The headlines scream that a recession may be coming, and the market volatility is enough to make anyone’s stomach churn. But in the uncertainty, there’s a great opportunity for advisors: deepen your client relationships through meaningful planning.
The Power of Planning in Turbulent Times
A recent study confirms what we’ve long suspected: clients with a solid financial plan feel significantly more confident and on track, even when the market throws curveballs. Why? Because planning isn’t just about spreadsheets and projections; it’s about providing a sense of control and clarity in an uncertain world.
It’s About the Experience, Not Just the Returns
During a down market, clients are naturally anxious. They’re looking for reassurance, guidance, and a sense of direction. This is your chance to shine. It’s not just about managing their portfolio; it’s about managing their experience.
Here’s how:
- Focus on Discovery: A recession forces people to confront their priorities. Use this opportunity to guide your clients through a process of self-discovery. Help them re-evaluate their goals, values, and vision for the future.
- Deep Listening and Understanding: When a client feels understood, and that you are helping to get them where they want to go, they’re more likely to trust you and stay loyal. This is the foundation of a long-lasting relationship.
- Goal-Centric Planning: Don’t just talk about the market; talk about their goals. What are they truly striving for? Why are those goals important? What resources do they have? What obstacles might they face? What is their readiness to take action to achieve those goals? By focusing on these things, clients will see that you’re in their corner.
- Uncover Core Values: Find out what truly drives them by taking them through a values exercise. This will help you tailor your advice and honor those values along the way.
- Paint a Vision for the Future: Help your clients visualize their ideal future, even with the current challenges. This provides hope and motivation.
Your Toolkit for Success
To effectively guide your clients through this process, you need the right tools and strategies. This is where your unique process can be highlighted.
- Emphasize your process for helping clients define their goals, including the “why” behind those goals (See our GISOR Model™)
- Explain your method to get at their core values (See our Values Card Exercise)
- Show how you help clients develop a clear vision for their future (See our Vision Questions)
Turn Uncertainty into Opportunity
A down market is a stress test for both your clients’ portfolios and your client relationships. By focusing on planning, you can transform uncertainty into opportunity. You’ll not only help your clients navigate the current challenges but also strengthen your bond and solidify your position as their trusted advisor.
