2022 year in review — takeaways for advisors and clients

After two tumultuous years dealing with the fallout of COVID-19, life for many seemed to find its rhythm in 2022. While the pandemic no longer monopolized headlines, other major events were ready to take its place.

As we reflect on lessons from the past year, use what you’ve learned to help you navigate through 2023. To help, we’ve compiled some takeaways and our top articles from 2022.

Guiding clients through uncertain times

Arguably, the pandemic created the greatest disruption to society in generations. Now that the nation seems to have emerged on the other side, it’s dealing with its fallout. 

Soaring inflation, volatile markets, supply chain disruption, political upheaval, global unrest, labor shortages and a host of other issues lead to uncertainties among Americans in 2022, especially in regard to their retirement planning and readiness.


These unprecedented changes might also create a shift in clients’ risk tolerances. Is their retirement horizon the same? Should they consider pulling back from market participation and place their funds elsewhere, or just hold on to cash? Could political movements threaten their Social Security? These are questions that clients may be asking going into 2023. Being a voice of reason and stability during uncertainty became a necessary skill for many advisors.


Advisors need reassurances, too

For all the talk about investor concerns, it was a challenging year for advisors, too. Navigating volatile market conditions and providing practical, level-headed advice to frantic clients in 2022 may have exposed opportunities to improve their personal and professional skills.  


A continuous improvement mindset can help advisors feel more confident in their abilities and in the advice they give clients. Strengthening advisor skills became a priority for many, especially as clients came to them with questions about the latest “hot” investment trend. Advisors also sought personal development opportunities to improve their communication skills and better understand the underlying values and motivations of their clients. Staying up to date with the latest financial industry trends became a necessity in 2022. 


Seeking expanded investment opportunities

Another way some advisors demonstrated their value in 2022 was through expanding their product offerings beyond the traditional portfolio. As times change, so too may investor attitudes and their willingness to step outside the box. While some product trends might be considered risky and unconventional, others have stood the test of time and might be worthy of a second look. 


CUNA Mutual Group is proud to offer innovative and value-driven products that have been embraced across the country by many advisors and their clients. Barron’s once again recognized several of CUNA Mutual Group’s annuity products among their top 100 annuities across 12 categories in 2022, demonstrating their rightful place in an advisor’s toolbox. 


As we embark on another year of uncertainty, there’s still one thing that is certain: taxes. New IRS tax information is available for 2023, and we created a helpful quick-reference guide to address questions your clients may have. Access our Retirement and Financial Tax Summary 2023 resource to help guide you through the conversation. 


Moving into 2023, be sure to equip yourself with the tools and products you need to forge ahead confidently. One way to do that is to subscribe to our weekly blog articles and stay up to date on the latest news.

As always, contact your wholesaler to talk through any challenges you face. We’re here to help you now and in the years to come.

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