With all eyes and media focused on the current state of global markets and the coronavirus, there has never been a more important time to communicate with your clients.
Over the last few weeks, we’ve talked to many advisors who now find themselves at the forefront of explaining the market and providing valuable context and reassurance that investors need in these uncertain times.
In speaking with our clients, we’ve put together this summary of best practices and tips to help you effectively communicate with your clients during a period of volatility and uncertainty.
1. Open Door Policy
Take a proactive approach and ensure your clients know that you are available to talk with them and would welcome their calls. Be sure to let them express their concerns. This is a very emotional time and they may be feeling overwhelmed. By listening, you can take cues and tailor an appropriate response.
2. Provide Context and Commentary
While you can’t predict what will happen in the future, it’s important that you are able to provide a balanced perspective and context to what is happening in the markets and the impact on their investments.
Before talking with clients, think about a few key points that you want them to take away from the conversation that will help them feel more confident.
3. Communicate What You Are Doing
Clients have little insight into what happens behind the scenes with their investments, so now is the perfect time to let them know what actions you are taking and why it matters.
This includes:
- Research and analysis you are doing
- Meetings you are attending
- What steps – if any – you are taking to rebalance their portfolio and why
- Reminding them of newsletters and value-added resources are available to them
It’s important that you personalize your communications for each client by tying it back to their short and long-term goals. Remind them of the importance of the investment process that you undertake and how it works.
4. Communicate Frequently & Consistently
Sending a weekly eNewsletter with timely relevant content is a great way to demonstrate your leadership and reassure clients that you are monitoring world events on behalf of their families.
Share information about the markets as well as information about how they can protect the health of their family and friends. Ensure your information is coming from credible and reliable news sources. For clients you know are more jittery, consider stepping up your communication plan with a personalized note and a relevant article to events happening in their life.
5. Leverage Resources Wisely
You and your team may be feeling stretched trying to keep abreast of the markets while answering client calls. Here are some ideas to help you leverage your time more wisely while protecting the health of your team and clients by avoiding face-to-face meetings:
- Host a podcast or conference call
Provide an update on your point of view concerning the markets ensuring you take time to reiterate your investment strategy and the actions you are taking. Ask clients in advance for their questions so you can be prepared. - Utilize firm support
Does your firm publish economic commentary that you can share or research experts that can assist in a conference call or podcast? Bringing additional resources to the table demonstrates your commitment and elevates your value in clients’ eyes. - Leverage social media
If your firm permits, be sure to share relevant timely information on social media, including your point of view. Promote your podcasts, conference calls and research. Don’t forget to leverage relevant #hashtags!
6. Tell Clients to Share
You can bet that the state of the markets and how to achieve financial wellness is a topic of conversation with many clients’ friends and family - a perfect opportunity for you to prospect. Include a call-to-action in all your newsletters and social media posts. Encourage clients to share your content and upcoming conference calls or podcasts with family or friends who may be looking for relevant information. Reinforce this on all calls you have with clients as well!
We hope you found this article helpful. Take care and stay healthy!
The AdvisorStream Team
P.S. Please feel free to share this article with your associates and colleagues.