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It’s during times of significant volatility and confusion when financial advisors are needed and valued the most. Here’s a four-step game plan to help you realize the full potential of this moment:
Step 1: Develop a well-articulated thesis on tariffs, trade and inflation that crystalizes your point of view and connects the dots to what you're recommending for your client's portfolio, strategy or planning. This is no time to sound like an economist, saying "on the one hand… on the other hand.” Your clients aren't looking for you to be a soothsayer, they’re looking for clarity.
For inspiration, consider Morgan Stanley Investment Management’s managing director Jitania Kandhari’s thesis on tariffs and inflation: "There is too much linear thinking in today's markets."
Step 2: Share your thesis and why you're recommending staying the course or adjusting their portfolio.
Your clients expect you to have a point of view despite these uncertainties.
Step 3: Write the following on an index card in bold letters: Everyone is a prospect today. Given the geopolitical and economic crosscurrents, the common “I’m all set” objection isn’t likely to surface in conversation with the people who put you off last year.
Step 4: Stay open to alternative points of view. It’s dangerous to fall in love with your own convictions if it leads to confirmation bias. Retail investors have the luxury of reading and listening only to views that align with their own. You don’t have that luxury. The best financial advisors can articulate the opposite viewpoint to their own with equal clarity of thought.
Bottom Line: This is your time to realize the full potential of volatile moments and reach out to existing and prospective clients.
It’s during times of significant volatility and confusion when financial advisors are needed and valued the most.”
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