It is easy to love the stock market when your statement’s account values go up month after month. You can deal with the daily ups and downs if the month end result is higher than the previous month. Many older people have amassed substantial balances in their retirement and general investment accounts. It is alarming to see a monthly drop in your statement value equivalent to a year’s salary. Ouch. As their advisor, what can you do if they want to throw in the towel?

1. Remember it is their money: You cannot forbid them to quit the stock market. You can make your best case for staying invested, but ultimately you need to follow instructions. If you were to ignore their instruction to sell and the market fell further, you would have serious problems with legal consequences. Make your best case but do what you are told.

2. Is their asset allocation in line with the model? The client’s investment objective and risk profile model have a recommended allocation of stocks, bonds and cash. Having too much of something means they are overweighted and vice versa. In theory, as the market climbs, they should be gradually taking money off the table (out of stocks) and adding it back when the stock market declines. Be proactive in keeping the portfolio in balance.

3. Are the results as bad as they fear? Let us assume the stock market was down 20% at some point. Is your client with a 60/30/10 allocation down 20% on their entire portfolio? Probably not. The bond and cash component tend to act as shock absorbers in most cases. Keep in touch and review their statement together, even if it’s virtual.

4. Look for the bright spots. Most stock market investors are optimists. They want some good news. Find it for them. What is working out in their portfolio? Is that where money in the market is flowing? Highlight what’s working.

5. Have an opinion and offer advice. In almost every disaster movie, someone takes charge of the group of survivors and tries to lead them to safety. This isn’t Hollywood. The group is two people, you and the client. Have a plan and a goal the client can visualize. Your firm’s research should give you the raw material you need. Clients want guidance. Give it to them.

6. Spot opportunities. Your client’s fantasy is often to seize opportunity other investors are missing. To buy when others are selling. They might be afraid to act. They might be scared. They want to know how they can be proactive. They will remember this is another way you took the lead.

7. Lean on your relationship. You have heard the expression: “It’s not your first rodeo.” You and your client have been through volatile markets before. Remind them. Ask: “If we could go back to (year) what should we have done differently? Relate their observation to today.

8. Be patient. My wife and I have been with our advisor for almost 30 years. One of the things that impresses me is she and her assistant always treat us as if we were her most important client. Even in volatile markets they are both calm and give us the feeling they will talk with us for as long as it takes. Let your client know you are focused on them and their success.

9. Do not forget the professionals. Are you trading individual stocks? Probably not. You have hired money managers through mutual funds or separately managed accounts. Let them worry about the day-to-day stuff. When you receive confirmations (or check online) you often find they have been buying during declines.

10. Remember tax consequences. If a client wants to sell out, try to make them aware of the taxes they will owe when they realize gains. They might be fine with this, but the long holding period might remind them buy and hold is a strategy that worked for them previously. You do not want their tax bill to be a sudden surprise.

One of the drawbacks to online investing is not having a personal relationship with an advisor invested in your success. That is something you bring to the table.

Bryce Sanders is president of Perceptive Business Solutions Inc. He provides HNW client acquisition training for the financial services industry. His book Captivating the Wealthy Investor is available on Amazon.