As the coronavirus crisis continues to wreak havoc on global markets, investors are feeling their stress levels rise, many to the height of panic. That is shifting the role of financial advisors and how they help clients through these challenging times.
Crisis causes panic and panic causes quick and often illogical moves. That’s because fear triggers parts of the brain that pushes individuals to avoid pain. Advisors, however, have to make difficult and educated decisions in challenging times. At times, advisors have to hold the hands of their clients through difficult times. Unlikely most people, advisors have to face the pain straight on and have tough conversations, even when they don’t want to.
Here are three helpful moves for advisors that should put them on the path to success during these challenging times:
Speed In Communication
Don’t hesitate. Speed is your friend when it comes to getting in touch with your clients. That means pick up the phone or set up a video conference. Clients want and need to hear from their advisors during financial crises. They want someone knowledgeable to give them guidance, and that’s why they hired you in the first place. Be calm, quick, and proactive as you attempt to lower their skyrocketing stress levels.
You Don’t Have To Do Everything Yourself
The last thing you want to do in these challenging times is make your clients feel like you’re hurrying them off a call. That means you might want to have your prospecting callers make calls to clients. You can write out a simple script for what you want them to say, and use their time to help you manage your clients emotions.
Have those callers set up times for you to speak with your clients about their individual portfolios. As we said, this is about speed, but you can’t appear to be hurried.
Have Confidence
You got to where you are for a reason. You hired each member of your team for a reason. These are your clients for a reason, and they chose you for a reason. Have confidence in yourself, your team, and your clients.
You have established good systems and thoughtful investment strategies. Don’t start second guessing yourself now, you know better. Have confidence in the moves you’ve made in the past. Trust your process.
Know that your team will be there for you and make sure you are there for them as well. As long as you have confidence in them to do their jobs at a high level, they will continue to perform.
Your clients are concerned about their future, and you need to be empathetic to that. But also make sure to remind them of the reason that they chose you in the first place. You’re their advisor for a reason and they know that, even if things are a bit scary right now.
