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How do you market to prospects in emotional lockdown, conserving not only their money and toilet paper, but their engagement with anything or anyone around them?
Even those of us who remember the polio scares of a couple generations ago haven’t seen anything quite like this. Clients are Googling, social-media-ing and panic-reading more news, fake and otherwise, about wealth management (and everything else) than they ever have.
What do I do with my 401(k)? How much do I put into cash? Do I pull this investment or that? Which mattress should I put my money under?
Your clients are asking questions, and getting answers from all different sources – many of them not helpful.
What do you do to care for clients as a financial advisor? Hard selling feels like exploitation of a crisis, but you want to help, not sit on your hands. What does marketing mean in times of chaos? The answer is to press into what marketing means – a richer understanding I call three-dimensional marketing.
Educate
As advisors, we have a huge opportunity to be educators. Your clients are asking questions, even feeling questions they don’t know how to articulate. You can come alongside them and help them find clarity – maybe not all the answers, but at least better questions in the process.
Think about them when you’re writing or making a video explaining things or even having a phone conversation. What does it look like from their angle? Most of us are in a generalized fog of uncertainty, and you can at least help them find their bearings. You know these clients – their journey and their goals, you can speak to their needs.
Remember too, that the questions they’re asking usually travel in packs. A question about their 401(k) usually means there are other questions about their retirement plans, Roth conversions, long-term care insurance – any number of things. The questions don’t come alone, and you can help to anticipate their questions and offer guidance. This will give you a chance to deepen your relationship with clients and offer three-dimensional care: educate, empathize and elevate.
Empathize
People are disoriented trying to work out their plans and manage their holdings and future.
We offer a philosophy and approach that’s worked in the past, and we can do so empathetically, knowing we are all in this together. Your people – notice I don’t call them “clients” – are emotional and confused, and it’s up to you to give them that extra few minutes or reach out with an email.
Listening is the best tool in your box. Open up your calendars for one-on-one time. People will want your presence before your quarterly report.
Elevate
This is part of my personal philosophy and mindset: We have to be grounded in hope. We have to be looking beyond the moment – into history, efficient markets and trust in people to work through this. There are a lot of people who are very depressed, and we can help them to look up beyond this thing.
As advisors, we know one thing is universal about financial events: They’re finite. They don’t last forever, even though it may feel like it, and they usually heal faster than you’d think. We can help people to remember that and reframe these circumstances in hopeful terms.
One fun example is Tim Goodwin of Goodwin Investment Advisory, who is recommending playlists for his clients. They contain positive songs to keep a hopeful vibe going. Panicking and anxiety are not the right responses.
It’s time for us as advisors to prove our value in providing holistic care, being present and empathetic – steady in choppy waters.
Jud Mackrill is the Chief Marketing Officer for Carson Group. He is passionate about building digital strategies and powerful tools to enhance the lives of advisors to effectively grow their firms.
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Advisor Perspectives welcomes guest contributions. The views presented here do not necessarily represent those of Advisor Perspectives.
