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| How to Reach Out to Clients in Times of Turmoil |
| by
C. Marie Swift
| 11-13-08 |
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"We have to be mindful that our clients are inundated with bad news 24/7 and may feel fearful," he said. "Of course, sometimes as I listen, my clients answer their own questions. In that case, our job is to counsel them that the news stories focus on what happened in the last 24 hours, not over five years, and that they should continue to focus on what they can control and forget the noise."
Bottom line? In a volatile market, investors have three choices--panic and sell, stay the course, or invest more money to take advantage of the decline. Because, historically, the person who sells loses over long term, and financial advisors must convey the "we've seen this movie before" story to clients. With the historical perspective to put recent market events and the value of a diversified portfolio in context, clients will understand the wisdom of staying the course and remain on track to meet their goals.
To listen to the interview I conducted in October with Cooper, Patrick, Glubiak, and Wyatt, visit my Best Practices in the Financial Services Industry blog.
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C. Marie Swift is principal of Impact Communications, based in Leawood, Kan. A marketing communications professional, she's been helping advisors make better branding and marketing decisions since 1988. Additional resources and ideas are offered on her Web site, www.impactcommunications.org. Please e-mail comments about this article to marieswift@impactcommunications.org.
The author is not an employee of Morningstar, Inc. The views expressed in this article are the author's. They do not necessarily reflect the views of Morningstar. |
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