The COVID-19 pandemic has led to a persistent flood of information. Amidst the overload of information, everyone is trying to deal with the new way of working, or the “new normal”, as it is often referred to. To add to the unfamiliar situation, the President extended the lockdown period with an extra 14 days, which brings with it even more uncharted terrains to cross.
In a recent media release Mthobisi Mthimkhulu, Direct and Private Clients manager at Allan Gray, notes: “The US Center for Anxiety Disorders describes ‘trauma’ as a psychological, emotional response to an event or an experience that is deeply distressing or disturbing. If what we are going through is akin to a trauma, perhaps we can draw on the various psychological resources available for coping techniques.”
Trauma counsellors and psychologists use different protocols and methodologies to counsel and guide their patients. “As individuals trying to make sense of what’s currently going on, we can take some guidance from them.”
Mthimkhulu further shares a collection of tools and strategies that may help you and those close to you to get through this challenging time.
In addition, it also gives individuals a framework for thinking about their finances. These tools and strategies could also be very beneficial to you as financial adviser.
1. Connect
As we endure lockdown, filled with anxiety as a result of the trauma we are going through, it is critical to maximise technology to connect with others. We also need to connect to our clients and they need to connect to us. Navigate your client through these uncertain market conditions and be their voice of reason, helping them to make the right decisions for their circumstances.
2. Find and use “Tools for Hope”
In the absence of being able to go out, it is possible to do online exercise and relaxation classes. By taking control of your body you will be able to better control your ability to make rational decisions.
3. Stay informed
It is very important to stay informed – but it’s also easy to become completely obsessive about checking the news all the time. From a market and economy point of view you, as a financial adviser can assist your client to sift through the noise.
4. Try to get used to uncertainty
As individuals we seem to find waiting, or not knowing, much worse than even unpleasant certainty. Psychologists encourage us to engage with the uncertainty we are feeling and try and get used to it. They caution that intolerance of uncertainty makes us more vulnerable to anxiety. But to avoid uncertainty becoming overwhelming, they encourage us to focus on things we can control.
5. Focus on the things you can control
Rather than bumbling along helplessly, people should make a list of all the disruptions and problems they are facing personally, along with possible solutions. This is where the role of the adviser is important. Before your client makes any rash decisions, talk them through it.
6. Help others
According to scientific research on the neuroscience of kindness, acts of kindness release both endorphins and oxytocin – the “happy chemicals”. Times are going to be tough. There are so many people out there who will need support. Start with those close to you who may need more regular phone calls; or offer to drop off some groceries for your elderly neighbour. Give time and/or money if you can afford to, and remember that even the smallest gesture can make a big difference.
The collection of tools that Mthobisi Mthimkhulu shares should also assist you to work through these uncertain times.
