4 Ways to Help Ease Client Anxiety
Though the markets have been resilient, warning signs are flashing. Wages have been stagnant for a long time, the effects of tariffs are starting to be felt by consumers, the geopolitical picture of the world is bleak, and political strife could impact the markets at any moment. Your clients are likely anxious, and it is your job as their financial steward to ease that anxiety. Here’s what you can do.
1. Above All, Communicate
Client communication is the solve for most problems advisors face. Being available to hear concerns and talk through problems is a big part of the job. But communication goes beyond that. You need to keep your clients aware that you are thinking about their assets and protecting them. We go as far as producing Monthly Market Outlook videos so clients can hear our take on the financial news of the moment. This assures clients that we are not asleep at the wheel and taking in everything that happens.
2. Have Multiple Plans
Having a plan of action is, of course, mandatory. Having multiple plans is better. Being able to tell clients what you think could happen and how you would react if it does can help clients feel like you have thought through every possibility — because you have. Now, the market has the ability to catch anyone flatfooted, but if you’ve done the work and have courses of action in your pocket, you’ll have the expertise and flexibility to adapt.
3. Don’t Dismiss Client Anxiety
It can be easy, in assuring an anxious person, to accidentally dismiss their concerns. Listen fully and take the concerns in. Your clients don’t need to hear “don’t worry about that.” They need to hear, “That’s a legitimate concern, and it has kept me up at night as well. I’ve got a plan for how I would deal with it if it happened.” Being able to put yourself in their shoes, even as you explain your solution, helps the medicine go down easier than simply dismissing the concern because you have a solution.
4. Shore Up Your Weak Points
We all have blindspots and gaps in our knowledge and capabilities. Knowing what yours are can help you strategically adjust and seek out partnerships. Shoring up your weak points also helps you focus on your strengths. As someone trained for television, my firm’s update videos have been some of our most important assets for keeping our clients calm amid the uncertainty. If you feel your firm could use some bolstering on the client communication front, don’t hesitate to reach out.
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