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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.
2. Be there
It’s impossible to physically be there for your clients – but you can think creatively and find ways to make your presence known from afar. Host a virtual client event. Make time in your calendar for 15-minute, one-on-one meetings to ask how your clients are doing. Send out a two-minute video recording offering your advice on the events of the day.
Most importantly, get comfortable with using our “new normal” to your advantage. For instance, hosting a daily Facebook Live check-in that covers one fact about the markets could be just what your clients need to start their day on the right foot. Your efforts will go a long way toward making your clients feel comforted and supported, even if you can’t sit across from one another.
3. Communicate proactively
Let clients know what you’re doing for them behind the scenes and alleviate any concerns before they come up. For instance, explain to them how your portfolio management software is addressing asset allocation drift and automatic rebalancing. Fill them in about how you’re planning tax-loss harvesting strategies for losses and keeping an eye on fund and trading fees. It’s a great time to be fully transparent with your clients and give them full insight into how you’re serving them during this uncertain climate.
4. Give back
As an advisor, you have a special talent – you are skilled at helping others and offering reassurance during major life milestones or times of crisis and panic. Now is one of those times. Reach out to your local community to support those who may be struggling, either financially or personally. Contact your local chamber of commerce and offer to host a virtual community webinar for business owners. Set up a survey ahead of time and answer the most-asked questions from viewers.
Though many of us are isolated and in self-quarantine, it’s the perfect time to reach out to your networks in a wide-net approach – virtually. By leveraging technology to get to the forefront of the issues affecting your local community, you’re not only helping others, but also generating credibility that will help you build relationships that last long after this pandemic is over.
5. Don’t forget about growth
As we struggle with the global and national effects of this virus, thinking about bringing on new clients may seem inappropriate or impossible. But the economic ramifications of this crisis are severe and long-lasting. People are re-evaluating every aspect of their lives, including their finances. They may be looking for a second opinion for their investment strategy. The recent market losses may have compelled investors to find an advisor for the first time.
If you receive a request from a client to help a friend or family member who is struggling, schedule a meeting to see how you can assist. Contact your centers of influence and brainstorm ways you can band together to help your mutual clients navigate the weeks ahead. Emphasize the value of your service and expertise and use it to create positive change.
I’ll leave you with a quote from the motivational writer, Ralph Marston:
Your destiny is to fulfill those things upon which you focus most intently. So, choose to keep your focus on that which is truly magnificent, beautiful, uplifting and joyful. Your life is always moving toward something.
Gretchen Halpin is the co-founder of Beyond AUM, which provides marketing, growth and technology solutions to financial advisors to drive business success. Over the course of her 25-year-career, Gretchen has founded more than five businesses, in addition to serving as the chief strategy officer for one of the financial services industry's leading wealth management firms. She has been featured in Financial Advisor Magazine and Forbes for her insights and has served as a speaker at the National Association of Personal Financial Advisors conference and Financial Advisor Magazine’s Invest in Women conference.
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Advisor Perspectives welcomes guest contributions. The views presented here do not necessarily represent those of Advisor Perspectives.