Tip #1-3 - Reassurance Works
There may be much ado these days about market fluctuations, the R word (recession), where to be bullish in a bear market, the interdependencies of global economics, interest rates, etc. The Fed considers the whole economy (not just the markets) when it changes interest rates. Investors for whom the bulk of their personal economics IS the markets often think the Fed's action on interest rates is too little, too late, or both. This goes on ad nausea and there is nothing you can do about it. Or maybe there is.
Call your investment clients and reassure them...
Take out 5 client portfolios each day. Review them before you call to familiarize yourself with their holdings and your advice. Picture that client in your mind. Then place the call.
Regardless of your personal style, do this: Greet the person and ask a question, preferably open-ended, such as "How are you?" You may get a full answer, which you can address. If you get a brief "I'm okay" answer, ask for clarification, "That's great. What's going on in your life that's making it okay?" The point is to start a dialogue with that client.
Then add, "My clients generally know their investment strategies and feel comfortable about staying the course. I like to make sure, so I'm calling.
The key is staying calm and alert. The 'alert' part is my job. And I'm on the job. I reviewed your portfolio, and think it's fine. I just called to tell you."
If you are calm, you will have a calming effect on your clients. That you call is reassuring in itself because you take the initiative. You may uncover fears that you would not know about until after it is too late. You may make a few sales. It may cost you some time to rebalance a portfolio or liquidate some unpromising investments. Regardless, this is advocacy, shows you are on top of things, lets clients know that you are thinking about them--individually, and will go a long way to turning off any rising fears or hesitation you could not know about.
Five clients called every day will cover a lot of ground in a very short time. Advocacy binds, building trust and winning fidelity. If you believe in client loyalty, this is one great way to build it.
Another idea to use the telephone to your advantage: Record your observations on the markets (daily/thrice weekly/weekly) on your telephone answering machine. Attach it to an extension solely for this purpose. Tell your clients it's there, then when they call they can dial up that extension and hear your message. Don't have an extension? Record your thoughts and make them what people hear when they are on hold or when you cannot answer the phone. ONE or TWO sentences will do. Let them hear your voice. (NOTE: You may have a compliance officer who will not allow this. S/he is there to protect you as well as the broker dealer. There are so many marketing ideas that can demonstrate your competency, expertise and warmth that losing this one should not bother anyone!)
