Money Moves to Make — and Not Make — in an Economic Upheaval

03.10.2020 | 1 min read

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Summary:

In times of economic uncertainty, almost everyone wonders what sort of financial moves they should make — and not make.

Financial advisors offer guidance that can help give you the confidence and direction to navigate financial decisions, no matter the state of the economy. While all investing involves risk, and no strategy can ensure a profit, a solid financial plan can help ease some of the uncertainty of stock market volatility and help account for both upturns and downturns in the market.

Video Transcript

00:06 INTERVIEWER (Dawn Boyer): With the economy in a severe downturn, and no clear timeline for when things might return to normal, a lot of us are wondering what our financial strategy should be. To offer us some insight, joining us today is Grant Runyan, a financial advisor with Mutual of Omaha.

Thanks for joining us, Grant.

00:23 GRANT RUNYON, ADVISOR: Thanks! It’s great to be here.

00:25 INTERVIEWER (Dawn Boyer): In times of economic uncertainty, almost everyone wonders what sort of financial moves they should make – and not make. Do you have any suggestions?

00:34 GRANT RUNYON, ADVISOR: A good financial advisor can’t properly advise you without knowing your specific situation – what your financial picture looks like, what stage of life you’re at, and what your financial goals are. Ah, but there is one piece of financial advice that is always sound:

No matter the state of the economy, or what your current financial picture looks like, a financial roadmap is going to help you to reach those goals. A solid financial plan is going to take the uncertainty out of market volatility – and accounts for both market ups, and downs.

01:03 INTERVIEWER (Dawn Boyer): That’s awesome. Aren’t financial advisors only needed by people with a lot of money?

01:14 GRANT RUNYON, ADVISOR: In the simplest terms, a financial advisor helps you do three things:

Helps you assess your financial wellness
Works with you to figure out how to reach your goals
And educates you along the way

01:19 INTERVIEWER (Dawn Boyer): What’s the process for working with a financial advisor?

01:22 GRANT RUNYON, ADVISOR: Typically, when you first meet with a financial advisor, they take you through some type of financial assessment or questionnaire, to understand where you are now, and where you want to go.

Next, we’re going to help you set some goals - if you haven’t done that already - and create a path on how to get there.

And a good financial advisor is going to educate you on the steps you need to take to reach your goals. Um, initially, that may be around the basics of budgeting and investing, down the road, that actually may be around the complicated areas of investment and tax strategies.

But know that with a good financial advisor, you’re always in control. We’re here to provide you with options and always act as a sounding board.

02:02 INTERVIEWER (Dawn Boyer): Can a financial advisor really help someone younger, someone’s who’s just starting to build up savings, or has a young family?

02:09 GRANT RUNYON, ADVISOR: Working with a financial advisor is especially important if you’re in the stage of life where you’re beginning to save or starting a young family and want to plan to ensure that they are provided for and protected.

Starting that conversation now is critical. So that the next time the economy turns downwards, you’ll have a plan in place that helps you feel more confident and in control.

02:30 INTERVIEWER (Dawn Boyer): Thanks so much Grant. It was great talking with you today.

02:35 (Updated with Lions Head Logo)

Guidance from a financial advisor starts with a conversation

According to a 2019 Fidelity Investments study¹, 89 percent of people who have a financial plan feel confident in their financial health.

But a good financial advisor can only properly advise you by getting to know the specifics of your situation — your current financial picture, your stage of life, and exactly what your goals are.

It starts with a simple conversation, as explained in the video above by Mutual of Omaha financial advisor Grant Runyan.

Learn more about what financial advisors do and how to go about finding one that’s right for you.

And if you’re looking for a financial advisor, make sure you’re prepared with the right questions.

Starting the conversation now with a financial advisor can be beneficial, so the next time the economy turns downward, you’ll have a plan in place to help you feel more confident and in control.

Disclosures:

Mutual of Omaha Advisors is a division of Mutual of Omaha Insurance Company.

Mutual of Omaha and its representatives do not provide tax and/or legal advice, and the information provided herein is general in nature and should not be considered tax and/or legal advice.

Registered Representatives offer securities through Mutual of Omaha Investor Services, Inc., Member FINRA/SIPC. Investment Advisor Representatives offer advisory services through Mutual of Omaha Investor Services, Inc.

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