The economic downturn may present opportunities for financial advisors as well as challenges, according to a financial services veteran.
Many financial advisors must rebuild the trust of clients burned by losses, but clients also are hungry for honest advice and new ideas, says Mark Halverson, executive director of global wealth management services at Accenture Inc., Chicago.
Seeing financial giants such as Lehman Brothers Holdings Inc., New York, collapse has shaken many investors, Halverson says.
For advisors, “it turns out that having a big brand name on your office door doesn’t necessarily help,” Halverson says. “In some cases, advisors are spending a lot of time defending what they have to offer, to rebuild some of that trust.”
But recessions also can be a time for relationship-building, Halverson says.