Five Keys to Supporting Your Clients in Crisis

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Our news feeds are jam-packed with the latest headlines about the devastating coronavirus pandemic and the ensuing market volatility. We are worried about our family members, friends, co-workers, neighbors and clients. With every news notification our world is changes, making it impossible to think about what the future may bring.

But here’s what we do know: there will be a tomorrow. We don’t know what the next day or week will look like – but it’s time to embrace the adage that you say to your clients: Direct your focus to the factors you can control.

Here are the top five things you can do to retain more control over the future of your business, while simultaneously supporting your clients:

1. Add value

Don’t inundate your clients with information that is tone deaf to what is happening around them or will not enrich their daily lives. Be a supportive force for positivity and answer the real, pressing questions that are causing them worry. Speak directly to your ideal client – not the masses – and think about what is most important to them.

For instance, if your primary clients are dentists, talk about how the new legislation under the stimulus bill can support the health of their dental practice. If your clients are retirees who are more than 60 years old, start discussions about how the recent market downturn may affect their retirement time horizon. If your clients are already retired, share cash-flow management and income-preservation strategies. If you serve younger clients, discuss how they could be generating more wealth as a result of the downturn, since they can likely shoulder more risk during this time.

Don’t force your clients or prospects to comb through information that is not important to them, especially when they’re already receiving a barrage of updates from the news media. By tailoring your communications efforts, you will showcase your expertise and understanding, as well as build credibility within your ideal client demographic.

Don’t forget the fundamentals. While the media is focusing on the minute-to-minute details of the market, a high-net-worth client in their 50s should be reminded about how proactive strategies like tax-loss harvesting can offset some of the downside. Advisors often take the behind-the-scenes fundamentals for granted because the fundamentals are part of their day-to-day workload and thought process – but that’s not true for their clients.