If your clients each receive $1,000, what would you suggest they do with it? Here’s how some advisors are thinking about ‘Yang payments.’
That’s the subheading of the Wealth Management article. An excerpt:
Indeed, the possibility of Yang payments presents an opportunity for financial advisors to “show value that does not involve dollar signs,” said Vance Barse, wealth strategist and founder of Your Dedicated Fiduciary, in San Diego. “There’s our industry and then there’s the public,” he explained. “For the overwhelming majority of American families, this is meaningful because people are in financial triage right now.”
Meanwhile, many of the high-net-worth or mass-affluent individuals who receive the check might be making a decision of whether to donate an appreciated asset, dollar for dollar, to a nonprofit, while parking the government check in the bank. Advisors have the opportunity to rise to the crisis, by providing financial education, planning and budgeting expertise on a charitable basis to those who might be suffering most, he said.
See What To Do With $1,000? Advisors Debate Government Stimulus Checks in Wealth Management.