The Advisor Institute: Coach's Corner
Waiting-room inertia

Practical messages intended to help you elevate the success of your practice.

The views expressed in these posts are those of the authors and are current only through the date stated. These views are subject to change at any time based upon market or other conditions, and Eaton Vance disclaims any responsibility to update such views. These views may not be relied upon as investment advice and, because investment decisions for Eaton Vance are based on many factors, may not be relied upon as an indication of trading intent on behalf of any Eaton Vance fund. The discussion herein is general in nature and is provided for informational purposes only. There is no guarantee as to its accuracy or completeness. Past performance is no guarantee of future results.

  • All Posts
  • More
    Topics
      Authors
      The article below is presented as a single post. Click here to view all posts.

      By David GordonDirector, Eaton Vance Advisor Institute

      With the distribution of COVID vaccines underway, we are sitting in the doctor's waiting room (metaphorically, at least) until our name is called. In metaphorical waiting rooms, the good news is all of the magazines are up-to-date; the bad news, however, is that they are the birthplace of inertia.

      Usually, complacency drives inertia; "vaccine-anticipation inertia" is a little different. Driven by optimism, it can paralyze advisors and clients in similar ways.

      Optimistic advisors may think:

      • "We'll return to in-office, in-person meetings soon, so I can stop struggling to embrace virtual client interactions."
      • "There's a light at the end of this tunnel, and I can stall my clients until things get back to normal."

      Optimistic clients may think:

      • "The investment landscape will return to normal soon, so I can defer any investment decision-making until then."
      • "There's a light at the end of this tunnel, and I can stall my advisor until things get back to normal."

      You can snap clients out of their hopeful paralysis only if you snap yourself out of it first.

      • What can you be doing now to have a better result when you get to the end of this tunnel?
      • Are you proactively addressing opportunities for tax planning, estate planning or financial planning adjustments?
      • Are you creating motivating environments for clients so they move forward rather than staying seated in the waiting room?

      Bottom line: Whether complacency or optimism is to blame, inertia translates into missed opportunities and unnecessary risks.