March 24, 2020
After the immediate impact is felt and families are cared for, clients will be looking for someone to guide them through this pandemic crisis. They will look for someone to empathize with their situation, understand their fears and uncertainties, and lead them through this crisis. Clients will want to understand that distance commerce is now the new normal and how does that affect them. Most of all they want someone to coach them in a calming manner on their financial well-being.
Clients will be feeling exactly what you feel. Somewhere between this is a hoax and the fear of illnesses for loved ones, friends and even themselves is where your client’s mind is operating. Words like quarantine, social distance, and crisis all have negative connotations. The media coverage combined with a volatile market will give rise to uncertainty and doubt.
Most of your clients are leaders in their businesses and families and will feel responsible for their businesses, employees and families. There is also an increase in stress in the home from school shutdowns and distance learning. How is that going to work and who will supervise the children?
The fact is they are feeling the same things as you are!
The second challenge on your client’s mind is how to deal with a new normal in business. This pandemic crisis, whether real of not, has an immediate effect on how businesses operate. There has been an immediate adjustment to distance commerce versus a meeting culture. How do they handle quarantine situations and work distribution? What will be the impact of managing business revenue and expenses in a pandemic crisis and a bear market? Managing a remote workforce has suddenly become the normal rather than the exception. All these issues are going through your client’s minds simultaneously.
SO, WHAT CAN YOU DO ABOUT IT?
Winston Churchill is credited with saying “Never let a good crisis go to waste!”.
Just call to see how they are doing. Keep it short but let them know you are thinking of them. Ask them if they need any help or support. DO NOT try to sell products or give financial advice at this sensitive moment. Just let your clients know you are thinking of them and have a real concern for their situation. If you show true empathy for their situation, you could have a client for life.
Be the calming voice in the Bear Market and crisis management. Decide together when is a good time AFTER THE CRISIS will be to review finances. Clients are looking for coaches and leaders to guide them through the stress of the crisis and volatile markets. In short, re-establish your relationship with the client! They will appreciate you being there for them and their trust in you will grow.
Since you are feeling the same stresses as your clients, do not forget to review your own business practices and establish the new shift in relationships. The new remote workforce shift has been exacerbated by this pandemic. Is your firm prepared to support a remotely located, technology dependent, and distance commerce for your Advisors? Moving forward how will this affect your client interactions?
All these challenges and opportunities are now the NEW NORMAL!
In summary, be there for your clients with an empathetic ear. Find out what you can do to help them navigate these turbulent waters.