I hope you are well. I hope your loved ones are well. And I hope your employees and clients are well.
Have you been proactively asking your clients how they are doing personally? Proactive communication has never been more important.
I recently spoke with an industry consultant who shared that many of her advisor clients proudly told her they had their clients ‘trained.’ She said the advisors told her that their clients know not to call when the markets sour because they know their advisor has it under control. When she told me this I gasped. If there ever was a correct time to be speaking personally to clients, it is right now!
While you may have successfully navigated many of your clients through the 2008 market decline, it doesn’t give you a free pass on communication today. Consider that those you helped through the financial crisis are now 11 years older. They are closer to retirement or may already be drawing down their retirement portfolios. They are in a different space. And unfortunately, as we age we tend to get more nervous. Your clients want to hear your voice in this time. They want to know you care about what they are dealing with personally and secondly, financially.
Your 30- or 40-something clients may not have had meaningful portfolios in 2008. They may have only experienced investing in a bull market and don’t have a frame of reference for this volatility and downturn. If they had been investing for a first home or college tuition, they may feel their plans have been upended and could be wondering if they will be able to realize those dreams.
Now is the time to schedule a Skype call or Zoom meeting – not to send an email. Let your clients know you are concerned about them, their family and dreams.
For older clients:
Do your best to reassure and calm them and remind them of the importance of social distancing. Identify where they might need assistance and help where you can. Can you help them get set-up to order groceries online? Or, can you drop some off at their door?
For younger clients:
Remind them of the importance of social distancing. If they are anxious, do your best to calm them. Ask them how their children are doing with e-learning and how their parents/grandparents are doing. Suggest ways they can assist from a distance. Share insights you glean from talking with your other clients.
This is not the time to sugar coat anything. This is the time to build trust and credibility. It is the time to adjust and co-create a plan with your clients.
For more timely insights, subscribe to The Flexible Advisor podcast series where we talk with industry experts and other advisors about how they are navigating in these uncharted waters.