Diary of a CFP®: Overcoming Watershed Events: CFP Professionals Help Consumers Navigate Troubling Times

By Marguerita Cheng, CFP® Board of Directors

September 2020, CFP.net — The dotcom bubble. 9/11. The Great Recession. What do these watershed events have in common? They all generated economic uncertainty and instability in the financial markets.

And now the COVID-19 pandemic — a public health crisis which has resulted in a severely contracted economy and volatile markets — has consumers on their heels. Too often, events like COVID-19 can cause savers to take rash action as they see their account balances dwindle or are just generally fearful of the unknown.

These moments of national crisis have shaped the careers of longtime CFP® professionals, who are uniquely equipped to bring clarity and peace of mind to clients worried about losing it all. Here’s what CFP Board’s Ambassadors had to say about how their experiences during past crises prepared them for COVID-19.

You’re going to be ok — and here’s why: Marguerita Cheng, CFP®, CEO of Blue Ocean Global Wealth explains that the process of evidenced-based reassurance is really important. “It’s not enough to just tell a client they’re going to be fine because it can sometimes create a sense of toxic positivity. We need to be saying you’re going to be OK and here’s why.