Amid the market turmoil of recent weeks, advisors across the country are ramping up their communication efforts. For younger clientele, texts, phone calls and social media posts are usually enough. But for older clients who may be struggling, communicating well oftentimes takes more effort.
Here are three ways to make your interactions successful.
1. Be Proactive
Poor communication is the number one reason why clients leave their advisors. Fortunately, that’s an easy problem to fix. Your goals in reaching out to older clients should be to:
Give them perspective. Market declines are scary, but are also an expected part of the business cycle. While painful to go through, the current correction is part of that process. Remind clients that we have just finished an 11-year bull market — the longest in our nation’s recorded history.
Review the steps you’ve taken to protect their portfolio. Assuming it’s true, be sure your client knows how the strategies you’ve proposed have helped their relative performance.
Assure them you’re monitoring the situation and will touch base with them frequently. Encourage them to call or email if they feel their level of concern growing.