We’re living in the midst of a global crisis. While coronavirus restrictions are slowly but surely being lifted to accommodate a new normal, uncertainty looms large and businesses must find new ways to conduct business as usual in the face of the unusual.
As an advisor, you know that even when the investment landscape is rocky, investors must continue to look to and plan for the future, but how can you inspire your clients to make rational decisions when they’re consumed by the chaos that is life in the time of COVID-19?
Make Real Connections
Clients are rightly nervous, and making sense of their personal situations takes priority over their investments. Right now, they’re not looking to you for a play-by-play on the best stock of the day or even how their stocks are performing. They’re looking to you for hope. It’s your job to instill confidence — both in your expertise and in their long-term financial futures.
Many advisors we have spoken with are struggling to redirect their clients’ attention towards wealth planning in order to help them make effective decisions. Here’s what we’re telling these advisors: lead with empathy, not facts and stats.
It’s time to show your clients that you understand the challenges of their unique circumstances, and demonstrate how you’ve helped others recover from similar circumstances. Many clients find it hard to share bad news. When you connect their current experiences to the experiences of others, you help them realize that they’re not the only ones struggling to handle a changing environment. This leaves them more inclined to share their concerns with you, which in turn reduces stress and leaves them more open to refocusing on their longterm goals.
Storytelling Allows You to Establish Yourself as a Trusted Advisor
It positions you as an expert — one who is able to identify and manage whatever financial challenges arise. By creatively exploring the topics that most resonate with your clients during difficult times, you can help replace any sense of doom with peace of mind and break down the barriers that are preventing them from moving forward.
Tell Stories That Demonstrate How You Can Make Their Lives Better
Remember that while you may find market analysis fascinating, the only thing that interests your clients right now is navigating today’s hurdles so that they can acquire the means required to achieve their goals and stay on track in a volatile world. How can you speak to their interests versus your own?
What experiences can you share to show that the financial impact of poor health, unemployment and/or any other hurdles they’re facing are surmountable? What subject experts can you partner with to address their pain points? What stories can you tell to convey your approachability so that they know they can come to you not only when they have money to invest, but when they don’t?
Storytelling Is a Valuable Marketing Tactic
Like all relationship development tactics, it needs to be managed strategically if it’s to be effective. With this in mind:
Prepare before you share. It’s important to ensure you’re conveying the right story to the right target audience at the right time. Review your clients’ history and goals, and look at how they have dealt with previous crises to ensure your message and narrative are on mark for their situation.
Keep your objective in mind. You’re not telling stories for the sake of it. You’re telling stories to inspire trust and promote a dialogue. When your clients respond, listen so that you, in turn, can respond in alignment with their perspective.
Make sure you have sufficient resources and infrastructures in place, especially when face-to-face meetings are discouraged, or when clients simply don’t have time to talk directly. Strategic communication through social media platforms, email marketing, corporate videos, and teleconferencing are all great alternatives for extending your message and connecting through stories, especially during this time. Invest in them as wisely as you would in any other marketing channel and you will see a return on your investment.
Remember, empathy and emotional connection are key. Follow up with authenticity, not attachment to the outcome. Clients will see right through the latter, especially during times of crisis.
Out of Adversity Comes Opportunity
In times of crisis, effective communication becomes essential for financial advisors navigating the uncertainties of a pandemic. Crisis communication and management are not just about facts and figures; they are about forging genuine connections through the power of narrative. As an advisor, your role extends beyond market analysis to becoming a symbol of hope and understanding for your clients. By employing storytelling, you can bridge the gap between the chaos of the present and the promise of a stable financial future. Share narratives that resonate with your clients' experiences, demonstrating empathy and showcasing how you've guided others through similar challenges. This storytelling approach not only positions you as a trusted expert but also helps build brand loyalty by connecting on a personal level.
In the current environment, where face-to-face interactions may be limited, leverage various communication channels—social media platforms, email marketing, corporate videos, and teleconferencing—to extend your narrative and maintain a meaningful dialogue. Seize the opportunity to differentiate yourself, instill confidence, and reinforce long-term relationships, emphasizing that, even in adversity, there lies the potential for financial growth and security.
