Client Conversation Centre

They want to know you understand and empathise with their feelings. Getting the emotional and human side of the conversation is probably the hardest but the most important in terms of calming their fears and anxieties. Market volatility is only part of what is causing client concerns. Health concerns and family responsibilities are also on the forefront of many clients’ minds. Don’t feel the need to solve their challenges immediately. Rather, Ask, Listen, Empathise.

Ask open-ended questions to understand their top priorities and immediate needs.

While you may have worked to prepare your clients for inevitable market volatility, emotions can be, well, emotional. All team members should be prepared to support clients during this time of uncertainty. Responsiveness, empathy and authenticity can go a long way in putting clients at ease. When fear is at its highest, a consistent, personalised message can in-still reassurance and confidence.

One of the primary obstacles to investor success is not investment performance, but investment behaviour. Your ability to manage clients’ emotions and expectations during this time will be what sets you apart and is likely to set them up for long-term investment success.

When addressing clients’ market-related questions, drop the jargon and resist being too technical. Have a thoughtful and consistent core message for clients to help them focus on what matters most. After all, most clients will simply want to know: How is the market environment likely to impact my life. Am I, my family and my future going to be ok?

Letting your clients know that you are willing to talk to the people they care about will provide entry into their inner circle.

With many individuals working from home in the short-term, embracing technology will help you be present for your clients. Note that virtual conversations are typically much more impactful if you can observe body language. Consider technologies like Facetime, WhatsApp, Zoom and Skype that allow you to see the client while you are speaking with them.

Ensure that clients’ portfolios are still in line with their long-term plans. Portfolio allocations have likely shifted in the recent market volatility. Evaluate if any changes are needed. If all is in order, protect the plan you’ve created with the client. Making irrational decisions today can have long-lasting negative consequences on the health of a client’s wealth. By learning more about client biases and where they are on the roller coaster of emotions, you can help the client stay focused on how and why investment decisions were made in the first place.

End each day with a 5-minute team check-in meeting. Reassure them you’re all in this together, see how everyone is holding up, sync up on what happened today, and jointly prioritise and set expectations for tomorrow.

For some team members, this might be the first period of market volatility of their career. Many are likely experiencing an unprecedented level of personal stress. Understand that mistakes might be made. Focus on the solution and course correct without placing blame. There will be a time and place later to debrief what went well and what didn’t.

Now is the time for reasonable expectations and to ensure you have a Business Continuity Plan in case of unforeseen circumstances. Schedule a 15-minute morning meeting with your team to focus on each person’s Daily Next Best Action: Determine what must be achieved today and what can wait. Encourage your team to be realistic about their goals—and not to forget to also take care of themselves and their families.​

What are the intentional changes the team is making to respond to this unusual environment? What should the team say, what should they offer to clients? Role playing likely conversations can help prepare team members and empower them to work for the benefit of the client while representing the team well.

Define and communicate to your team what types of client calls should be immediately escalated to you, which ones the team can handle, and which conversations can be postponed for a later date. You may be experiencing a temporary lull in client call volumes as clients are busy addressing the highest priority person and family issues in this changed environment. But be prepared for a likely increase in calls as the reality and impact of market volatility begins to sink in. Empathy, authenticity and responsiveness go a long way toward putting clients at ease.​

Your business priorities have likely shifted over the last several weeks. Decide as a team what has to be done immediately and what can wait.

In addition to the daily 5-minute stand-up meeting and the 15-minute morning meeting, formalise communication channels to ensure required tasks are completed and that all members are taking ownership for critical tasks. Have a defined communication structure to determine who is Responsible for certain tasks, who has to Approve, who should be Consulted and who needs to be Informed. This sort of structure and transparency will help team members stay on the same page and ensure critical tasks do not get missed.

If you expect team members to take ownership, you must empower them to make decisions. The formal communication process in item 7 will allow you to trust but verify.​

Make new business development part of the team priorities. Offer to clients that you are available for consultations with friend and family who are concerned. This opportunity to win business from the competition will never be better.

Reach out to your Russell Investments dedicated regional team for support: Whether it’s guidance on crucial client conversations, analysing portfolios, framing market commentary in a client-friendly manner, or accessing business solutions tools and resources to run your business like a CEO—we are your partner.