Back in April, while the NRG team was working from home, I put together a video (My Thoughts on COVID-19) explaining the possible forms our financial recovery might take. Along with the financial recovery, I talked about the positive changes that may come out of this crisis, changes in technology, innovation, and discretionary spending. Over the past few months, I have come across stories of these very changes brought about by our response to COVID-19.
Changes in technology
Monica, one of our stakeholders, shared with the team how every Monday during her lunch hour she logs in to Zoom for a family gathering that includes her parents, brothers and sister, her aunts and uncles and cousins. A get-together that would typically only happen every few years has become a weekly event. Definitely a positive change. I have heard stories such as this from so many people: birthday celebrations, happy hour get-togethers, and game nights all shared through a virtual connection.
Changes in innovation
Innovation is taking place in our healthcare system. I’ve heard many stories such as telehealth visits not only becoming more widely available, but how some insurance companies are starting to reimburse these visits at rates comparable to in-office visits. The increased use of mail-in and drive-up pharmacies as well as immunization clinics is helping to limit the need for in-person or in-hospital visits. And some of these changes will take root, possibly helping to change for the better the way medical care is delivered forever. There have been innovations in equipment production, in hospital scheduling, helping to limit patient and healthcare worker exposure, not to mention the scientific work being done to help increase the speed in which a vaccine will be delivered.
Changes in discretionary spending
Instead of flying to far-off tropical or foreign destinations, many have taken to the road to discover or rediscover the contiguous United States. It’s easy to forget how vast and beautiful this country is while flying over it, only to board another plane or ship. There is so much to discover right here in our own backyard, and the surge in RV sales is proof that many of us are taking advantage of this new perspective.
Even in the midst of crisis, a silver lining has emerged!
Changes here at NRG
All of this got me thinking about the changes we’ve had to make here at NRG and if those changes have affected the value we offer our clients and prospective clients. Is there a silver lining for us too?
Thankfully, we have been able to accommodate any changes that have come our way. For NRG, this pandemic has changed the way we communicate with all of you. For those of you who prefer to limit your exposure to the public, we have begun offering virtual review appointments.
Seminars such as our Half-Time Report and workshops like the SECURE Act we hosted back in February were fun ways we could deliver a message while enjoying personal interaction. Currently, we are working on hosting a virtual event, one that will not only deliver valuable information, but will unite us as a community and allow guests who may not have been able to attend in the past to participate.
Tell us your thoughts
What positive changes have you made in your lives? We’d love to hear them. Email us at email@example.com and tell us your stories.
Navigation Retirement Group is a registered investment adviser. Navigation Retirement Group and its representatives may only conduct business with residents of the states and jurisdictions in which they are properly registered. Therefore, a response to a request for information may be delayed until appropriate registration is obtained or exemption from registration is determined. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities product, service, or investment strategy. Investments involve risk and unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial advisor, tax professional, or attorney before implementing any strategy or recommendation discussed herein.
Jack Davis is the founder and CEO of Navigation Retirement Group, an independent wealth management firm serving high achieving retirees and pre-retirees with investable assets between one and ten million dollars. For nearly three decades, he has been using his asset management and financial planning skills to develop and implement planning strategies that help pursue his clients’ unique goals. Passionate about education, he holds a Masters in Personal Finance and the CERTIFIED FINANCIAL PLANNER™ credential. He is also the author of Cash Out! Retire on Your Terms, Live Well and Die Happy, a book that gives pre-retirees and retirees planning tools and insights that can help them flourish throughout retirement. Based in Oro Valley, he and his team serve clients throughout the greater Tucson area and around the country. Learn more by connecting with Jack on LinkedIn or visiting www.navigationretirement.com.