend before last. I don’t have any symptoms, and I read that 97% of patients have symptoms by the 10th day (I’m at 9.5) so I’m pretty sure I don’t have it. I called HR and they told me to go home and don’t come back till I was past 14 days exposure to my mom- that’s Monday. I don’t know whether to try to get tested or not. I said TRY because I know of a few people who have fevers or other symptoms who were told they could not have a test. And my mom (who only had a fever) was told that they wouldn’t have given her a test if she hadn’t been over 70 and my dad was told that he wouldn’t be tested.
Then there is the fact that a good deal of our personal portfolio seems to have disappeared. I know this is temporary, but it isn’t any fun at all. It is a good thing that we over-saved for retirement. Even after our substantial losses, all the retirement calculators say we’re still good. Also my retirement pay will almost certainly last longer than the down market will.
I’m an optimist, and one might as well look at the bright side. One positive to all of this is that my clients will have to start talking to their new advisors, because I won’t be available. It will probably make the client meetings go more smoothly. And as of Saturday, responsibility for my clients shifts to the new advisors, so there will be someone else to take care of them if I am out. And I have a mandatory 5 days off to putter around my house…
What a time to retire! I’m sorry that things are going a bit crazy just as you step out of the workforce, but I’m glad that you’ve handed over your clients. At least you aren’t dealing with that stress. Sometimes we have to search for those small silver linings ;(
Thanks. It will be fine. The virus will pass, people will go back to work, and the market will go back up. Not today, but soon. Today I will enjoy my children and clean my house.