How a 70s Jingle is Important Today

May 01, 2020

Allworth CEO Scott Hanson hopes you take a few moments during this pandemic to reach out to those who might need a pick-me-up.

A sibling, a neighbor who moved away, a college roommate.

It was in the late 1970s that AT&T’s “Reach Out and Touch Someone” ad campaign hit the airwaves.

If you’re over 50, you remember it.

“Reach out, reach out and touch someone. Reach out, call up and just say hi.”

A little jingle that got stuck inside our heads, became part of our popular culture, and which brought a lot of people back together.

With its simple reminder of the importance of staying connected, I’ve long thought that it also probably saved some lives.

I’m on the phone quite a bit right now. And so, for all of you reading this, for yourself and your families and friends, and especially for anyone having a hard time adapting to the isolation of shelter in place—which many of us are—I’m going to encourage you to check in on someone.

A high school coach, a college professor, your first boss.

When something as life-altering as the last few months descends, there are going to be unforeseen repercussions.

Certainly, early in the pandemic, you likely heard the warnings that the coming isolation would be difficult, but in the blurry chaos of March, that probably seemed far away.

Six weeks ago, we were all worried about our families getting sick, losing our jobs—which millions now have—and the virus’s impact on the economy.

Those concerns are still with us.

But way back in March? I’m sure we all hoped the worst predictions would be wrong and that any quarantine would be short.

We all hoped for a breakthrough that would take us back to our lives and routines just as suddenly as they’d been taken away.

But that hasn’t happened. And, now, entering our second month, for many, isolation has become a problem.

A friend you met at camp, a retired coworker, anyone you know who’s alone.

Our client demographic is mainly comprised of people over 50, and some are well into their ninth decade.

Some of you are alone, and some aren’t.

But make no mistake, no matter what your age, you can be quarantined, even with family, and so while technically not alone, still be deeply impacted by the feelings of stress and isolation.

Simply, the hardship of this full interruption to our lives is cross-generational and is affecting the young and old alike.

Simple acts go a long way.

The downside of isolation during retirement is something I’ve written about many times over the years. In concert with a study we commissioned some years back (through U.C. Davis) on lifestyle during retirement, it’s widely understood that isolation increases depression, anxiety, and the likelihood of substance abuse.

Retired, or not, you may be experiencing these yourself. And, if you aren’t, you probably know someone who is.

Your best friend’s mother, the crossing guard at your child’s school, the person who officiated your wedding.

In the last few weeks I’ve been buoyed by several calls (and emails) from people I haven’t heard from in years or even decades. And I’ve quickly realized how these calls are symbiotic in their power to uplift.

They want familiar - and so do I.

Reaching out will help you cope with that isolation.

You might’ve heard the phrase: “Help others, help yourself.”

COVID-19 is unique both economically and in terms of its restrictions on our movements and interactions.

And that is not in any way positive.

But months in, while there might still be more questions than answers, the one thing that is beyond debate is that volunteering your time to connect with people is good for you.

And even a coronavirus can’t change that.

Case in point, in late 2009, after the markets had bottomed out and the turbulence seemed to be leveling off, Stony Brook University surveyed almost 5,000 people, and not only did they find that the amount of volunteerism had skyrocketed over the previous year, but that the benefits of helping others were both dramatic and inspirationally long lasting.¹

People were engaging in volunteer work as an antidote to the things over which they had little or no control.

Among other things, the Stony Brook study found that:

96% of volunteers reported that it made them feel happier
70% said it made them feel physically better
92% said it enriched their lives
89% said that it improved their sense of well being
73% said it reduced stress
77% said it improved their emotional health
And 89% said it had helped them deal with the financial losses they incurred during the crisis

Any way you look at it, those are fantastic numbers.

I realize that, if you’re feeling overwhelmed right now, this may seem like a burden. But it’s been my experience that the burden can be lessened (or even reversed).

Anecdotally, in support of this thesis of beneficial giving and receiving, every call I’ve made or answered (to someone who I perhaps had lost touch with or wouldn’t ordinarily contact) has resulted in me laughing and feeling better.

Every single one.

From Bioethicist Stephen Post: “When people feel vulnerable, they can take their mind off the self and the problems of the self, and just experience the simple gratification of contributing to the life of another human being.”

There is a lot of joy to be found in the simple pleasure of connecting, and so I hope this message resonates with you.

Lastly, we’re still of course broadcasting both our radio shows: our daily show, Simply Money, and our weekly call-in show, Money Matters. So, if you just need some company?

You can certainly still join us. We’re still on-air.

In fact, you can anonymously ask us a financial question, talk about your experience during the pandemic, or, frankly, about almost anything you’d like.

But, first, a little warning: I’ve been quarantined for the past two months with my four terrific children, who would, frankly, rather not be stuck at home.

And, as for me? I miss work and the stimulation of the office.

So, if you do call? (And I certainly encourage you to.)

Perhaps be prepared to talk for a while.

1 https://greatergood.berkeley.edu/article/item/helping_others_can_help_you_cope_with_lockdown

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² Retention Rate Source: Allworth Internal Data, FY 2022

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⁶ 2021 Value of an Advisor Study / Russel Investments

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⁹NBRI Best in Class Ethics 2023. The Best in Class level is bestowed upon clients performing at or above 90 percentile of the NBRI ClearPath Benchmarking Database.

^✢ Scott Hanson, Investment Advisor 2005, 25 most influential people in the financial services industry. The ranking reflects 25 people who Investment Advisor magazine believes have had or will have the greatest influence on the financial services industry.

^✼Pat McClain, InvestmentNews 2014, Invest in Others Community Service Award, presented to an advisor who has made an outstanding impact on a community through managerial contributions to a non-profit organization.

^†Financial Times, FT 300 Top Registered Investment Advisers, June 2019. The ranking reflects six areas of consideration including the company's years in existence, industry certifications of key employees, AUM, asset growth, SEC compliance record and online accessibility and calculates a numeric score for each company.

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