News Roundup: Communicating with Clients During a Crisis

Posted by FP Transitions on Mar 25, 2020 10:22:00 AM

News Roundup Communicating with Clients During a Crisis

Many things are up in the air right now, and we’re all experiencing major changes to the way we live our lives. It’s no wonder that investors—and advisors—are wondering the best course of action as markets fluctuate and many businesses can’t operate as usual. Many industry leaders (including our own experts) are sharing their advice on how to mitigate uncertainty and provide valuable guidance to investors. Below you'll find some of the articles we've found most impactful:

The Questions Advisors Need to Ask in Bear Markets – Investment News

“During this period of market turmoil, therefore, advisers need to not overthink what to say. The most effective way to communicate with clients is simply to ask what concerns them now, and then engage in a conversation that acknowledges those concerns and starts to address them.”

How to address the most common questions investors are asking right now and how to break through your client's embarrassment or hesitation to address important but difficult topics. Read more on Investment News.

Ten Planning Conversations to Help Clients During the COVID-19 Pandemic – Nerd's Eye View

While no one would wish for times like these, it is during these very moments when advisors can provide clients with the greatest amount of value, keeping them focused on the long-term."

These 10 key topics can help keep your clients on track for long-term goals as well as provide guidance for adjustments they can make to both mitigate negative impact as well as take advantage of some overlooked opportunities.. Read more on Kitces.

Coronavirus: An Opportunity for Financial Advisors to Strengthen Client Relationships – Don Connolly Associates

"No doubt, most of you advisors about there are receiving some nervous calls and emails from your clients, wondering what's going on. This is where great advisors can earn their money."

Guidance for taking the opportunity to make deeper connections with your clients by offering them context and advice to keep them calm and focused on their long-term goals. Read more at Don Connolly.

Virtual Meetings : Navigating the Tools [Video] – FP Transitions

"Grab a friend, grab a colleague for a routine call to get comfortable with the program. They can give you feedback on how your space looks...and that way when you're on a call with a client it can go as smoothly as possible."

A practical video guide on navigating the basics of virtual meeting software and successfully connecting with your colleagues and clients. Includes tips on managing audio and video settings, screen sharing, virtual backgrounds and, of course, the importance of practice, practice, practice. Watch video.

How to Think About the Coronavirus Pandemic: The Big Picture – Financial Advisor Magazine

“The pandemic is an outside shock to the economy, which has generated fear and will slow consumer and business spending…the economic impact could pass once the fear does. That is the base case: real damage, but then a recovery as confidence returns.”

Breaking down the current situation into the three largest areas of concern: the pandemic itself, the economic impact, and financial market implications; to provide a larger context for understanding where we are and what comes next. Read more on Financial Advisor Magazine.

Communicating Context to Balance Uncertainty – FP Transitions

“No one knows what the next few months will hold or what everything will look like when we find ourselves on the other side of this. Though, even without my crystal ball, I think I can safely predict this: people are going to need trusted financial advice.”

How to keep the lines of communication with your clients open. Convey context of the situation and share your expertise in order to reassure and maintain client confidence. Plus, as you navigate these uncertain times, remember that your clients are going to need youmaybe more than ever—on the other side of this. Read more on FP Transitions.

Steering Your Firm Through the Crisis – Investment News

“In a fast-moving market cycle, with the added element of an infectious disease, the one thing you can do for everyone, from both an investment adviser and an employer perspective, is explain what is happening, why it’s happening, and what you are doing to both support them and to keep it from becoming worse in the future.”

How one RIA is staying connected to their clients with valuable information and ensuring their team has the tools they need to work effectively. Read more on Investment News.

Coronavirus: How to Calm Anxious Clients – FPA

"During times of uncertainty, he starts conversations with anxious clients with the idea that whatever happens, human beings are enduring."

Simple but important insights from the advisory professional community on what clients want and need right now, and how best to give it to them. Read more on OneFPA.

How to Talk to Clients About Market Volatility – Investopedia

“Let yourself be surprised. Don’t assume that you know what your clients will say or how they are feeling, even if they have invested with you for years. What your clients fear most is the unknown.”

This resource lived before our current pandemic, but provides valuable guidance for listening to your clients’ concerns and guiding them through ANY period of uncertainty. Read more on Investopedia.

Business Survival Tips – Mid-Columbia Economic Development District

“No one will manage your business like you do. It is important that you stay active in the day-today management. The outcome of your business is dependent on the decisions you make.”

An extensive tip sheet that could be a helpful resource for advisors to help their clients make key business decisions that allow them to adapt to current circumstances and be ready to resume when the storm has passed. Read more from the Columbia Economic Development District.

Keeping the industry informed and providing context has always been an important part of our FP company's mission. As our global financial and health situations unfold, we will strive to bring you important information and commentary from our experts and other industry thought leaders. Explore more News Roundups:

Business Preparedness and Compliance

Expert Tips for Working Remotely


Topics: Industry News, Leadership