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When turbulent markets disrupt clients' sense of financial security, the six C’s of client conversations can help you set a collaborative tone, fortify relationships and nurture client resilience.
- Calm: You don't want clients hanging up the phone thinking, "Wow, he sounds more nervous than me." Be calm, not sedated. Your tone should suggest that you are on an even keel, even when navigating an uncharted course on rough seas.
- Context: Share how their portfolio is weathering the storm. If you’ve brought a diversified approach to their portfolios, their personal downdraft may be a smaller percentage. Let them know and provide perspective with examples of historic analogs to the current moment.
- Candor: Your clients don’t expect you to have a magic compass to point them in the right direction. They want honesty from you. Your clients expect you to have a point of view despite these uncertainties. Acknowledge the crosscurrents—don’t be afraid to admit the confusion regarding where markets might be headed. That said, your clients expect you to have an informed opinion.
- Clarity: This is no time to sound like an economist, saying things such as "on the one hand, on the other hand". Your clients are looking for clear guidance in the rocky seas. You should be able to articulate what you believe to be the highest probability scenario unfolding from here.
Turn to the April issue of The BEAT to help you develop your point of view. Your thesis should be a timely, pithy soundbite that connects the dots to what you’re recommending for your client's portfolio, strategy or planning. - Collaboration: Seek to understand how they are feeling and what they are thinking. Ask open-ended questions such as:
- “How have you been processing the news headlines and market volatility?”
- “To what degree have you been looking at your online accounts?”
- “What’s your view about where we are headed from here?”
- Commitment: You are 100% committed to helping your clients weather today's market volatility. This commitment is underscored by both your level of communication and your continued vigilance in analyzing the markets:
- "You can always count on us to stay on top of your investments and in close contact with you during good and bad markets."
- “Should new signals emerge that lead us to changing our opinion on where we believe things are likely headed, you will hear from us promptly. We recognize that this is an extremely fluid and unpredictable environment which requires ongoing study with an open mind.”
Bottom Line: Clients yearn to hear from you. Follow this strategy to create motivating environments where clients feel their voices are being heard, and they are active participants in the decision-making process.
“When turbulent markets disrupt clients' sense of financial security, the six C’s of client conversations can help you set a collaborative tone, fortify relationships and nurture client resilience.”
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