How to advise Clients with a Covid-19 Cash Crisis – Sponsored by Jeffrey Gregory

July 21, 2020 – 7:30 p.m.

As financial professionals, we are quietly proud of our upstanding credit ratings. We are accustomed to paying our bills on time, having Zero balance credit cards, and low interest rate mortgages or no mortgage at all.

But do you know what to say to a friend, family member, client or business owner who has some financial challenges?

Already, many of us are speaking as if the Covid-19 crisis is over. We are thinking about summer off-time. With my clients, I am discussing financing with real estate clients who would like to take advantage of all of the great real estate buys and historical, low interest rates that are available.

But for some company owners, managers, and individuals, this summer will be the biggest financial crisis of their lives. For them, the trouble is just starting. They have gone through their financial reserves, used up their credit, and government program funds. They have kept a brave face, but now what? They will be looking at us as financial experts. How will we answer their hard questions?

If we have never experienced financial troubles in life or business, we may not have the survival mindset that can help them. We may be moralistic about paying bills, keeping promises, and going down with the ship. What do we say to someone who is quickly or slowly running out of cash?

The very first step is to be the kind of friend, family member, service provider, or team member who that person in crisis can open up to and discuss their situation. How do we become that type of person?

And then when someone opens up to us about their financial crisis, do we know what to say? Do we know the ways in which they can borrow money to get through until next summer? Do we understand the government programs that are available to them? Do we know how to budget limited resources? Do we know how to say ‘no’ or to give hard, life-changing advice?

Our Speaker:
Jay Brennan: Jay has more than twenty-five years’ experience in real estate and business financing. Beginning with the Bank of Montreal, Jay went on to own and operate several companies, earn a string of degrees and certifications, and gain much experience with people and business. He is currently registered and works as a full time mortgage agent with DLC Estate Mortgages Inc. He is usually busy helping clients with their residential, commercial, and construction mortgages.

Here is the link for the zoom call.

Be Safe.

Sincerely yours,

Paul J. Calleri, Founder of and

CPA Toronto Accounting Group

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