The COVID-19 pandemic created numerous challenges for plan advisors. In the cover story of the Summer issue of NAPA Net the Magazine, Nevin Adams examines how some of NAPA’s Top DC Advisor Teams dealt with those challenges, where things stand today—and what lies ahead.
In mid-March 2020, President Trump declared a national emergency, and much of the retirement industry packed up and headed home, few expected to be working from there for more than a couple of weeks, a month at most.
Boy, were we wrong. Indeed, even in hindsight the speed and efficiency with which the industry “pivoted” overnight was remarkable by any measure. That we’d do so while still assimilating the impact of the Setting Every Community Up For Retirement Enhancement (SECURE) Act—and then mere weeks later have to ramp up to respond to a wide-ranging series of COVID relief measures found in the Coronavirus Aid, Relief and Economic Security (CARES) Act—well, it seems fair to say that nobody saw that (all) coming.
Complicating matters was the divergent timing and impact of the pandemic—not to mention the uncertainty regarding the conditions underlying spread of the virus, identification of groups most vulnerable to its ravages—oh, and the diversity of local, state and federal response(s) which produced a crazy patchwork quilt of issues for advisory firms—and their clients—to deal with.
Here’s how some of NAPA’s Top DC Advisor Teams dealt with those issues, where things stand today—and what lies ahead.
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