Facilitating Virtual Client Meetings for Money Conversations: A Multidisciplinary Perspective

October 1, 2021 l 1 PM ET

Speakers: Kristy L. Archuleta, Ph.D., LMFT, CFT-I™; Sarah D. Asebedo, Ph.D., CFP®; Blake T. Gray, CFP®; Megan McCoy, Ph.D., LMFT, CFT-I™; Jaclyn Cravens Pickens, Ph.D., LMFT; and Gerald “Jerry” Sheridan

FINANCIAL PLANNERS ARE accustomed to communicating with clients virtually and in multiple formats (phone, video conference, email) given increased client mobility and preferences (Sheils, Tucker, Fox, and Dunkerley 2013). However, the COVID-19 pandemic has significantly accelerated the virtual meeting modality to the extent that it is now a necessity.

The unique environmental circumstances and increased stress caused by COVID-19 have impacted clients and financial planners (Bareket-Bojmel, Shahar, and Margalit 2020; Osterland 2020). Client communication and relationship development in a virtual setting presents unique challenges. For example, a virtual setting can affect how a family communicates and can potentially exacerbate or alter power imbalances amongst family members (Arellano 2020; Grady et al. 2011). Money conversations in any format are challenging as they have the potential for an array of emotions, psychological responses, and relational processes such as stress, anxiety, and conflict (Engelberg and Sjoberg 2006). With these considerations in mind, the need for effective client communication in a virtual format should be at the forefront of financial planning research and practice.