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When you hear, “Let’s talk after things settle down,” it is a stall. To get that $10,000 in new AUM in the middle of a market crisis you’ve got to be a clutch player, like my Boston Celtics, namely Larry Bird, Kevin McHale, and Robert Parish, who defeated the LA Lakers to win their 15th NBA championship in 1984.
I wish I could say there was some turnkey solution. I wish I could say there was some magic closing line, some cool sales tactic or some show-stopping email you could send. But in a crisis when the market is whipsawing Gangnam Style on a daily basis, the solution isn’t nearly as sleek as that. Here’s what people want.
They want you to help them feel less uncertain.
Period.
For most of you, the biggest question your clients are asking right now is, “When is this going to be over?” Of course, you don’t have the answer. But let’s think about what the question tells us about how people are feeling right now. Most people are more daunted by the fear of not knowing what tomorrow will bring than the challenges they are facing.
Knowing this, what do you have to deliver to build real trust in an environment like this? Here’s where psychology comes into play. You obviously can’t end COVID-19, but you can help people feel more in control of their lives at a time when they are desperate for it.
A lesson from Governor Cuomo
Let’s get practical. How do you do this? You have to appear over and over and over again. Consistency is the biggest thing.
But now that we’re all quarantined, how do you make a real human connection people?
- Webinars – a weekly standing webinar (same time, same virtual meeting room, same day each week)
- Videos
- Video messages
They need to feel your presence as a living, breathing, person, as a real person, there beside them. Not just over email or newsletters.
Andrew Cuomo, governor of New York, has done this exceptionally well. Look at how he’s been a bastion of stability over social media. As New York goes down in flames, he gets on Twitter every single day waving the flag. There he is every day in his press conference, speaking words of hope, telling us of the incredible actions he is taking, turning the world upside down to get us the medical equipment and funding that we need.
You may not care for his politics, but he is the leader in taking action to save people’s lives. He’s garnered great influence not only from his constituents, but also from leadership in other states. His following grew from 1.2 million to 1.5 million, now it’s almost at 2 million.
Why do people keep coming back? Because he makes us feel more in control at a time when we feel hopeless. He brings a message that is:
- Honest
- Compassionate
- Inspirational
- Positive
- Tactful
- Clearly communicated
- Grateful
- Humble
- Sensitive
- Human
By being a constant source of positive energy, you will separate yourself from 99% of people during times like these. Most of the internet has become a platform to whine, complain, blame, and spread all sorts of toxic energy. Stay positive in the face of adversity, even when you have nothing to be happy about, and people will be very intrigued.
Make a list and check it twice
Here’s the action plan.
- Open Microsoft Excel
- Write down the names of the people you want to help, but they’re hesitating due to a stall
- In the next column, write down five things you could do to help them
- In the next column, write down five more things you could do to help them
- In the next column, write down five more things you could do to help them
Do you see where I’m going with this?
A leader takes action when others are sitting around whining, complaining, spreading negative news, and playing Minecraft. Be the hero for someone and you’d be surprised how fast people will see that you’re too legit to quit!
Sara’s upshot
This is a once-in-a-decade new business opportunity. Get focused and get out there. And, if you want guidance on this, in my membership we are focused on crisis marketing.
Sara Grillo, CFA, is a marketing consultant who helps investment management, financial planning, and RIA firms fight the tendency to scatter meaningless clichés on their prospects and bore them as a result. Prior to launching her own firm, she was a financial advisor.
Read more articles by Sara Grillo
Advisor Perspectives welcomes guest contributions. The views presented here do not necessarily represent those of Advisor Perspectives.
