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November 04, 2022 at 03:36 PM
Financial advisors should grab the opportunity to engage clients and gain new ones when markets are volatile, as they are now, by communicating effectively and implementing financial planning software, according to research reported in the latest edition of Cerulli Edge.
Investors experiencing market volatility for the first time are especially keen to receive their advisor’s guidance, Cerulli said.
The study noted that about three-quarters of advisors’ clients receive some form of financial planning. Eighteen percent of investors working with a financial advisor do not have a financial plan in place but consider one important.
Cerulli recommends that advisors consider re-introducing their planning services, particularly during periods of market volatility, as some clients may not be aware of this service offering.
Advisors should also consider developing a communication strategy to attract and retain client relationships. According to the study, some 40% of retail investors deem it extremely important that their advisor engage in an appropriate amount of contact with them.
Cerulli said advisors can do this by distributing timely information about the current market and economic situation and offering their own analysis — which clients are likely to share with their own personal networks.
