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Standing strong during turbulent times

Bio Image Murphy

Edmund F. Murphy III

President and CEO, Empower Retirement
Mar 14, 2020
Blog

It’s important to remember that we’re all in this for the long haul. Our nation’s innovation, zeal and perseverance always prevail.

We are living and working in unprecedented times. Details about the novel coronavirus from around the world are unfolding every hour. Global markets have been under heavy selling pressure — and the U.S. market is no exception.

Volatility seems to be the norm now, not the exception. We cannot predict how long this cycle will last, but history tells us that we will reach a bottom and that the markets will stabilize and begin to recover.

I started my career in the 1980s. Since then, I’ve seen market events that seemed frightening at the time. I worked through the October 1987 “Black Monday” meltdown. The September 11, 2001, terrorist attacks and ensuing market shut-down seemed like the world was changing forever. Then came the banking crisis and market collapse at the end of that decade.

If there’s any lesson from these events, it’s that cooler heads always prevail and, looking back, taking the long-term view is the best reassurance for optimism in the future.

I’ve encouraged the team at Empower to remember that we’re in this for the long haul — and so are the millions of Americans we serve. Our nation’s innovation, zeal and perseverance always prevail!

As these events continue to play out, our highest priority is the health and safety of everyone around us.

It truly has been impressive to see how our teams at Empower have come together to address client needs and concerns.

The teamwork across the organization over the past several days has been phenomenal. On Thursday, March 12, we had a 45% increase in calls over our normal volume. I know of teams that jumped in to help answer calls and reassure our customers. There have also been early-morning and late-night meetings — and around-the-clock attention to our systems, applications and platforms.

We have been prepared at every level and have received positive feedback for both our responsive and proactive efforts across our sales, service and advisory teams.  We have much to do.

I have thanked our team for living and believing in our values of “doing the right thing” and collaborating for the best solutions. Our commitment to our clients, especially during turbulent times, is essential.

We will come through these difficult times stronger than ever before.

This is who we are as a company and as a nation.

Godspeed.

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