With Stocks Plunging 3% So Far Today, What Do You Do Now?

 

With the Dow Jones Industrial plunging as much as 373 points earlier today, now is the time for you to focus on client retention and marketing. Here are seven ideas to help.
 
1.     Communicate. Advisors who communicate with clients now will come out ahead. Reminding clients that they have a long-term strategic plan is crucial to avoid silly human behavior, emotional overreaction to bad news, and decisions about long-term issues that are based on short-term thinking.  
2.     
History Not Repeating. Remind clients of the dark days of October 2008. Wikipedia, the St Louis Federal Reserve,  Fox Business News have timelines about the crisis. They tell a story showing that the economic events of 2007 and 2008 are different from what is happening now.
3.     
Fight Instinct. After the economic crisis, the market rebounded. Investors who stayed the course fared better than those who panicked and sold amid the bad news. This happens in every economic cycle.  See Fritz Meyer’s webinars.
4.     
Blog or Email Daily. Find an article at the close of the markets daily from a highly reputable source that is consistent with your point of view and email it or make it a blog entry. Even if it is just five or 10 sentences, clients need to hear from you now.
5.     
Webinars. Conduct a webinar once a week or every other week going over your daily emails and blog entries. While it is just recapping information you have already sent clients, some will prefer to consume this information only that way. Post the replays on your website. If compliance prevents you from making it public, as your BD if you can post it behind a password protected page on your website.
6.     
Marketing Opportunity. Fear is motivating investors to look for help. That is an opportunity to find new clients. In addition to stepping up client retention efforts, now is the time to find new clients.
7.    
Stop And Think. Every morning, before you start answering the phones, writing emails, and checking the markets, take 15 or 30 minutes to think about what you are going to do that day. Connect your activities to your long-term strategic goals.   

 

 

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