COVER STORY
For advisors , it ’ s necessary to get down to the business of guiding clients through insurance claims and , ultimately , reviewing their financial plans .”
— Robby Thigpen , Cyndeo Wealth Partners , St . Petersburg , Fla .
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Zmistowski says clients who have suffered damage should “ take pictures ASAP , for proof .” Then they should call their insurance company and request an adjuster to process their claims . “ Do not sign anything from the insurance company until you receive the entire document . Especially do not sign an electronic submission that the adjuster may offer you .”
In emergencies like this , people tend to panic , he says . They should act quickly , but they shouldn ’ t do anything rash . For example , one of Zmistowski ’ s clients became a widow just weeks before Hurricane Helene hit . She was impatient to sell her home , but he advised her to wait .“ When Helene came , her daughter ’ s home was wiped out , so the family came to live with my client . She ’ s so glad she didn ’ t make the mistake of moving too quickly .”
The Emotional Fallout
At the same time , advisors say , you shouldn ’ t ignore the emotional impact of the tragedy . “ There is a time and place for advice ,” says Curtis Parry Jr ., the Tampa , Fla . -based CEO of Unique Wealth . “ The best initial response seems to be extending empathy , offering prayers and providing a listening ear .”
Only when clients are ready and “ in the right state of mind ,” he says , will he delve into reviewing their financial plan to “ determine how the storm damages impacted their long-term financial success .”
For inspiration to help fight off the blues , he says he simply looks around at his neighbors . “ The most amazing phenomenon I have experienced as a result of these hundred-year storms is how Floridians have come together in support of one another ,” he says . “ Neighbors bend over backwards on behalf of each other . You constantly hear the whine of chain saws with neighbors cutting downed trees . [ Some people ] have even opened their homes for displaced families , or they are willing to let others charge their electric vehicles in garages , as some neighborhoods have electricity while others don ’ t .”
His heart goes out to all those who were severely impacted by the storms , and he ’ s constantly asking himself what more he can do for his community . Homes can be rebuilt , he says , and material possessions can be bought . Those who are safe and healthy feel “ blessed ,” he says . “ There ’ s a renewed appreciation for family , safety , and health .”
Indeed , advisors who are based in the region may be uniquely qualified to assist affected clients . Robby Thigpen at Cyndeo Wealth Partners in St . Petersburg , for instance , says he draws on his personal experience of coping with his own home ’ s storm damage to relate to clients ’ pain . “ While the situation can feel overwhelming , it is crucial to adapt to the ‘ new normal ’ and appreciate the blessings we still possess ,” says Thigpen , a Florida native . “ As a parent to two young children , setting a positive example for them in times of adversity is important to me .”
He says that he , too , has witnessed a lot of the support neighbors are offering one another . That ’ s an aspect of the Florida story that the media have largely missed , he says , when it tends to “ overly focus on the destructive imagery following natural disasters .”
“ In my experience , the outpouring of support and assistance from friends and neighbors in the aftermath of the storms has been remarkable , yet this positive aspect often goes underreported . Within just a day of the storm , I had friends graciously offering their help and tools , showcasing the resilience and unity within our community ,” he says .
For advisors , however , it ’ s also necessary to get down to the business of guiding clients through insurance claims and , ultimately , reviewing their financial plans to incorporate any changes required by the devastation , including expenses not covered by insurance , Thigpen says .
“ I firmly believe that the dream of retirement in the Sunshine State is still very much alive ,” he says . “ With careful financial planning and thorough preparation , I am confident that Florida remains an excellent choice for those seeking a fulfilling retirement .”
38 | FINANCIAL ADVISOR MAGAZINE | DECEMBER 2024 WWW . FA-MAG . COM