Financial Moves to Make in an Economic Upheaval

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)