We know this is a stressful time for clients and advisors alike. In our recent webinar, we brought together three industry thought leaders to highlight how advisors can address the market changes and coronavirus with their clients and calm their fears during this time.

In this recorded webinar, FMG Suite’s Compliance Chief Mike Woods moderates a discussion with three expert panelists:

  • T. Eric Reich, CIMA®, CFP®, CLU®, ChFC®. President and Founder, Reich Asset Management
  • Nina O’Neal, Partner & Investment Advisor with Archer Investment Management
  • Julia Carlson, Founder of Financial Freedom Wealth Management Group

In conjunction with this webinar replay, we are providing four pre-written letters and a communications checklist to help you stay ahead of this crisis.

Click the links to download:

In anticipation of future market changes, we will be hosting a follow-up webinar on April 2, to address any new updates on COVID-19 and the markets. RSVP here.

While we suggest tuning in to the entire presentation for their insight on how to structure conversations, addressing risk, business continuity plans, and more, this recap will help you get started on your client communication right away. 

Guide to Client Communication During Coronavirus & Market Changes

1. “Communicate, Communicate, Communicate”


All three of our panelists emphasized the importance of regular communication with your entire network – clients and prospects alike. 

As Julia Carlson explained, “it’s easy to get overwhelmed and not do anything, but that’s the worst thing you can do right now.”

Start with an email that addresses what’s going on in the markets, and why. Send follow-up communications as things change, or at least weekly. You can send pre-written emails from the FMG Suite content library, content from your broker/dealer, or other content sources if you don’t have the ability to create it yourself. 

Follow-up your emails with similar posts to social media, which can provide shorter updates or provide links to content on your website. 

If you are not reaching out to your clients, likely another firm is. Already since the crisis began, Eric Reich was able to convert a prospect into a client with Reich Asset Management. She left her previous advisor and firm because Eric was keeping her so well informed. This is why you want to make sure both clients and prospects are receiving your messages.


2. Make it Personal


While starting with pre-written content that is sent to your entire network is a good way of getting ahead of the crisis, you may find you need to send more personalized communications.

After sending over six pieces out via email and to local publications, Eric and his team created individual messages to each client that walked them through their individual account and how it was affected. Alternatively, you can follow the actions of Nina and her team, who looked at their client list and prioritized those who were most severely impacted, including those who own businesses. They reached out to those clients and checked to make sure they had seen the recent news and were feeling okay. These types of personalized communications are key to maintaining your relationships in times of crisis.


3. Introduce Remote Meetings


Many offices have already gone remote, or clients and prospects themselves are requesting remote meetings. Though you may prefer to meet face to face for these meetings, it’s important to consider the risks and follow best practices, which likely means jumping on a video call with Zoom or Google Hangouts. 

You could consider hosting a weekly webinar call that any client can join, like one current FMG Suite subscriber is practicing. You can discuss the market, and answer questions, and stay in communication without needing to call each client individually. 

If your office does close and go remote, inform your clients that you’re still prepared to serve them, and provide instructions to help them get in touch. Don’t forget to update your hours and new meeting rules on your website and via email and social media. 


4. Reassure Your Clients


You likely will have tough conversations with your clients in the coming weeks, as they come to you for help and guidance. Julia encourages you to listen generously to their concerns during these communications. She and her team reassure their clients “you’ve trusted us, we have your best interest at heart, so look to us to guide you on this path.” 


The situation is changing constantly, so keep an eye on the new section in your FMG Suite content library, “Timely Content.” We will be updating it regularly with new timely emails you can send your network to keep them informed. As always, please contact our team at [email protected], or [email protected] for specific customer support questions. 

The opinions expressed in this commentary are those of the author and may not necessarily reflect those held by Kestra Investment Services, LLC or Kestra Advisory Services, LLC. This is for general information only and is not intended to provide specific investment advice or recommendations for any individual. It is suggested that you consult your financial professional, attorney, or tax advisor with regard to your individual situation. Comments concerning the past performance are not intended to be forward-looking and should not be viewed as an indication of future results.
Securities offered through Kestra Investment Services, LLC (Kestra IS), member FINRA/SIPC. Investment advisory services offered through Kestra Advisory Services, LLC (Kestra AS), an affiliate of Kestra IS. Reich Asset Management, LLC is not affiliated with Kestra IS or Kestra AS.