Advisors should communicate often and accurately with clients during this economic turmoil, said Rosemary Denney, president of Wealth Matters Consulting, a consulting firm for financial advisors based in West Palm Beach, Fla.

Each client should receive information relevant to his or her particular situation and that can most easily be done with an “old-fashioned phone call,” Denney said.

“Advisors should talk to clients once a week, even more if they have new information to tell them,” Denney said. “You do not want to bombard the clients, but as their advisor you should be telling them what is meaningful for their particular portfolio. In the midst of a volatile environment, advisors should make clients feel secure and confident.”

Denney noted that information given to clients should not just echo what they can learn from TV.

“Plan what you want to say ahead of time,” she advised.

Good advisors have prepared portfolios that can withstand a downturn, she added

“Most people have known a downturn was coming at some point for some time already,” Denney said. “[Advisors] can now reassure clients that their portfolios are built to withstand a downturn. A phone call is a good way to do that because you can emote and you can respond to questions, which is not possible with other types of communication.”

“Be accurate and honest,” she said. “Tell them what is happening now and what you anticipate for the summer and the fall. Every advisor will have a different idea of what is going to happen.”

If appropriate, the advisor may want to bring in other professionals or family members, Denney added. “Our advisors have had an increase in phone calls, emails and visits to their websites, which means their clients are actively engaged. That’s good because it can relieve anxiety. Make sure clients do not make rash decisions. There will be buying opportunities, but do it in a thoughtful manner.”

Telephone calls are good but advisors also should be using all the available communication methods to keep in touch with clients. “The key is to stay available,” she said.