Coronacrash Advisor Insights: Towerpoint Wealth’s Joseph Eschleman & Tony Sirianni
AdvisorHub’s Publisher & CEO — Tony Sirianni — asked top advisors from leading firms their opinions on the dual management of the Coronavirus and market meltdown crises. Read how these advisors are managing one of the most unique challenges we have faced as a financial community.
Here is how Joseph Eschleman, President of Towerpoint Wealth responded.
1. So we’re in a new and challenging dynamic, where not only do our clients need us more than ever, but we have to change the tried and true way that we have always interacted with them. How are you handling the challenge of working remotely and managing clients?
Working remotely has been great – here is an email we sent out to all of our clients on March 16th that was very well received.
2. Is video conferencing effective?
Extremely effective. Jumping on Zoom calls has been a fantastic way to make a visual connection with our clients — a feeling that is lost when compared to traditional telephone and email communication that is currently taking place. Plus, utilizing Zoom demonstrates our technological capabilities and savvy, and puts us light years ahead of any advisor working at any of the Wall Street wirehouses who are unable to utilize Zoom due to onerous compliance restrictions.
Doing a daily Zoom check in with the Towerpoint Wealth family has been very good as well, and we also are doing a weekly virtual cocktail happy hour together, which obviously is great for morale!
Lastly, it may sound small, but having TWO monitors at home really helps!
3. How do you maintain a sense of normalcy personally and professionally?
I go to work every day, just like I normally do. I exercise every day, just like I normally do. I just work from our detached cottage, which serves as an excellent sanctuary from my two children who are tele-educating, and from my two dogs, who are doing an excellent job of sheltering…er…“napping-in-place.”
It also has been really nice to be around the kids more – at least most of the time… 😉
Short of having the kids at home, and not seeing/spending time with my Towerpoint Wealth office family, things aren’t that different, schedule-wise.
4. People who have never done this job don’t really understand how much psychiatry we do every day; how close we have to get to our clients to get them to tell us about their hopes and dreams and plans. Nor do they realize how closely the physical fears of coronavirus and the all too real fear of financial ruin are so closely related. How are your clients reacting to the dual threat of covid-19 and the market crash? What are you telling them?
So very true re: people have no idea about the psychiatry we do every day. Frankly, it is way more important than the numbers and pie charts which, as we all know, take care of themselves over time.
Our clients, by-and-large, have been extremely level-headed and pragmatic about the entire situation and crisis, which we credit to:
- Being extremely proactive in managing expectations, educating clients about the risks of the financial markets and investing
- Stressing the controllables and not worrying about uncontrollables. We stress our mission statement to all clients as a central ideal within the Towerpoint Wealth wealth management process and philosophy:
- Examples of our proactive communication to clients:
- We continue to focus on the positive, regarding our daily LinkedIn, Facebook, and Instagram posts and communication with clients and prospects. Take a look!
- We have been utilizing this report we published aggressively with prospects, and have initiated a LinkedIn re-targeting campaign using it, and also a Facebook campaign: Lemonade out of Lemons: 14 STRATEGIC IDEAS TO CONSIDER DURING THE CORONAVIRUS CRISIS
- Here is the Coronavirus Crisis landing page we developed, that we are working to drive traffic to.
- Re: Specifics on what exactly we are telling clients – please click on the “It Hurts and It’s Temporary” special video message that we posted to our YouTube channel and sent out to our entire distribution list of 1,900 contacts.
- The video has 674 views, and again, has been extremely well-received. We scripted, filmed, and produced this in 48 hours — something we NEVER could have done at any Wall Street wirehouse firm.