Every morning, our partner firms join a call to discuss the markets, business operations, troubleshoot challenges, and hear the latest we are providing for them. As uncertainty strikes the U.S., both from a public health perspective and a market perspective, we’ve decided to share these calls to help you adapt to the constant changes advisors are facing. 

 

Today Paul West, Managing Partner at Carson Wealth, discussed how we can talk about the current market with our clients:

  • Start with Empathy: First and foremost, listen to your clients and ask them about their feelings on the market environment. You’ll likely get one of two answers: very worried, or very opportunistic. You must consider their feelings so you know how to lead the discussion going forward.
  • Rationalize and Visualize: It can be helpful to show long-term projections – all the way through retirement. As clients fear they may run out of money in retirement, showing them what happens when they move their assets out of the market vs. if they stay in can be reassuring.
  • Use Tangible Examples: One example Paul likes to use is buying a house. If you buy a house for $750,000 and six months later the estimate is $700,000, would you sell? The answer is probably no. Now if you wait another six months and the estimate is $800,000, would you feel better about your investment? Yes. Using tangible examples like a home purchase to help clients approach the market with less anxiety.
  • Bookend Your Conversations: As quarantines and remote work continue to rise, more and more people will be watching the news channels – especially with no sports to watch. This can lead to fear or panic until the bear markets end. Just as you open your discussion with empathy, you must close with confidence. If you convey fear of the markets, your clients will echo your emotions.

Want to Join the Call?

Carson Partners are included in a daily web conference, where they hear from industry experts and catch up on the latest news. The more you’re informed, the better you can serve your clients. Partners are supported with research and market analysis, as well as marketing, back-office support, compliance, and the latest technology.

Interested in partnership? Schedule a complimentary consultation today.

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