April 21, 2008
Keep Clients From Getting Soaked
By: Edmond J. Walters, CEO and Founder, eMoney Advisor, Inc.
Advisors are always looking for ways to differentiate themselves. They are constantly on the hunt for the latest and greatest technology, gadgets and strategies that will set them apart from the crowd. But, what it comes down to – and always has come down to – is that service sets you apart. And, there has never been a better time than now to demonstrate some good old fashion service.
Reach out and call your clients. Today. They are scared. The economy is, and has been bleak. There are more dark clouds on the horizon. You know it, I know it, and they know it. So address their fears head-on.
Help them be prepared for the worst case scenario by doing an investment cash flow check-up against some worst case scenarios. For example, test how their portfolios would perform if the market goes down 25-35% and stays down for three years? Or, taxes were to go up 33%? What happens to their retirement plans? How are they going to fund their children’s education? Make some adjustments that will help them weather the storm.
Act as your clients advocate - using the current economic and political environment as an opportunity to meet, update and provide service. Throughout the course of the conversation, you never know what you might discover. Perhaps it will be additional opportunities like rollovers, new cash inflows or referrals.
Keep in mind that by initiating a “what if the worst happens” conversation, you are not projecting how the market is going to behave, or what the next President will do with taxes. You are simply preparing your clients for the storm that has been brewing. If the scenarios don’t play themselves out how you modeled, great. But, if they do, your clients will be prepared. You gave them an umbrella. And, while you can’t keep them from getting wet, you can prevent them from getting soaked. |
