From the editorial leadership

It is virtually impossible to overstate the impact that the COVID-19 pandemic has had on our society. The human toll, most notably the profound loss of life along with the pain and suffering of those affected, is impossible to put into words. Added to that, the economic impact has been dramatic with an unprecedented loss of family businesses and shift of household income. Early in the pandemic, CFP Board surveyed over 1,000 CFP® professionals and found that “More than 36% of survey respondents say their primary advice to clients was ‘sit tight’ [and] wait to make any major financial decisions until volatility decreases.” Sixteen percent of the financial planners surveyed for the report indicated that they see their primary role when working with clients as guiding clients in rebalancing their asset holdings. Another 16% of financial planners reported that their primary advice to clients was to review and update short- and long-term goals. The COVID-19 pandemic has highlighted the need for researchers, practitioners, policy makers, and individual households to learn more about the financial management process during the most turbulent of times. Nearly 18% of CFP Board survey respondents stated that their main challenge, during the pandemic, has been to maintain contact with clients. Another 17% of financial planners responding to the survey noted that their principle challenge has been, and will likely continue to be, provided appropriate emotional support and comfort to clients. One thing is certain, in terms of what households perceive as true, the role of financial planning is changing, with many individuals seeking therapeutic guidance in addition to market data advice. While this evolution in financial planning needs has been occurring over the past decade, the COVID-19 pandemic has served to accelerate this shift in expectations. In response to the ongoing transformation facing financial planning as a profession, Financial Planning Review issued a Call for Papers asking researchers to contribute cutting-edge research on the way COVID-19 and the pandemic has affected, and likely will continue to influence, the way individuals, families, and households come to grips with the effects of COVID-19 in a financial sense. As an editorial board, we felt that it was imperative to swiftly bring relevant research to the profession. The papers accepted as part of this issue underwent an expedited review so that we could publish these papers, not months or years after the event, but during the most profound moments of the pandemic. It is our sincere hope that this issue of Financial Planning Review will be of immediate use to researchers, educators, policy makers, and other financial planning stakeholders. The papers in this issue focus on a wide range of issues that relate to the discipline and practice of financial planning. The opening invited paper focuses on the impact of the pandemic on financial planning practice, exploring the perceptions of a group of planners regarding client interactions as well as changes to their daily practice that have been cased by the COVID-19 pandemic. The second paper in this special issue focuses on how the knowledge from previous market declines and volatility can fuel future investment decisions. This paper also outlines what we already have learned from this economic period that can serve advisors and their clients in the future. The third paper analyzes how individuals spent their CARES Act Economic Impact Payments. From a sample of 1,172 Amazon MTurk users, the author identifies the behaviors of individuals, whether spending, saving, or investing, relative to their Economic Impact Payments. This research has several potential future implications, including the need for enhanced communication to the broader population regarding the current and future status of the economy to help individuals make better-informed decisions regarding these payments. The final paper focuses on the profiles of individuals who have been most affected financially during the pandemic. Using data from the Survey of Consumer Finances, the authors identify the profile of households that were most vulnerable to earnings losses based upon the type of job the worker in the family held, whether labeled “essential” or able to work remotely. The findings from this paper can help better inform future policy efforts during serious economic events. We believe this issue will have a direct impact on both research and practice, adding to the theoretical base of our body of knowledge as well as assisting practitioners and policy makers with new findings that can help them better serve the public. Regardless of our role within this ecosystem, we all have a shared interest in helping people and families achieve peace of mind and overall financial well-being. One of the many lessons that this pandemic has taught us is that research, whether related to medicine, psychology, or financial planning, is one of our most powerful tools in making individuals' lives better. It is our hope that our shared platform, Financial Planning Review, can continue to provide cutting-edge inquiry that will support this important work, both now and long into the future.