Obviously, it’s always important for advisors to stay in touch with their clients. But in tough economic times like these, client communication becomes absolutely critical.
Whether you work with individuals or businesses, one thing is certain: your clients need some reassurance right now. After all, they’re probably growing increasingly anxious as they watch our economy falter. With portfolios dwindling and financial institutions crumbling everywhere they turn, they could use some guidance and words of wisdom from a trusted advisor—you.
So, it’s time to polish up those communication skills and offer your clients the extra support they need right now. Here are a few tips for keeping the lines of communication wide open with clients in these difficult times:
Be proactive: Don’t wait for your clients to call you—beat them to the punch, and call them first. When you proactively contact your clients, you instantly win their trust. That’s because it’s clear that you have nothing to hide and you genuinely want to help them.
Touch base weekly: In a rough economy, you should connect with your clients at least once a week—and preferably on a daily basis. Whether you give them a call, meet with them in person or send out a newsletter, it’s important to maintain constant communication with each and every client. After all, clients find it much easier to fire advisors who rarely communicate with them.
Humanize yourself: When you discuss the tough economy with your clients, don’t hesitate to tell them how you and your family have been affected. This will make you seem more human in your clients’ eyes, allowing you to create a genuine connection with them. When you point out that you’re suffering too, clients will realize that they’re not alone and you understand what they’re going through.
Put on your listening ears: Communication is a two-way street. That means when you call or meet with your clients, you shouldn’t do all the talking. It’s extremely important to listen to clients as they voice their concerns or share their fears about the economy. Once they’ve said their piece, wait a few seconds before responding. Not only will this give you time to think about what they have said and prepare a knowledgeable response, but it also allows your client time to make any additional comments.
Explain what you’re doing: Give your clients two or three specific examples of what you and your firm are doing to deal with the economic downturn. For example, have you been poring over research? Have you been holding daily conference calls with colleagues to discuss possible actions? Have you been reviewing your clients’ files to see if anything can be done to better serve them right now? If so, tell your clients about it. Otherwise, they may assume you’re doing nothing.
There’s no question that our economy is faltering, and financial advisors are feeling the pressure. However, if you maintain consistent and honest communication with your clients, you’ll be much more likely to weather these difficult times.