Those who are part of the financial planning profession know that in times of extreme market volatility, an advisor’s most critical role is to keep clients calm — to help them ride out the storm. They’re there to remind clients that looking toward the long term is important and giving in to the fear can derail years of hard work and discipline.
As an industry, as business owners, as parents and as human beings, we’re all facing an unprecedented and uncertain time right now. But I’m here to tell advisors: Follow your own advice. This volatility will settle — advisors who are focused on their long-term professional goals, and who continue along the path of finding a firm that will help them best serve their clients, will be in a great position when we get to the other side of this.
As someone who works with high-producing advisors who are looking to make a move, I’ve received a lot of calls asking, “Is now still the right time? Should I even bother?”
My answer is this: Transitions take a long time, even in normal circumstances. So, take advantage of this volatility, a time when firms are challenged to prove their value, and use it as a catalyst to explore your options.
Silver linings are everywhere if you look hard enough. Here are some that I believe advisors should be capitalizing on if they want to stay on track toward their long-term goals.
1. Top firms will be looking to “pay up.”
When markets take a downturn, it’s easy to assume that firms will halt their hiring pipelines — but in reality, strong firms who are prepared for the inevitable market correction may use the current volatility as an opportunity to offer hefty incentives for talented advisors to join. For example, incentives could include a 100% payout for a period of time, upfront transition money and assistance with real estate buildouts.