During rocky times, advisors may feel the worry of their whole client base. The silver lining in a stressful situation is that your value as a financial planner can be showcased. You have an opportunity to listen, communicate, and guide clients through murky waters. Read through for tips on staying in touch with clients.
Proactive Communication is Key
Even if you’re not hearing from clients during market volatility, it doesn’t mean it’s not on their mind. Consider sending an email blast or posting on a social media page acknowledging the current state and that you’re monitoring it closely. A calm blurb from their financial partner can cut through the noise of the media.
Listen Closely to Clients
You’ve probably received a call from a frantic client at some point. Oftentimes, they feel better after they’re able to state their concerns aloud to a listening ear. Clients may also be impacted in ways that you aren’t aware of, so don’t wave off their concerns as being exaggerated by the media. Provide reassurance that you hear them. If a change in their plan is warranted, work with them right away. If not, highlight the value of a long-term financial plan.
Focus on Long-term Planning
If your clients are decades away from retirement, market volatility may still be a shock, but it’s important they understand the fundamentals of long-term investing (we’ve all heard the phrase, “It’s time-in-the-market, not timing the market.”). In my experience, people need to hear things over and over again, so continue educating clients on why a market dip likely doesn’t warrant a sell-off. Plus, if they’re contributing to their portfolio, they’re buying low!
Reiterate the Value of Technology
In the case of the novel coronavirus (COVID-19), clients may be itching to have a meeting but may be wary of coming into the office, especially if you’re working with older clients. They may even be concerned that you won’t be able to make it into the office yourself. Consider offering video conferencing for clients in lieu of face-to-face meetings and communicate that you’re set up to work from locations other than your office (at AdvicePay, we use Zoom for remote meetings). Additionally, you can leverage our eSignature integration to send client agreements for signature in AdvicePay.
Ensure clients that you’ll still be available if they have questions or want to be updated on the current market state.
We're Here to Help
It’s important to get out in front of clients during market volatility to ease their worries and remind them of their unique financial plan. While you’re helping clients, let us help you! As always, AdvicePay is dedicated to being here for you! If you or your clients have questions about AdvicePay, please reach out instead of spinning your wheels. It’s one less thing you have to worry about.
You can direct questions about AdvicePay to firstname.lastname@example.org. Our team of Happiness Heroes aim to respond in 30 minutes or less during normal business hours (9am – 5pm MT).
Download our free resource, Client Communication Prep Sheet: Three Questions to Address When Sharing the Value of Your Financial Planning Services.
Review your client communication practices and ensure you're setting yourself and your clients up for a successful, long-term relationship.
Posted by Honor Randall
Honor is excited to help AdvicePay users make the most out of our platform to help expand their businesses. Having worked in the financial industry for five years, Honor has considerable experience assisting financial advisors as a paraplanner. When she’s not helping enterprises implement AdvicePay into their business, you can find Honor running, cooking, and exploring National Parks with her husband.