Many of the economic positives of the last 3-plus years have been pulled out from under the feet of working Americans. The coronavirus crisis has left many once stable individuals teetering on the edge. On Tuesday, Secretary of the Treasury Steven Mnuchin warned that the unemployment rate could rise to 20 percent. Even a quarter of that number would leave millions of Americans suddenly with an uncertain future.
That’s why some advisors and financial planners are stepping up to help. Last week, CFP Kevin Mahoney of financial planning firm Illumint offered his advice services for free via a video for twitter. He received three meeting inquiries. Two of those individuals are now unemployed and the other is concerned about their ability to pay their 2019 tax bill.
The coronavirus crisis has left businesses reeling. And now advisors are stepping in to help those affected cope.
Cities across the United States are on lockdown, yet the rate of coronavirus case numbers continue to rise. First detected in Wuhan, China in December 2019, the virus has sickened over 187,100 people in at least 140 countries, according to official counts from the New York Times. As of Tuesday afternoon, a least 7,490 people have died of the disease, more than half of them outside mainland China.
As of Wednesday afternoon, at least 7,837 people across every state, plus Washington, D.C., and three U.S. territories, have tested positive for coronavirus, according to a New York Times database, and at least 141 patients with the virus have died.
Those working for airlines and hotels have already experienced layoffs. While cities like Los Angeles, New York, Chicago, Seattle, San Francisco, and more have shuttered bars, restaurants, gyms, movie theaters and casinos.
With that in mind financial advisors and wealth management professionals have begun offering services for free to those impacted by the virus. Social media platforms, especially Twitter, are being used to let people know about the opportunities.
The problem for advisors has been getting their word out outside of the industry. While the videos and posts receive a lot of love from other financial professionals, the word doesn’t seem to be reaching those who actually could use the services.
It’s not just individuals lending a hand either. The Foundation for Financial Planning, which offers pro bono services to military veterans and people with cancer, is now offering emergency grants to programs it already funds. The organization is even launching an online platform to connect people while social distancing continues.
