Maintaining strong client relationships during the coronavirus
Focusing clients on their objectives
In these turbulent times, clients are faced with much higher levels of uncertainty, often leading them to delay making important decisions.
They may also seek to re-visit specific investment decisions on which they have already concluded or even reconsider their overall strategies and objectives: this could frustrate even the most placid adviser.
We have also seen significant market uncertainty which can quickly reduce both the value of a portfolio and investor confidence. If this leads to delays in decision making, then, where the prime motivation for investing was to create a legacy for children, then such delays can lead to the unnecessary payment of IHT.
Our recommendation is to ask “Have your objectives changed?”
Asking simple questions of the client can be a highly effective way of reminding a client of the reasons why they wanted to and importance of the decisions they had made around the planning in the first place.
Long term planning should not be impacted by short term market movements: instead it is time to re-affirm objectives and continue accordingly. Whilst market weakness may create the potential for additional value, this is a bonus not a pre-requisite. The future is always uncertain but and sitting on your hands and dithering rarely provides an optimal way forward.
We can help
