In the last quarter of 2008, says Lee, the company created a series of sections on its Web site addressing different concerns about the market turmoil, crafted from input given by its in-house experts, by industry experts and by more than 30 of its top advisors. These sections offer interactive links to a multitude of resources.
"For example," says Lee, "our marketing module discusses how top offices are marketing right now ... how they're positioning themselves in front of existing clients and making themselves available to provide second opinions to friends and family."
The site also goes over client communication methods (showing how top advisors are reaching out effectively to clients to calm them). Another section is called "the message," which talks about how top advisors are communicating with their clients in meetings, at events, and through e-mail. The firm also addresses changes to advisors' investment process, showing what the top reps are doing differently to manage assets.
"Whereas some reps are on the road to burnout, we weren't finding any crisis of confidence in our best offices," says Lee. "So we wanted to create another report-something that covered the whole range of situations that might exist within branches that are destabilized, maybe paralyzed with fear, so they too can have a plan in place to keep them from going out of business and to keep clients calm."
Thus, a report added to the stress management section, Best Practices in Best Offices, explains the need for reps to find their footing-to stabilize themselves by getting control of expenses and staff. Then it tells them how to regain their momentum by showing them what top advisors are doing to maintain or restore their own clients' faith.
Once a branch is stabilized and has regained momentum, it can look for new opportunities to capture assets. The report looks at what top advisors are doing to position themselves and take advantage of the new landscape. Among other things, they are reaching out to centers of influence and taking advantage of the new supply of available employees this economy has created.
This extra effort by these broker-dealers comes at a critical time and reflects their twin goals: To step up support to existing advisors and, just as important, to capture the increasing number of breakaway brokers coming into play who are trying to figure out which B-D to join.
An independent advisor since 1981 and journalistic voice since 1993, David J. Drucker, MBA, CFP is a frequent speaker at industry events. To learn more about his availability for your next event, contact him through www.DavidDrucker.com.