This weekend, I boarded my flight to go home after delivering a workshop. As we were on the tarmac, the Captain welcomed us and warned us that it would be a bumpy ride.
Once again we find ourselves in a time of financial turbulence. This can be very frightening for your clients.
How do you help your clients through times of financial uncertainty?
Think about what makes things better for you when you are a passenger and your plane runs into turbulence. It’s comforting to hear over the loud speaker, “This is your Captain. Just want to let you know you we’re in for a bumpy ride. Sit down and fasten your seat belts. We should be out of this rough patch in about 30 minutes.”
The Captain cannot control air conditions; however, his actions impact your experience.
During times of financial turbulence, your clients look to you for leadership. Step up and act like the Captain. What does this mean?
Spring into Action
Here is how you can translate the concept of leadership into a to-do list.
According to Gary Chapman, there are 5 “love languages” with which people deliver and receive the "I care" message:
Be Guided by a Client's Pain Personality ©
Understand that different clients respond to pain differently. As a surgeon I noticed five patterns of responses I call the "pain personalities". I believe that this pain personality is shaped in childhood and is largely unalterable. Each needs something different during turbulent times.
Look to the Past
If clients are behaving in a highly emotional or uncharacteristically irrational way, ask them about financial traumas in their past. Changes are good that they are responding to the past rather than the present.
Look to the Future
Offer your predictions about how and when the turbulence will resolve. Clients know that you do not have a crystal ball; however, you know more about market behaviors than they do.
This is When You Earn Your Fees
Clients may love you when the markets are strong; you become a hero in their eyes during times of financial turbulence.
Thank you for doing your job!
© 2020. Vicki Rackner MD. All rights reserved. You may reproduce this blog post with the following by-line.:
Vicki Rackner MD is an author, speaker and consultant who offers a bridge between the world of medicine and the world of business. She helps financial advisors acquire physician clients, and she helps physicians run more successful practices. Contact her at (425) 451-3777.