The concept of behavioral investing essentially positions the advisor as a buffer between an investor and their emotional impulses, leveraging behavioral coaching to address emotional concerns and anxieties and steer clients back to a solid investment strategy. And we know behavioral coaching works: Vanguard argues that behavioral coaching may be the most significant value-add for advisors and can net an additional 1–2% in their investment returns for clients by helping to steer them away from emotional decision-making.

Of course, advisors only have an opportunity to offer behavioral coaching if they can earn trust—which involves remaining present, available and responsive. In a remote environment, it’s more important than ever to pick up the phone, schedule a video call and reply to any attempt from clients to touch base: Not returning a call is the top reason investors leave their advisors.

But starting a conversation is only half the battle: It’s important to conduct all interactions so that clients feel heard, understood and valued. Harvard Business Review offers the following insights on demonstrating empathy:

1. Empathize first. Before delving into technicalities or problem solving, take the time to listen, understand what clients are feeling and saying, and then express comprehension and care for their concerns.

2. Take a collaborative approach. Let clients know that you’re interested in addressing their concerns and solving their questions with them, not for them.

3. Invest in the quality of the relationship. Taking the time to connect emotionally with clients opens the door to opportunities to glean greater insights and potential productivity down the road.

Open The Floodgates
While the market is unpredictable, we know it makes sense to plan for the long term. Gently refocusing clients on the big picture is an art that is deeply tied to relationship building: If you know what matters most to your clients, you can speak their language and help them see how the behavior and strategy you’re advising serves their best interests and supports their needs.

And you can only do that by committing time and effort to build relationships and tune in to the emotions that lie beneath your clients’ concerns. Without a solid foundation of relationship management, you may never have a chance to showcase your investment advice chops before clients move on.

How long the financial services industry will have to continue to operate remotely and without in-person interaction remains to be seen, but the flood of client engagement and demand for personalized service in an increasingly digital world appears to be here to stay.

Clients today need a high level of personal attention not just in financial matters, but in every aspect of their relationship with their financial service professionals. Tech can’t do everything, which is why your clients want to talk to you rather than to an algorithm. To meet clients where they are—financially and emotionally—advisors need to be mentally present and available.