How would you advise your PB clients when the market is bad?
When the market condition isn't so promising, it’s actually a good timing for a Private Banker to show his/her value. The below actions could help in keeping the clients confident in your competence. - Be proactive: reach out to your clients before they reach out to you - Communicate: keep the clients updated about the markets & what you’re doing on their behalf. This is a very important part of trust building & relationship management - Show empathy: connect to the clients personally at the difficult period because a lack of empathy is likely to result in a loss of the client - Remind the clients of their financial plans: reinforce their long-term objectives & the return expectation you used to reach them. Ultimately, you want your clients to focus on the future - Review Risk tolerance level: how shaving a few percentages up top can help shelter them from the bottom - Take more action: clients want actions rather than words during tough times. Show them how you’ve turned the volatility into opportunity (e.g. tax-loss harvesting) - Make use of Historical data: Historical contexts can help calm things down & make the clients understand that we’ve been through tough situations before Check the 1st Comment.
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