Accessing super early, technology versus human connection and family time are just some of the topics that were touched on when Chris Ridd sat down with James Solomons, Global CFO of Xref & Director of businessDEPOT. Episode four of myprosperity @ home tells the story of how James is coping managing his advice business remotely from home amid the conditions of corona.
The market shock of COVID-19 has given Australian’s whiplash as we grapple with normalising notions such as job insecurity and long-term economic uncertainty. At this time people are under a lot of emotional stress which is something James feels throughout his client base. An important mission James has been on lately has been to restore calm and a sense of security to his clients who are feeling the pressures of the current climate. The approach he’s taking now with his clients is a safe one, making more conservative investment decisions whilst also communicating the importance of having measures to fall back on, such as reserves.
When asked about the move to allow people to access some of their super early to give financial relief, James asserts that “Everyone wants a buffer in the bank. That early access to super could potentially be that buffer that they can get out, and let it sit there.”. He explains that the transition into this new reality has been too stark for many Australians as they weren’t prepared, and that measures like this will help provide that crucial relief to people suffering.
The transition to working remotely for James and his staff was one of ease as the company for some time had been utilising digital workflows such as document signing and telecommunication platforms like Zoom and Slack for meetings. They’re fluency in anything digital made business continuity simple, but one key factor that James feels the business cant replicate as they make the move home – human connection.
To reconcile this concern James makes sure that he and his staff regularly meet on Zoom throughout the day to keep that crucial face-to-face time in as much as they can. During this time it’s important for accountants and financial planners to take a break and restore energy levels, believes James, as the task at hand of helping the many suffering Australian’s will be emotionally taxing. With this in mind, James runs his business with the understanding that demonstrating self care to yourself just as you would to your clients, is just as important.
You can watch the episode in full below.