Combating January blues so you're there for your clients

As Elvis Presley once sang, “I’ll have a Blue Monday without you.”

OK, so those aren’t the exact words but Monday, January 15, marks Blue Monday, considered by some to be the most depressing day of the year.

The concept arose in 2005 when a UK-based travel company claimed it had carried out calculations based on weather and other conditions in the Northern Hemisphere and determined this Monday as the saddest.

While this is often dismissed as a marketing gimmick, it’s certainly January – and advisors are feeling it everywhere.

A HEALTHY BODY IS A HEALTHY MIND

Catherine Valega, founder of Green Bee Advisory, said she finds living in New England during the winter difficult, so she embraces the winter months being outside and staying active.

“I spend a lot of time Nordic skiing, and this year will do more Uphill skiing, ski up the mountain and ski down,” she wrote in an email. “During the work week, I go for a morning run. There are great benefits to seeing the sun rise. I try to stay as active as possible and drink a lot of water. And look forward to spring and summer!”

Colin Day also resorts to outdoor physical activities.

“I bought new shoes last week, they’re still on my kitchen table,” the financial advisor from Correct Capital Wealth says. “I know when I am ready, I'm going to put on those shoes and that's going to be the motivation. So I can break them in and I can get out.”

The No. 1 cure for the winter blues, Day says, is fully embracing the season and enjoying the outdoors, even if it's just going for a walk to grab a coffee from his office or getting up early and putting a few miles in walking his dog a few times a day.

Stephanie McCullough, founder and financial planner at Sofia Financial, said she doesn’t mind January. While the month and days can feel long and dreary, she’s more of a homebody and resorts to life’s simple pleasures like “curl up with some hot tea or matcha latte and a book,” she said.

McCullough and her husband made plans to get out this weekend, unintentionally lining up for Blue Monday, which she says can help take the mind off the negative thoughts or feelings.  “I think some of that planning ahead, things to look forward to, can help,” she added.

Jack Heintzelman, financial planner at Boston Wealth, is taking a golfing trip to San Diego to help him combat the winter. Other than taking trips or being outside, advisors who are lucky to have colleagues and can surround themselves either online or at the office, he says, can really be beneficial for one’s mental health.

“You need to be around others that are also going through similar challenges,” Heintzelman said. “Expressing those challenges or those issues you're having and being able to talk to it and just understand that other people are going through that, having a team really helps with that.”

Because so much of being an advisor involves talking to clients and helping them through financial advice, Heintzelman said advisors need to allow themselves time to reset and recharge so they can continue to be there for their clients.

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The wealth management industry wouldn’t be anywhere without the clients, either. McCullough says it’s important to do routine check-ups on them, ensuring they’re getting through the long nights and months too.

Billy Spencer, director and wealth planner at Crestwood Advisors, says he likes to ask clients what they are most looking forward to in 2024. 

“This focuses on positive things for the upcoming year and can create opportunities for more connection with clients,” he wrote in an email. “It can also spark financial planning conversations that may not have been on the agenda for the meeting but are priorities for the client.”

Despite the “doom and gloom news” January can bring, from a marketing perspective, Day said his firm will be encouraging clients to remember there are things to look forward to in 2024. “It's about refocusing the conversation back to the more positive things, reminding folks these are the things that are within our control, and these are the things that are completely outside of our control.”

Both Day and Heintzelman plan to engage with clients through in-person client events like dinner seminars or presentations.

“It's good to have an event and bring people together, but something that's more intimate that allows them to create more relationships,” Heintzelman said. “Ultimately, that's what a lot of people strive for. They want and need those relationships and that's what I would say in times like this is important.”