by John Markham
We have all been forced to live a different way for the past month or so. This has given us all time to reflect on what is important, and what isn’t. It leaves many questions on what the new normal might look like going forward.
I wanted to share my thoughts on a few key themes – tech to the rescue, fire drills, being more like a kid and self-permission.
My business is small, and I am very much used to working remotely. I have purposely always set things up like this.
My meetings are conducted without paper, every system and piece of information is cloud based – everything can be accessed from anywhere, anytime. I’m not saying this to pat myself on the back (and I certainly didn’t do it in preparation for a global pandemic), but rather out of surprise that this is unique from many businesses. Seeing some giant financial businesses struggling to answer phones, resist accepting electronically scanned/signed paperwork and furloughing staff as they can’t be in ‘the office’ is truly mind-boggling to me.
The book Remote by the Basecamp team is worth a read on this subject if you experience some difficulties in this area. There is so much great tech available, there really is no excuse not to use it.
Practicing fire drills when the building is burning to the ground is probably too late.
In 2008, when I was advising clients I saw how they reacted when markets fell. I witnessed the panic, fear, blame, upset. It was different for me at the time as I was an employee of a national bank. The relationships I had with clients were not individualized.
Now I know my client's stories, their families, homes, plans. It’s personal.
I have often wondered whether I was doing enough to educate clients so that when these sharp declines come, they're perfectly versed in what to do and how to react. These ‘fire drills’ hadn’t been tested in reality for a decade.
Thankfully, and unsurprisingly, it would appear clients are smarter than me. Not one client has panicked to the point of selling out. Of course, some were worried and anxious, but feeling fear is different than acting upon it. To help those struggling, I offered clients a subscription to the meditation app Headspace.
Clients told me things like I’m not looking at things really, I can’t do anything about it, it was always a long-term plan and it’s actually not as bad as I thought it would be. One client that I spoke to recently said this is testament to the work and education you put in at the first place. Yeah, that made me feel warm and fuzzy.
Using historical data showing worst years for clients' portfolios, building in some sharp declines/stress testing their cashflow plans have all played their part in preparation for the choppy waters.
I have 2 young children who I'm now, along with so many other parents, home schooling. Balancing this with my job has been challenging, but I've mainly enjoyed it.
My children have surprised me and made me proud with just how adaptable they are. They understand social distancing rules, attend online ballet classes and the sing Happy Birthday as they wash their hands. They just get on with it, every day.
Why are children so seemingly adaptable? Maybe it is because they live in the present. Maybe it’s because they have fewer expectations about how things should be. Maybe it’s because they don’t spend time worrying about things that are out of their control and will probably not happen.
Regardless, I’m going to try to be more like a kid moving forwards.
I would normally have a sense of guilt if I were not working or being productive during traditional office hours. Pre-pandemic this self-discipline has served me well, but when everyone is forced to work from home I feel less obliged. I would never have dreamt of going for a long walk or cycle ride on a weekday in the afternoon, but somehow, I feel like I have permission now. And it feels great.
At the same time, this has still been very productive time. Not only do I spend more time outdoors and exercise, I learn in the form of audio books and podcasts.
That internal pressure that I need to be at my desk, in order to be productive, is entirely in my own head. A story I had told myself.
From now on, I am granting myself permission to take some more time to be outdoors, exercise and learn.
I believe I can carry these improvements with me once the pandemic is over. Let's all try to keep our good habits up rather than slip back to old defaults.
John Markham is a Certified Financial Planner, Chartered Wealth Manager and Managing Director of Future Financial Planning.
