By Bryce Sanders
It’s hard to believe we were all going about our business on Valentine’s Day. Then suddenly, it seemed, everything changed. Restaurants and bars are now closed, and gatherings of more than 10 people are forbidden. You are told for your own safety to stay inside your own house. And the information from the media gives us reason to believe that things are getting worse by the day.
As an experienced financial professional, you know the importance of staying in touch with your clients. You are probably doing that right now through a wide variety of digital devices. You are also sharing with your clients all the financial research you have at your disposal to help keep them calm.
But how are you staying calm yourself? The following points will help get you started.
- Put things in perspective. During World War II, the British endured nightly bombing raids, food rationing and the threat of invasion across the English Channel. They got through it, with a good attitude. We can get through the Coronavirus pandemic here in the U.S.—and with a good attitude.
- Remember U.S.’ top-rated medical research. Most would agree that the U.S. has some of the best medical care in the world, It may be expensive, but it’s the best. We have many drug, pharmaceutical and biotech companies. We have many, many bright scientists. Don’t you think everyone in the world is racing to find a vaccine? Scientists share data. And remember that when America puts its mind to it, we get things done.
- Don’t forget the might of the American Economy. Everyone talks about “FAANG” or Face Book, Amazon, Apple, Netflix and Google (Alphabet.) The U.S. economy consists of more companies than these, many of whom have been around for a long time. Johnson & Johnson was founded in 1886, Pfizer in 1849 and Proctor and Gamble in 1837. There are many companies that have ridden the cycles of the economy and survived. They know what they are doing.
Proactive steps to take right now
Meanwhile, as we deal with one of the most disruptive crises most of us have experienced in recent years, here are a few things you can do to lessen the tension for you and your clients.:
- Don’t binge on TV news. Watch it, but not all day.
- Don’t obsess over the stock market. There are some things that are simply beyond your control.
- Please support your local charity.Keep in mind that your local nonprofit or charitable organization is most likely not hosting its fund-raising gala or event and religious services have been put on hold. But their bills still need to be paid. So, send them some money with a few clicks and let your clients know what you are doing. This lets them know that you are doing something to help and they will appreciate it.
Additional article links:
(1) MDRT Blog – Selling insurance when the market is down. https://www.imdrt.org/blog/selling-insurance-market-down/
(2) Think Advisor: “Should You Call Your Clients When the Market Tanks? Of Course.” https://www.thinkadvisor.com/2020/02/27/should-you-call-when-the-market-tanks-of-course/
(3) Think Advisor: “What Can Insurance Agents Do During Stock Market Declines?” https://www.thinkadvisor.com/2020/02/28/what-can-insurance-agents-do-during-stock-market-declines/
Bryce Sanders is president of Perceptive Business Solutions Inc. He provides HNW client acquisition training for the financial services industry. His book, “Captivating the Wealthy Investor” can be found on Amazon.