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Intellectually, I’m confident the virus will be contained, the economic stimulus (when it’s passed) will reinvigorate the economy and this crisis will pass. The market will eventually recover.
Emotionally, I’m terrified.
I’m worried about the sinking value of our collective portfolios, but my real concerns are more primal: Will I or anyone in my family catch the virus? If we do, will we need to be hospitalized? If so, will there be a hospital bed available for us? Or a respirator if we need one? Or adequate staffing of health care workers to look after us?
And what about our friends and loved ones? Their health is at risk. Will they continue to be employed? Will their money run out? What if it does?
The list goes on.
I’m the same as you and your clients. But are your communications with your clients helping?
Here’s why I’m worried.
How you communicate
Most communications I see are via e-mail. Why is that the default?
Written communications, of necessity, take a “one size fits all” approach. Your clients have diverse issues. They are different ages with different portfolios. Some are pre-retirement. Others are retired.
Some understand their portfolio was constructed to weather a down market. Others aren’t aware their bonds will provide liquidity until their stocks (hopefully) recover.
The current crisis affects them differently.
What about picking up the phone and calling them?
If you must communicate in writing, consider the approach taken by one of my clients. His entire communication was a series of questions, like:
How are you doing?
What can we do to help?
What’s your major concern?
How’s your family holding up?
Are you working from home?
Can we provide technical help?
He told me the response was “fascinating” and “very positive.”
Avoid clichés
Avoid clichés in all your communications.
How many times have you read this?
We are carefully monitoring the Covid-19 situation.
Wash your hands frequently.
Stay safe and healthy.
These statements reflect little thought. Worse still, they are dismissive and patronizing.
Avoid being smug
No one finds smugness appealing. Regardless of your past prognostications, don’t remind others that you “told them so.” It’s not helpful.
Equally bad is demonstrating your supreme confidence about the future. Yes, you know the data, but you can’t predict the course of the virus, when an effective treatment will be available or when a vaccine will be approved. Without that information, you have no reliable basis for predicting when the market will bottom out, much less recover.
Instead of projecting the image of the “all-knowing guru,” admit what you don’t know, share your concerns and show vulnerability. You can still demonstrate how you planned for market corrections and how your plan is holding up in the current environment.
Avoid assumptions
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Assumptions are easy…and dangerous. One advisor told me he followed my advice to just ask questions and follow-up with more questions. He found the primary issue bothering his clients was adjusting to both of them being home together (“all cooped up”) and trying to each work from home.
He pivoted to explore this issue, by asking these questions:
How are you coping with this situation?
Are there any changes you could make that would alleviate the stress?
Is there anything I can do to help?
The clients wrote him an e-mail, thanking him for, “being there for them during difficult times.”
They never discussed the market.
There’s a reason you’re called “financial advisors.” Your orientation is to assume clients come to you to resolve financial issues.
Don’t make that (or any other) assumption.
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Advisor Perspectives welcomes guest contributions. The views presented here do not necessarily represent those of Advisor Perspectives.
