We all know it’s coming. How can it not? Like gravity, a market downturn is a natural law of physics.
So, what happens when the bear in your backyard decides to come inside and roost?
Are your clients emotionally prepared for when this monstrous bull that is our market stops its wild rampage?
More importantly, are you prepared for it?
“Failing to plan is planning to fail.” – Dwight Eisenhower
The dip in January was our warning sign that a massive bear looms large in our future. Perhaps it’ll come out of hibernation this year. Perhaps not. But one thing’s for sure: it will come. And to survive it you need to prepare your practice for when it does.
If you are not prepared for it, then when the market drops, you will spend your time doing the following:
- Comforting nervous clients – in all honesty you will spend FAR too much time doing this. Way more time than needed had, you prepared your clients for this.
- Stressing out your lower-tiered clients – as you will not be as available for in-person meetings or calls, as you review portfolios and do your due diligence.
- Crossing your fingers – as you watch your outside model positions drag the value of your client portfolios and hope these aren’t the kiss of death.
- Volunteering for an Income Reduction Plan – as you won’t have time to really prospect, so your paycheck will drop in lockstep with the market.
That’s the bad news.
The good news is that you can do something RIGHT NOW to avoid all that monkey business.
- How to create common sense Client Service Models that really represent your client base and isn’t tiered nonsense based on assets alone.
- A formula you can deploy to prevent other advisors from poaching your clients.
- A strategy to convert clients into advocates so when the downturn happens you have a little army of client prospectors doing half your work.
- And finally, we’ll talk about what will happen when your competitor’s clients start looking for their new advisor and how to ensure they find you first.
- And as a bonus, we’ll show you what systems you need in place to quickly scoop up the unhappy clients from your competition.