Coronavirus: An Opportunity for Financial Advisors to Strengthen Client Relationships

Coronavirus - An Opportunity for Financial Advisors to Strengthen Client Relationships

As I write this after the market close on March 9th, 2020, the Dow Jones Industrial Average is down 1,800 points on the day, for a loss of 7.8%. The S&P 500 is down by 7.6% – the worst single day on for U.S. equities since the 2008 crisis.

This Monday loss follows some significant volatility late last week that already had a lot of investors on edge.

No doubt, most of you advisors out 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. As a matter of fact, you as financial advisors may well not have as great an opportunity to add value for your clients for a very long time as you do today.

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What to Do in The First Client Meeting

What to Do in The First Client Meeting

Meeting with a prospective client for the first time makes many advisors nervous. It’s your big opportunity to influence people to do business with you – or lose them forever. It’s essential to be prepared so that you come across as likeable and reliable – someone they can trust to oversee their finances and establish their future security. Here’s how to do that.

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12 Questions Great Financial Advisors Ask

12 Questions Great Financial Advisors Ask

Being a professional Financial Advisor is quite challenging as there are plenty of financial professionals trying to sell nearly the same inventory. So the question really is: what would set you apart from your competition? What would make you a Great Financial Advisor?

I believe one thing great Financial Advisors are known for is finding a well-rounded financial solution for each client.

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Never Forget That Your Client’s Original Goal Was to Beat the Bank

Client Expectations - Beat the Bank

I’ve been mingling with clients for years and it never fails to shock me just a bit to hear how simple both their goals and their reasons for investing really are. For the most part, clients simply want to beat the bank, especially in low interest rate environments. They want to educate their children and build a retirement fund. That’s it. They aren’t trying to hit home runs. They are trying to hit singles and doubles. You can deliver singles and doubles all day long.

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Care More than People Expect You to Care

Don Connelly audio blog post

When people get poor service, they are not the least bit surprised.

People no longer expect good service except in the very finest of establishments, places where they willingly pay a lot in exchange for that good service. Mediocrity is the new standard.

That opens an enormous door for you. Once people get used to mediocrity, anything above mediocrity stands out.

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You Are Not Paid to Be Right All the Time

Don Connelly audio podcast

As the markets become more and more complex, keep in mind that not everything you recommend will work out. It’s okay to feel badly when something doesn’t work. It’s not okay to feel guilty.

One problem with feeling guilty is that we tend to doubt ourselves. Your clients don’t deserve that. They desperately need you to have confidence in yourself. Have an opinion and be there for them. That’s hard to do when you feel guilty.

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