Do you have the Bear Market blues? Many advisors are feeling the pain of the down market. But there are those out there who aren’t feeling the pain. Who are these lucky souls? They are those who have commited to build a business based on their best relationships. While many clients will call you in a panic because their portfolio dropped 14% in the last week, the advisors who have invested the time to develop solid and trustworthy relationships with their clients usually don’t get the flack. They are also proactive in contacting their clients to check in and see how they are faring through the rough storm. In turn their clients are greatful and more importantly, rest assured that their account has a watchful eye on it.
Most of these same advisors also work with a business coach who can keep their head cool in hot times. Their coach also helps them prioritize to focus on their best relationships because retaining clients is a lot easier to find replacements. Their coach is someone who continues to move them forward even when it feels the market feels like it’s sliding backwards. These advisors have spent the time carfully developing a business by design, rather than a reactive business by default.
75% of our clients work in the financial sector in some capacity (advisors, wholesalers, insurance brokers, real estate and mortgage professionals). Almost all of them have not allowed the bear market to effect them or the direction of their business. They are confident in the businesses they have created because of the relationships they have created.
When you are faced with the fear of contacting an angry client or a client who’s portfolio is down, don’t allow the fear to cower you in a corner. Step up with the confidence that you are doing the best of your ability for your clients, that you have your clients’ best interest at heart and that regardless of how good you are, you don’t have control over numbers on the ticker.
As with all things that cycle, this too shall pass….
