Advisors have stepped up communication with clients during the pandemic, and their playbooks continue to serve them well in today’s uncertain economic climate, they say.
Missy Beach, Senior Financial Advisor, Weiser Wealth Management (Marietta, Georgia) said:
In 2020, Beach said Wiser Wealth will launch a weekly podcast to connect with clients. He also created weekly blogs and educational videos. The company also started sending flowers on Valentine’s Day, in an effort to reach out to a number of clients who lost their husbands. Many of these clients became widows during the pandemic, Beach noted.
“We got the most heartfelt response,” Beach said, noting that the aim was to provide a combination of financial and personal care.
Beach spoke on a panel titled “Above and Beyond: Volatile Times Bring Out Best Practices In Client Relationships” at the Invest In Women conference in Atlanta on Tuesday. financial adviser.
BFS Advisory Group staff also reached out to clients using various communication methods, including blogs. Every Sunday, President Debra Brennan-Tagg said she plans to write and send “long emails” to clients. team. “
Brennan Tagg said the emails are for contacting clients and updating portfolios. “Part of it is what we do as a team, how we serve them, and what the market felt we were doing, how we were reacting to the market. , and what they could expect from their portfolio,” she said.
For Catherine Avery, founder of CAIM LLC, an investment management firm in Canaan, Connecticut, just being able to reach people on Zoom was a blessing, she said. Avery said she was trading far more during peak volatility during the pandemic because her company focuses on high-quality dividend-paying stocks.
“We got on the phone and said, ‘Hey, I know there’s a lot of activity going on. This is what we’re doing, this is why we’re doing it, This is how we strengthen the portfolio for you,” she said.
Today’s economic uncertainties, including high interest rates, inflation, bank failures and possible job losses, are pushing client concerns back to the forefront, advisers said. But the lessons learned from the pandemic are still fresh.
“So I’m trying to get to the heart of what’s scaring my clients before they speak for themselves.” What’s going on, what happened last year, and how the market is recovering Let’s look at. She added that the key is to put a lot of data into the client’s concerns and help them understand what to expect.
Beach said her company also relies heavily on data. “Use financial software,” she said. She noticed that she had one client who spent all her cash and was adamant about keeping it. She suggested mocking up the scenario with all the cash. “I said, ‘Look, this isn’t feasible and I don’t know when it’s the right point to dive in, I can’t say that.’ I don’t have a crystal ball,” she said.
But like Bragg, Beach said relying on data was all they could do. “And that’s the great thing about coaching young advisors to get rid of their emotions. It boils down to just numbers, that’s what we go to, what we present to our clients, and that’s all the emotion.” It just sweeps away the social and political stuff and shows it’s about to happen.
Avery said it helps that some of her clients have been with her for nearly 30 years and have gone through all kinds of cycles. “So you can show where we were years ago and see where we are today,” she said. You can show people the stream income that will be generated … The feeling that they’re calm in a crazy, crazy environment is very comfortable for them,” she said, adding that she had to keep her as an advisor. Added also gentle.
Advisors say another key tool they employ to ease client fears is tax loss harvesting. “When a client is beating you…and you point out, ‘Hey, if you sell your beach house and don’t pay a capital gain or $3,000, you have $75,000 worth of money you can use against next year. recurring income,” Beach points out, which refocuses them.
“That’s the value you add as an advisor,” she said, noting that clients will understand you’re working for them in a down market. We’re not watching them sink in together, they’re active behind the scenes.