Skyrocketing inflation and fear of a possible recession create both challenges and opportunities for financial advisors. By properly personalizing their recommendations to each client situation, advisors can better help them stay on track to meet long-term financial goals.

"In an era where social obligations and interactions often require spending money, financial advisors should not be surprised when their clients say they cannot reduce some kinds of nonessential spending," said Randy Scritchfield, CFP, LUTCF, immediate past president of Million Dollar Roundtable (MDRT). "Rather than attempting a one-size-fits-all solution, advisors must meet clients where they are and find the best fit for their holistic well-being.""

Only 26% of Americans said their personal financial situation has improved in the past year, and 76% are concerned about a recession occurring in the year ahead, MDRT found in a survey. As consumers brace for a possible financial downturn, advisors must provide realistic, actionable advice specific to each client's financial objectives, abilities and limitations.