June 27, 2022 / by Don Connelly / Investing Wisdom / 0 comments
Financial advisors play a vital role in helping clients achieve their most important financial goals. But where they really earn their fees is during times like these, when helping clients navigate the choppy waters of extreme market volatility. Clients look to their advisors to guide them through scary times and reassure them that everything will be okay.
Emotions run high when the market turns volatile. When stressed, humans instinctively want to do something and take some kind of action to reduce or eliminate the threat. That’s when mistakes typically occur. The value of a financial advisor rises in direct proportion to the anxiety levels of their clients, who look at volatile market swings as a threat to their financial security. The critical role of financial advisors is to keep their clients from making costly behavioral mistakes. During periods of extreme market volatility, there are some things advisors must do and things they should avoid doing to maximize their value to their clients. Here are a few.
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Winning the “Why Do I Need a Financial Advisor” Argument
April 24, 2023 / by Don Connelly / Best Practices / 0 comments
Long before it became a field of academic study, legendary investor Benjamin Graham knew a thing or two about behavioral finance. Graham went on to say, “In the end, how your investments behave is much less important than how you behave.”
For financial advisors, understanding how emotional and intellectual processes combine to influence investors’ decisions offers the opportunity to help their clients avoid costly mistakes and optimize investment outcomes.
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5 Things Nervous Clients Need from You
July 4, 2022 / by Don Connelly / Best Practices / 0 comments
Let’s chat about the backbone of the business, client relationships. Client relationships are fragile. As soon as their money’s exposed to volatility, clients are on an emotional roller coaster ride and they need a lot of attention. And all too often, we get caught up in the details of products and services we’re offering to notice that our attention may have slipped. And I can tell you without hesitation that the minute your client feels your service is no longer personalized, he or she becomes your competition’s best prospect.
Watch this video episode or read the transcript below to learn a few ideas on how to make sure your clients hold you in high esteem.
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Financial Advisor Do’s and Don’ts During Extreme Market Volatility
June 27, 2022 / by Don Connelly / Investing Wisdom / 0 comments
Financial advisors play a vital role in helping clients achieve their most important financial goals. But where they really earn their fees is during times like these, when helping clients navigate the choppy waters of extreme market volatility. Clients look to their advisors to guide them through scary times and reassure them that everything will be okay.
Emotions run high when the market turns volatile. When stressed, humans instinctively want to do something and take some kind of action to reduce or eliminate the threat. That’s when mistakes typically occur. The value of a financial advisor rises in direct proportion to the anxiety levels of their clients, who look at volatile market swings as a threat to their financial security. The critical role of financial advisors is to keep their clients from making costly behavioral mistakes. During periods of extreme market volatility, there are some things advisors must do and things they should avoid doing to maximize their value to their clients. Here are a few.
Read more