When the stock market plunged last week—bottoming with a loss of 40% from the all-time high reached October 9, 2007—we began a free service to help financial advisors manage client communications: a daily market update that you can copy, paste, and email to your clients.
The daily updates contain a summary of thoughtful stories covering the day’s events. These short takes on the financial tumult are intended to be used as a daily reminder to clients that you are in touch with them and on top of the situation.
An advisor who does not stay in touch with clients through this volatile time is much easier to fire than one who is in touch. Research has repeatedly shown that professionals who are liked by clients are less likely to be fired. Staying in touch—even in this seemingly small way—shows that you care and that all you need to do sometimes to reassure fearful clients terrorized by the plunging values in their accounts and seizing-up of the banking system.
The stock market today recovered about half of last week’s losses, and the crisis thankfully seems to be eased. But we will continue to provide the daily updates at least through the end October and longer if the wild swings continue. Advisor Products provides the daily updates for free to independent financial advisory firms because your support over the past 12 years enables us to do so.View today’s “Crisis Update.”