Not hearing from worried clients? 'Get ready for the second wave'

The financial services marketing support business hosted a webinar to help finance professionals adapt their marketing during the coronavirus.

Yardstick Agency founding director Phil Bray, who recently issued a Covid-19 client communication guide, reminded advisers that how they acted now would impact their businesses for years to come.

"Now is the time to double down on marketing - when there is trouble, accelerate harder," he explained.

Maven Adviser IFA Andy Hart, who has been publishing weekly updates for advisers during the coronavirus crisis and hosting ‘virtual beer' sessions, said now was a time for advisers to shine: "This is our Olympics - it's what we train for."

Bray added: "This is the time for advisers and planners to flourish and really show their worth. Advisers often think it's hard for them to show their value… but financial planning is essential right now - never before has it been so essential."

While some advisers had reported a relatively low number of enquiries after the virus outbreak, Bray said this was not necessarily a reflection of their levels of concern.

"Some advisers or firms might be resting on their laurels a bit thinking their clients aren't worried because they're not getting in touch and I don't think we should be making that leap. I think some clients might be worried but for some reason haven't got in touch," he said.

"If you're a business owner you've probably been in crisis mode or fire-fighting mode, these people who have been preoccupied, I believe we might get a second wave of questions as things settle down and they start to assess the impact of stock market volatility on their position."

Bray said advisers should all be "on the front foot" when it came to talking to their clients during this time.

"This is going to kill some businesses and you've got another bunch of businesses who are fighting to survive right now - and all of them will be relying on financial planners. I suspect a lot of these people would have been focused on crisis management and they haven't contacted their planners [yet]," he said.

The Yardstick Agency boss also said most clients would be seeking information, reassurance and confidence from their advisers regarding the diversity of their portfolios and future of their investments.

He also reminded advisers to ramp up their communication efforts during this crisis, through speaking to the media and through their firms' own channels.  

• Tweet  
• Facebook  
• LinkedIn  
• Send to  

• Topics
• Your profession
• Adviser tips
• Yardstick Agency
• Phil Bray
• coronavirus