Those that do want to change have the perpetual problem of figuring out where to go. With the sheer volume of “come work with us” messaging, it can be a daunting challenge to find an advisor in calmer times let alone in a volatile period with great uncertainty like this.
That said, the biggest factor that slows the forging of new relationships is exactly the behavior that fuels it later. Professional financial planners turn their attention more fully on their clients than on prospective clients. This is smart, proper and the duty of a fiduciary.
Eventually, as things get less bizarre, those that were not served well will start to look around so that they don’t experience as much trauma in the next crisis. A well-served clientele will share their good experiences with their friends, helping them find someone good, and planners’ phones will ring more.
In a sense, the marketers are right. What you do now is critical, not just to the future of your clients’ finances but the future of your firm as well.
Dan Moisand, CFP, has been featured as one of America’s top independent financial planners by Financial Advisor, Financial Planning, Investment Advisor, Investment News, Journal of Financial Planning, Accounting Today, Research, Wealth Manager, and Worth magazines. He practices in Melbourne, Fla. You can reach him at [email protected].