[I wrote this article for the ClientWise eXchange, a forum for financial advisers. I thought the basic concept might be useful to everyone who owns a business.]
Advisers are in a pickle. Revenues may be down 20% (or 40%, or 50%) this year. The knee-jerk reaction to a reduction in revenue, in any small business, is typically to lay off staff and get remaining people to do more. Many advisors will indeed need to reduce staff in the wake of Covid-19. (Continue reading here....)