No business or organization ever wants to experience a crisis situation, whether it's having to file for bankruptcy or just receiving bad consumer reviews. The key though, is to take advantage of every situation, regardless of what it entails, and turn it into something positive.
That's exactly what Jim Person, a financial advisor with SII Investments, did just a few weeks ago. The Dow market dropped by 2 percent, and Person knew that many of his clients might panic, even though the drop would not affect their allocations from a performance standpoint. So, he drafted an email and sent it out to his customers, reassuring them that everything was fine.
The results were immediate. One client called to thank Person, saying she had been too intimidated initially to call on her own. Person had also taken the initiative with another client specifically, explaining to them what would have happened to their portfolio had they stayed in their previous investment. That client also contacted Person directly, thanking him for the advice.
Person told AdvisorOne that while he has no control over the markets, he was still able to take a miserable day and turn it into one of the best PR days he's ever had.
Rex Rexroad, an advisor at Commonwealth Financial Network, said it's all about setting expectations.
"About the only thing we can count on is that volatility will continue," Rexroad said. "We can set expectations by letting clients know we will use what we've learned from the past to get a picture of future possibilities."
One of the best ways to properly set customer expectations is to partner with a 24/7 answering service to show consumers that no matter what time of day, their inquiries will be met with a real person through an array of communication options. Either through phone, email or text messaging services these professionals can continue to put customer's minds at ease.