In this time of fear, uncertainty and unsettling market volatility, talking to clients can be dificult for many mutual fund distributors. Yet that is exactly what MFDs need to do, as clients desperately need handholding in these trying times.
In fact, effective communication with clients right now may be the single most important way to make a difference and ensure the long-term health of your business. A whitepaper published by CommonWealth Financial Network notes that by providing a steady voice, you may find yourself in a position to delight your existing clients, attract prospects and propel your business forward even in shaky markets.
The whitepaper suggests 4 useful strategies to effectively communicate with clients.
Keep it simple
In times of stress, people process less information. Therefore, whether you communicate by phone, social media, email or video, be sure to have only one clear message in mind. Trying to make too many points can cause confusion.
You can also use a chart or data element to strengthen your message but only if it’s easy to understand. The goal should be to clarify not confuse.
Be proactive
Don’t wait for a return to business as usual. During tumultuous times, a predictable communication approach can help clients feel a greater sense of control.
Set a standard, communicate it and then stick to it. For example, tell your clients to expect an update from you every Friday morning and they’ll be on the watch for it.
Get personal
Personal emails or calls and handwritten notes mean a lot to clients. And be sure that in these communications you send a message that helps clients focus on the things they can control and not the things they cannot.
Further, you can share personal experiences that your clients can relate to. It helps them to get in sync with you.
Show empathy
Demonstrating to clients that you know what it feels like to walk in their shoes will put them at ease. The best way to do it is to listen. Your clients will feel heard and you will understand where they are coming from.
Next, validate how they are feeling and be authentic while doing it. It is easier to solve the problem if you are in sync with each other.
