Step back, listen and let people express the feelings that a layoff triggers.
Financial advisers often double as therapists. As clients share their innermost fears about money, the challenge is to dish out wise advice that sticks. But when clients are shaken to their core, an adviser may struggle to offer words of comfort.
The recent surge in job layoffs is a case in point. In 2022, tech firms cut more than 140,000 jobs. Close to 100,000 more tech workers have been laid off so far in 2023. “It’s a time for the adviser to shine,” said Tim Melia, a Seattle-based certified financial planner. “It’s when you can really add value and earn your fee by stepping back, listening actively and letting the client express all the emotions” that a layoff triggers.
“Layoffs can be pretty blindsiding,” said Ryan Kaysen, a certified financial planner in Blue Bell, Pa. “So you have to handle the emotional side first.” Reflect their emotions in a caring tone. Saying, “That must be tough to deal with,” as they dissect the events that led to their layoff enables them to elaborate, digress or simply lament their bad luck.
After working through their emotions, clients are ready to talk about money. Do they have enough on hand for now? Do they need to rethink their spending habits?
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