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“So, first of all, let me assert my firm belief that the only thing we have to fear is…fear itself — nameless, unreasoning, unjustified terror which paralyzes needed efforts to convert retreat into advance. In every dark hour of our national life a leadership of frankness and of vigor has met with that understanding and support of the people themselves which is essential to victory. And I am convinced that you will again give that support to leadership in these critical days.”
-First inaugural address of FDR |
We are in a time of unprecedented uncertainty. Two things we all hold dear—our health and our wealth—are simultaneously threatened.
As we close this week, it looks like we are at the “end of the beginning” with COVID-19. We have evidence that this is not a viral Armageddon; the COVID-19 pandemic is manageable.
Physicians are in the trenches ramping up to treat patients with COVID-19. Global healthcare leaders are coming together to gather information, and create action plans.
You, too, are in the trenches. You are a financial first-responder. However, your enemy is more elusive than a virus. You are combatting an epidemic of financial fear. There are no financial algorithms with specific recommendations that would mirror “avoid unnecessary travel” or “wash your hands regularly” or “avoid large crowds.” Yet, investors are facing real questions like “Should I buy or should I sell?”
More importantly, there is no centralized trusted voice of financial leadership.
That’s why you are so important right now. Your financial leadership has, can and will positively impact your clients and all those around them.
Think about the impact of FDR’s fireside chats. His clear, calm communication was responsible for a remarkable turnaround in the public’s confidence. Words from his inaugural address ring true today.
“So, first of all, let me assert my firm belief that the only thing we have to fear is…fear itself — nameless, unreasoning, unjustified terror which paralyzes needed efforts to convert retreat into advance. In every dark hour of our national life a leadership of frankness and of vigor has met with that understanding and support of the people themselves which is essential to victory. And I am convinced that you will again give that support to leadership in these critical days.”
As I wrap up the work week, I wanted to just recognize the important role that you play in the recovery from this crisis. THANK YOU!!!
Hopefully you will spend time this weekend in activities that bring you joy, and return to work on Monday feeling rested.
I predict you are in for an easier week!