Client Conversation Center
No matter how much you prepare clients for market volatility, it typically comes as a surprise and sparks a roller coaster of emotions. Consider these client engagement best practices and resources to navigate an uncertain environment toward deeper and more trusting relationships with your clients.
Who should I talk to?
The sheer number of calls to manage during periods of market volatility can feel daunting. Who should I connect with first? How can I create a process to ensure the most impacted clients feel served?
Consider prioritizing your proactive client contact based on the client's circumstances today:
CONNECT NOW
Clients in retirement and worried clients
This client group is typically most affected financially by market volatility and may require an immediate review of their plan, and potential changes. Reassure them that you have reviewed their plan and explain any changes you recommend.
CONNECT SOON
Clients nearing retirement
Review whether these clients are still on track. Some plans may require adjustments. Let these clients know whether any immediate modifications are needed, and that you’ll schedule a more in-depth conversation soon.
CONNECT NEXT
Clients planning for retirement
Contact these clients via phone, letter or email. Encourage them to focus on their long-term outcomes and share regular updates on the markets. Let the clients know that you will be setting up meetings with them in the near future.
It’s also important to connect with clients who may not have reached out to you. Never presume that a quiet client isn’t worried about market volatility, uncertainty and other relevant issues.
What should I say?
How can you best engage your clients? Authentically ask, listen, and empathize.
When navigating uncertain environments, many clients simply want to have human, calming, effective conversations with their financial advisor. They want reassurance that you understand their priorities and fears, and that you empathize.
Cycle of Investor Emotions
Have your clients been riding the wave of emotions in the market? Gain perspective with our interactive Cycle of Investor Emotions charts.
Ride the wave
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Consider these nine best practices:
1
Listen to your clients
They want to know you understand and empathize 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. A myriad of factors, including the state of the economy, fluctuating interest rates, geopolitical tensions, and societal unrest are also on the forefront of many clients’ minds. Don’t feel the need to solve their challenges immediately. Rather, Ask, Listen, Empathize.
2
Focus on their priorities
Ask open-ended questions to understand their top priorities and immediate needs.
3
Over-communicate that you and your team are here
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, personalized message can instill reassurance and confidence.
4
Remind them of your value proposition & why they work with you
One of the primary obstacles to investor success is not investment performance, but investment behavior. 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.
5
Help your clients gain perspective
During bouts of market volatility, provide your clients with a better perspective on the long-term nature of market trends to help them overcome their short-term concerns.
6
Words matter
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?
7
Offer to talk to any friends or relatives who are concerned
Letting your clients know that you are willing to talk to the people they care about will provide entry into their inner circle.
8
Embrace technology
With many individuals either working remotely or in hybrid setups, 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.
9
Protect the plan
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.
CLIENT PREPARATION
Client review resources
Your client reviews during difficult markets can be stressful—even with long-standing clients. Preparation can go a long way to reducing that stress.
Market volatility
Navigate tumultuous times
Find additional insights, research, latest blog posts to help you and your clients navigate confidently through tumultuous times.
Managing your practice during uncertainty
During market volatility, you are likely trying to balance calming your clients’ emotions, supporting your team, managing your business, and attending to your own personal and family situation. That’s a lot to juggle!
Consider these prompts to help you stay productive while managing these multiple priorities:
Focus on your clients, your team, and yourself
People, Perspective, Priorities and Optimism. Put your people first—support them, listen, and keep them engaged. Maintain a clear perspective by focusing on what you can control and adapting to what you can’t. Set priorities that keep the team aligned and moving forward, even when the path isn’t clear. And above all, lead with optimism—confidence and resilience are contagious, and your team will take their cue from you.
Emphasize client-centric engagement
Take the time to reconnect with your clients on a deeper level. Turbulent times often shift financial goals, risk tolerance, and overall outlook, so it’s essential to re-discover what truly matters to them now. Engage in meaningful conversations to reassess their priorities, provide clarity, and reinforce your role as their trusted advisor. By actively listening and adapting strategies to align with their evolving needs, you not only strengthen the relationship but also position yourself as their steady guide through uncertainty.
Look to the future like a CEO
Unexpected challenges can often be catalysts for growth and innovation. As an advisor, adopting a CEO mindset means looking beyond the immediate turbulence to identify opportunities for long-term improvement. Evaluate your practice with a strategic lens—streamline operations, enhance client engagement, and implement technologies that drive efficiency. Continuously refining your processes and business model will not only improve profitability but also create a more resilient and sustainable practice that can weather future uncertainties with confidence.
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Business solutions
We’re here to support you with the tools and insights you need to navigate challenges and grow your business. For additional resources and solutions tailored to your needs, explore how our Business Solutions team we can help you move forward with confidence.
Find the right solution for your practice
How can I help my team more effectively navigate an uncertain environment?
The best leaders put their People first, provide Perspective, clarify Priorities and lead with Optimism.
Here are nine ways you can implement these leadership principles for your team:
1
Meet with your team
Market volatility can disrupt the harmony and flow of a team. Be sure to set up a cadence of meetings to openly communicate, problem solve, and align on client priorities.
2
Hold each other up
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.
3
Focus on what you and your team can control
Revert to your team executing your existing client service model for proactive and reactive engagement. Determine what must be achieved today and what can wait.
4
Make sure the team understands the message to clients
What are the intentional changes the team is making to respond to this uncertain environment? What should the team say, what should they offer to clients? Roleplaying likely conversations can help prepare team members and empower them to work for the benefit of the client while representing the team well.
5
Put in place a call-escalation policy
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. 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.
6
Establish team role clarity and transparency
In addition to daily meetings, formalize 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.
7
Empower the team
If you expect team members to take ownership, you must empower them to make decisions. The formal communication process in item 6 will allow you to trust but verify.
8
View this as an opportunity to win new business
Make new business development part of the team priorities. Offer to clients that you are available for consultations with friends and family who are concerned. This opportunity to win business from the competition will never be better.
9
Leverage your resources
Reach out to your Russell Investments dedicated regional team for support: Whether it’s guidance on crucial client conversations, analyzing 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.
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