Hi, Dan Sheehan from Social Merlin back again for another Marketing Minute. Today’s Topic: “The 5 Things Financial Advisors Should Advise Today!”
This is a very difficult time for most and the novel coronavirus or COVID-19 has shifted our economic and social landscape dramatically – from the initial containment efforts to suppressing outbreaks through social distancing, canceling gatherings, to eventual lockdowns. These were all critical steps to prevent the overwhelm of our healthcare system. We’re holding our collective breath to determine if our efforts are working and there’s a significant decline in new cases, so restrictions can be lifted in the months to come, hopefully soon! With an estimated economic contraction of about 3% or more in U.S. GDP for 2020, the outlook is grim. So, what should Financial Advisors advise their prospects and clients to do during these trying times?
As a financial advisor, this is your opportunity to emerge as an influencer. Listen to and follow social media conversations and become a trusted voice for sound financial advice and encouragement. Don’t get caught up in slander or criticism of leaders from either end of the political spectrum. Value them for their position and the impossible weight they carry during this time.
Encourage clients and prospects to celebrate the meaningful relationships in their lives and stay connected to family and friends, as well as those in need. Reiterate the necessity not to panic or make reactive financial investment decisions that are fear-based. By assisting them with your financial and personal advice, you can give them peace of mind that they are making sound decisions. Addressing the following 5 pieces of advice in your social media messages and marketing campaigns will be beneficial for your prospects and clients, and for you too:
- Stress the importance of having savings or an emergency fund. Many people have received sudden salary cuts or have lost their income altogether during this health crisis. Ideally, people should have an emergency fund that can cover basic expenses for three to six months. Reassure them that if their savings are in a bank or a money market account insured by the Federal Deposit Insurance Corporation (FDIC), it’s guaranteed. Explain the risks associated with Money Market Mutual Funds that may have a higher interest rate but aren’t government-insured.
- Seek help, if needed. Encourage people who have suffered a loss of income to contact their lenders right away to request a payment holiday or other debt-relief. Guide conversations around affordable health insurance and potential alternatives. Recommend comparing interest rates for their current credit facilities, such as home mortgages, car loans, etc., as many rates have fallen. Offer your assistance if they’re concerned because their Financial Advisor has not reached out to them OR not been able to explain what’s going on OR are just in need of a second opinion, to please call you. Also, if someone needs help in navigating the maze of options that may be available to them including food delivery, home services, and so forth for those having more basic pressing needs.
- Review budget. Offer ways prospects and clients, as well as the public, can review and possibly tighten-up their budget on the extras by organizing their expenditures, ranking them in importance, and cutting-out the non-essential expenses, at least temporarily; they may even realize that life is fine without some of them.
- Caution clients and prospects not to make impulsive investment decisions. The uncertainty of current markets and exchanges have left people with a lot of questions. Encourage your clients and prospects not to make hasty investment decisions. It’s better to stick to a long-term investment plan with enough diversity based on their tolerance for risk. You can offer prospects, as well as clients, a free consultation call, preferably a video call, to help them review their current investment portfolio to ease their fears. Frame your communications in a manner that assures your prospects and clients that you understand their needs, which will show empathy and amplify your authority.
- If people can, they should support local businesses. So many businesses are utterly dependent on retail or walk-in customers. They are suffering revenue losses due to people staying at home and many may not be able to weather this pandemic without local support. You may even have friends and family in this situation. Encourage people through your messages to support local businesses in new ways, for example, take-out or home deliveries.
As much as keeping our physical distance from one another and cutting out non-essential activities are important, we need each other now more than ever. We must remain socially united while facing the impact of COVID-19. Use your influence to reach out to people with sound financial guidance and personal advice and you will be blessed in ways you never imagined.
What’s your biggest marketing problem? If it is getting high-value leads let us help; that is what we do! Before you lose another ideal client get this and other issues resolved today by going to my website, socialmerlin.com, or click the link here now. You can also ask a question, make a comment or just get more information, and I will personally respond to you super-fast. Thanks, and see you next week.