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You Gotta Keep Your Head Up

by Lee

A survey released yesterday by Horsesmouth found that 66% of the advisors surveyed said that they had discussed the current market drop with at least three-fourths of their clients and 38% said they talked with nearly all of their clients.

Unfortunately, many wholesalers haven't taken the same approach. Instead, they have retreated and are simply waiting for advisors to call them. While 37% of advisors have called a wholesaler in the past two weeks, according to a recent kasina survey, many wholesalers are missing out on a key proactive relationship-building opportunity.

Rather than acting like an ostrich, wholesalers should be aggressive and take the following steps, as suggested by advisors in our survey:

• Provide client approved materials that advisors can send to their clients to help keep them calm
• Share best practices of what is working with other advisors - particularly around how to communicate with clients
• Use e-mail to share fund managers' insights
• Connect advisors directly to portfolio managers and strategists via conference calls and in-person events (especially before the markets open or after they close)

Overall, firms should head the words of one advisor and "don't hide - continue to reach out to me and offer anything that would be helpful!"