Here are the most important approaches I have taken in response to the COVID-19 pandemic.
1) We immediately reached out to every client personally. This required three of us to send about 10 emails per day (30 per day) to our top clients requesting a phone call or Zoom meeting. This was done in about 14 days or so, and my calendar was pretty much filled up for about six weeks doing those calls/video chats. It was great, and I might do that again.
2) I asked for referrals. I told people that not everyone has a financial advisor or someone they can trust and there are many, many people feeling anxious about money these days. So I told people that if it came up in conversation, I would gladly talk to anyone who needed some help or advice.
3) I rebalanced portfolios. After interest rates dropped (money market and Treasury bonds near zero), I told clients we needed to adjust to this new world: the Federal Reserve and Congress pumping money into the system like never before—and a likely vaccine coming in 2021 and how we needed to prepare for an upwards trajectory on prices of all risk assets. Clients want an advisor who takes action and want to feel like that advisor is helping them make good decisions.
4) I listened and validated feelings. I let people vent if they wanted to, and I talked to them as long as they wanted to—loneliness is real during this time. People need to feel connected to other people so in many cases; I just wanted to be their friend. I also was not afraid to share with them how I struggled working from home, and that I worried for my kids’ mental health as well. I would joke that I had a beer in front of me (which I didn’t, haha) while we were talking and that my house was the least productive place that I knew.
5) I would try to focus on the good. I think it was important with all the negative news (especially here in Minneapolis) that we would talk about something good about their life: how their family was healthy, or how they could still take that trip maybe in 2021, or just the fact that life wasn’t so busy anymore and it was nice to just breathe.
6) I worked seven days a week. I basically responded as soon as I could to any message, even on Saturdays and Sundays. I found myself with lots of time on my hands, and missed all my client relationships. So I just got in the habit of working every day as long as I had work. And I might make this a habit to some degree. Clients appreciate prompt replies very much, and it also makes Monday way easier.
Josh Decker, CFP® is a Financial Advisor with EFS Advisor. He is a 2016 Elite Advisor.
Editor’s Note: This piece 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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WOWcasts Available
Decker was featured in the 3rd WOWcast Series. Part I is here; part II is here; part III is here.
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