Helping clients emerge from the pandemic.

• Author: Sarenski, Theodore J.

The coronavirus pandemic has turned lives upside down. School, work, medical care, travel, birthday celebrations--everything has changed, including people's financial circumstances. Many Americans have seen their incomes drop and, at certain points, their investment account balances plummet.

These dramatic changes are reflected in household budgets and financial plans. Many younger families have delayed the purchase of a home or reduced saving for their child's college education because of the income interruption. For those close to retirement, the pandemic may have pushed back their timeline, keeping them at work for a few extra years. Finally, for those already in retirement, the economic impact of COVID-19 may have required a change in spending habits.

The good news is that CPA financial planners have an opportunity to step up and deliver client value on a different scale. Here are nine conversations to consider having with clients as the nation begins to emerge from the pandemic.

Encourage clients to revisit their goals

Remember how, in the pre-COVID days of travel, the helpful airline staff would remind you to open the overhead compartments slowly in case luggage had shifted during the flight? Your clients' financial fives have experienced similar turbulence, and some of the details may have to be reconsidered and rearranged.

Those clients who have previously been through a planning conversation will likely be grateful for an update. After all, whether the news is good or bad, there is psychological benefit to knowing where you stand.

For the clients who are new to financial planning, it may be helpful to begin by asking specific questions. Can they still retire on schedule--or has the pandemic set them back? If there is a setback, how significant is it? Do they still want to retire in place, or has a mandatory stay-at-home order pointed out that perhaps a different location may serve them better? What are their children's college plans now, and what resources are available to help cover the expenses?

Review savings (especially emergency savings)

The pandemic has demonstrated that a financial safety net is not a luxury. It is a real necessity. Moreover, the traditional advice to maintain three to six months' worth of household expenses in an emergency savings account may have fallen short. Some families have been facing unemployment and income cuts for more than six months, and there is no telling how much longer they must tread water.

For clients who have been fortunate enough to maintain a steady income, this is a good time to revisit the savings plan. One side effect of the pandemic has been a forced decrease in certain types of spending. Shifting those "extra" funds into savings...