Business Insights: Maintain Clear Communications and Goals

During these difficult economic times, our team feels it is pertinent to reach out to all of our existing clients and help them understand what is actually happening with the state of this economy. There is a lot of misinformation, noise and confusion, which could easily lead a client to make irrational and harmful decision. It is our job as advisors to help our clients see a clear picture. To help them stay the course, trust in their diversified portfolios and make sound decisions. 

Throughout the pandemic, our main goal was to maintain clear communications and goals for our clients. It is important that they understand that we are here to assist them in the decision-making process. We are keeping a close eye on their portfolios and on the overall macroeconomic conditions. Since the fall of 2019, our goal has been to mitigate risk in the portfolio holdings, yet still receive the benefits of maintaining a diversified portfolio without taking on any unnecessary risk. 

Part of our process was proactive outreach to our clients, scheduling phone calls, Zoom meetings and other virtual meetings at the clients’ preference and comfort level. During our reviews, we typically started by discussing their family situations and how they have been affected. Next, we covered the items they have been hearing in the news and the current macroeconomic conditions and truly help them understand what is happening with the economy. This is the point at which we go in to review their accounts, overall portfolio and any goal changes. At the conclusion of our review, we reconfirmed our relationship, recorded any adjustments and transactions, and set up our next time of contact. 

Overall, being proactive and reaching out to our clients has helped maintain our relationships. Our main goal is to ensure that our clients are comfortable, and to walk away from each meeting knowing we are watching their accounts and making appropriate adjustments as needed. During these times, it is extremely important for our clients to understand and know that we are available virtually at any time.

Randal Lupi, RPS, is with AXA Advisors. He is a 2019 Elite Advisor. 

Editor’s Note: This post is part of the Business Insights Series, in which NTSA Elite Advisors offer ideas and insights intended to offer members support and provide information concerning business opportunities. 

Opinions expressed are those of the author, and do not necessarily reflect the views of NTSA or its members.

About the Elite Advisor Award 

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