As published in Barron’s, September 30, 2020
FEW ADVISORS COULD HAVE FORESEEN a year like 2020, with a highly deadly pandemic emptying workplaces from coast to coast, turning the markets upside down (and back again), and battering the economy. And that’s not to mention this year’s widespread social protests and intense political polarization.
But if 2020 has brought unique problems, it has also set the stage for proactive advisors to really grow, says Jud Mackrill, chief marketing officer at Carson Group, an RIA with $12 billion AUM based in Omaha, Neb. “I see a very clear opportunity for advisors to seize this moment,” he says. “This is a time for advisors to mature the marketing side of their business to really tackle the challenge of growth in this season of uncertainty.”
One advisor who’s answered the call is Michael Policar of Hightower Bellevue in Washington state. He recently uncovered an opportunity, created indirectly by the pandemic, to add a number of prospects to his pipeline in one fell swoop. Policar, who specializes in highly compensated employees and stock-plan compensation, got word that tech employees on H-1B visas were worried: If they lost their jobs because of the pandemic and couldn’t find positions with other sponsoring companies within 60 days, they’d likely have to leave the country. And that could imperil their investment holdings.