Over the past few months, the stock market has swooned and soared, with the S&;P currently about 5% below its February highs. When we look ahead, we wonder if the worst is behind us or yet to come.

It has been said, “Never let a crisis go to waste.” With that in mind, here are four wealth management opportunities during COVID-19.

1. Update Your Financial Projections

Some people are pondering their future because of the turmoil of the last few months. People are considering all types of changes ranging from new career and business options, changing their target retirement date, living a different lifestyle, moving to a new home, or traveling differently. These changes will impact your ability to spend money in the years ahead. Some will leave you with more disposable income; some will leave you with less.

As you consider these changes, consult with your financial advisor. Your advisor can model the financial impact of whatever change you are considering, giving you a sense of the financial implications of your choices. While not an exact science, financial modeling can help you move ahead with hope and confidence.

2. Reassess Your Investment Risk Tolerance

The markets plunged in March as the economy shut down in an effort to minimize the impact of COVID-19. Although we held on, it was not easy. For some of us, it was terrifying. Fortunately, the markets have largely recovered. This emotional roller coaster ride gives us a wonderful opportunity to assess how much volatility we can stomach.

The S&P 500 dropped 34% from peak to trough. Were you close to capitulating and moving your money to cash, or were you relatively calm? If you were close to throwing in the towel, you might want to consider working with your advisor to move to a portfolio with a larger allocation to cash and bonds and a smaller allocation to stocks. Consider how much investment risk you can handle to meet your short- and long-term financial goals. Maybe the more conservative portfolio will meet all your needs.

3. Protect Yourself and Your Family

Tomorrow is promised to nobody. If we have learned anything from the coronavirus, it’s that our health can change in a moment. So many families are facing financial devastation due to the illness or death of a loved one. It would be terrible to get the virus and become incapacitated or die. Perhaps even worse, you could leave your family unprotected. Are you properly insured? Do you have enough life and disability insurance? The cost of long-term care is skyrocketing. Can you cover that cost with assets or insurance? Risk management specialists like those at Wealth Enhancement Group can work with you to protect your loved ones–just in case.

4. Enhance Your Charitable Giving

This is a fabulous time for charitable donations and the need for donations is growing. Since the pandemic began, reports show an additional two million households claim they sometimes or often don’t have enough to eat–20% of Black households with kids reported food scarcity. An increasing number of Americans are worried about paying their rent. Globally, the need is even more severe. Reports estimate that COVID-19 and its aftermath could push an additional 71 million people into extreme poverty.

Family discussions around charity and those in need is a great way to engage children, particularly teenage and adult children, in a value-based discussion. Families can also go beyond giving money; often, there is a chance for the family to work together for a common cause. When families work together, both the gift and the discussion become more robust and meaningful. Charitable giving can also enhance our sense of financial security: When we give to others, we send ourselves a signal that we have enough and we can take care of ourselves. When we focus on the needs of others, our own abundance becomes clear.

If you decide to give, give smartly. Instead of writing a check, consider donating appreciated securities with long-term gains. Consider bunching your deductions in one year to take full advantage of your itemized deductions. For those over age 72, you might want to consider making a Qualified Charitable Distribution (QCD) from your IRA. Working with your personal tax advisor can help you figure out the best way to fund your charitable donations.

As the opportunities above illustrate, a crisis like the coronavirus pandemic provides some wealth management opportunities. However, these opportunities can also be complicated and unique to the your individual situation. The specialists at Wealth Enhancement Group can help you navigate the challenges and opportunities that arise during a crisis as well as offer comprehensive planning during smoother times.

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.