Coronacrash Advisor Perspectives: Procyon Partners’ Phil Fiore & Tony Sirianni, Part 1

April 6, 2020

AdvisorHub’s Writer & CEO — Tony Sirianni — requested advisors from high companies their opinions on the twin administration of the Coronavirus and market meltdown crises. Learn how management is managing some of the distinctive challenges now we have confronted as a monetary neighborhood. 

Right here is how Phil Fiore, CEO & Govt Managing Director of Procyon Companions, LLC responded.

  1. So we’re in a brand new and difficult dynamic, the place not solely do our purchasers want us greater than ever, however now we have to vary the tried and true approach that now we have at all times interacted with them. How are you dealing with the problem of working remotely and managing purchasers? Is video conferencing efficient? How do you keep a way of normalcy personally and professionally? 

Working remotely for an prolonged time period is definitely a problem from each an expert and private perspective. At first, it’s very tough to “flip it off.” You will discover your self frequently working which isn’t essentially the healthiest factor to do. What I’ve carried out to assuage that concern is get myself right into a disciplined schedule; I rise up early daily and hit my dwelling gymnasium the place I’ll bang out 45 minutes of cardio work. I then bathe, seize one thing to eat and get to work. My spouse Jill has made it some extent to seize me and my two boys (each of that are doing faculty work all day — one is a sophomore in faculty the opposite an eighth grader) round 1:00 pm to get exterior and take a stroll across the block. That has confirmed to be a God ship as I wouldn’t go away my desk if my spouse didn’t insist. All of us come again from our stroll and get again to work the place we cease at 6-6:30 pm to fulfill within the gymnasium and get a household exercise in. From there, we’re all in our night routine which incorporates household dinner, films, and many others.

On the skilled aspect, video conferencing has been nice! We join with our workforce on a regular basis by video conferencing to ensure we’re establishing as greatest we will that connectivity which all of us want and wish. We additionally finish the week with a Friday digital ZOOM completely satisfied hour the place all of us seize our beverage of alternative and focus on the week and the rest the workforce desires to speak about.

From a shopper perspective, let me first say that purchasers have been GREAT! All of them perceive that we’re ALL coping with this “shelter in place” protocol so some issues might not be a easy or as fast as they’re accustomed to. Nonetheless we’re very conscious that communication is paramount and it’s our perception that you simply CANNOT over talk on this atmosphere. We’re paying particular consideration to not solely ship market or funding associated data, however we’re additionally offering perception as to the varied rescue packages popping out of the federal government and likewise numerous issues that may assist make their lives simpler as they cope with this isolation actuality themselves. We will even make it some extent to facetime a shopper on occasion moderately than simply make one other cellphone name. It supplies that connectivity that everybody is in search of as we’re one other 30 days at the very least of this shelter in place protocol so including a Facetime name is giving our purchasers the connectivity to us which we expect is essential.

  1. Individuals who have by no means carried out this job don’t actually perceive how a lot psychiatry we do daily — how shut now we have to get to our purchasers to get them to inform us about their hopes and goals and plans, nor do they understand how intently the bodily fears of coronavirus and the all too actual worry of monetary smash are so intently associated. How are your purchasers reacting to the twin risk of Covid-19 and the market crash? What are you telling them?

I believe when the market started its downward spiral and the data on the virus was then extra unknown then identified, purchasers have been very involved and rightfully in order have been the markets. I believe from a pure market perspective, our purchasers perceive that “markets” have a tendency to do that and if we collectively don’t react emotionally however moderately persist with our recreation plan, and perhaps even be opportunistic right here with new cash, and many others…we are going to come out of this efficiently. The virus response is a bit completely different because it’s one factor to consider it as soon as we get via this section which all of us imagine we are going to, hopefully ahead of later. What’s fascinating to consider and plan for is what is going to the “new regular” be in our society. Will we return to “precisely” the way in which it was or will issues be completely different? I believe the stress round that uncertainty has been very completely different than different crises that we’ve been via such because the monetary disaster or 9/11. I believe chatting with our purchasers and arising with numerous eventualities has been useful. At Procyon, we’ve give you three completely different eventualities that we’re speaking to our purchasers about; a base case, a greatest case and a worst case. Speaking via these numerous eventualities with purchasers and having discussions, if not outright plans round every, has confirmed to assist purchasers cope with that uncertainty in a really unsure time.

  1. What about your corporation? Are you simply “sustaining” or are you rising?  Is there a chance to construct your ebook as a result of different brokers are afraid to select up the cellphone proper now? How do you prospect with out conventional shopper interactions throughout a market local weather like this? 

That is an incredible time to develop our enterprise and it’ll once more separate these advisors and RIA’s which are actually including worth to shopper relationships from those who have been simply “driving a momentum wave” and right now are performing like a deer within the headlights because it pertains to taking motion and even choosing up the cellphone to talk to their purchasers. We inform our workforce DAILY – you CANNOT over talk throughout this time, so we’re actively chatting with our purchasers and COI’s, sharing our knowledge and our perception with them as usually as they’re all keen to pay attention. From one other perspective and being answerable for M&A for our agency, I’m discovering this as an opportune time to talk to these RIA’s that don’t fairly have the infrastructure in place to seamlessly deal with EVERYTHING that must be dealt with in occasions like this. What I’m discovering, is that these RIA’s that only a few brief months in the past thought that have been effective and didn’t essentially want our scale and infrastructure at the moment are reconsidering that place and interesting us in very strong conversations. I imagine this shall be an excellent alternative for our agency to tuck in some nice RIA’s and FA’s that realized their companies weren’t constructed to correctly deal with a disaster like this and would a lot moderately remove that stress of their lives by being part of a agency like ours that has the dimensions, sources and infrastructure to handle our purchasers and FA’s via this very making an attempt time.

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