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Advisors need to listen more to keep clients on board, study says

Advisors need to listen more to keep clients on board, study says

Finance
Bloom ProductionsFinancial advisors are largely an optimistic bunch when it comes to growing their practices, new research shows.Yet they know they have some work to do to make that happen.While most advisors expect growth in their assets under management to come primarily from new and existing clients rather than market returns, they also say their client-relationship skills need improvement, according to a suvey from Natixis Investment Managers."It's about being stronger at actively listening and understanding what clients are really saying," said Dave Goodsell, executive director of Natixis' Center for Investor Insight. "You'd think if you do that, you'll have clients with you for a longer period of time."More from FA Playbook:Op-ed: All types of investors can improve their financial fo...
How coronavirus put these financial advisors’ practices to the test

How coronavirus put these financial advisors’ practices to the test

Finance
Just as many U.S. businesses were thrown off their guard by the coronavirus pandemic, so were financial advisory practices.Close to 1.8 million Americans have contracted Covid-19, and more than 100,000 people have perished from the disease, according to data from Johns Hopkins University.Lockdowns to minimize spread of the disease have also battered the economy, with more than 40 million people filing for unemployment benefits in the last 10 weeks.Financial advisors – many of whom are small business owners – found themselves trying to keep their businesses running smoothly, while supporting their clients and their employees.Here's how three practices managed during these unprecedented times."Hope is not a plan."Chris Pollard, CFP, principal of Great Path Planning in Monroe, New York.Courte
Not just financial health: Advisors guide clients through coronavirus crisis

Not just financial health: Advisors guide clients through coronavirus crisis

Finance
AleksandarNakicOur nation is facing unprecedented times, and financial advisors are facing upheaval when their clients need them the most.More than 40 million people have applied for unemployment benefits since early March, while the economic outlook remains grim. The Atlanta Federal Reserve projects that the nation's gross domestic product during the second quarter will decline by close to 53%.At the same time,  close to 2 million Americans have been diagnosed with coronavirus.Through it all, advisors have undertaken drastic measures to keep their businesses running, so that they can offer investors some measure of certainty and stability in otherwise frightening times.Here's how three financial advisors have renewed their commitment to their clients."A lifesaver" from the federal go...
Financial advisors face new challenges in the way they manage workflow, communicate with co-workers and clients

Financial advisors face new challenges in the way they manage workflow, communicate with co-workers and clients

Finance
Ariel SkelleyLike everybody else in the country, David Yeske is getting a bit stir crazy.For the last eight weeks, the founder of registered investment advisor Yeske Buie has been managing his advisory practice and serving his roughly 500 clients from his home in San Francisco as the coronavirus has spread across the country.Yeske, a certified financial planner, is once again helping his clients cope with a black swan-like crisis to test even the most stoic investor temperaments."As is always the case in a crisis, we've dialed up our level of communication with clients — even more than in the Great Recession," said Yeske, whose staff of 15 are all working overtime from their own homes.This time around, the client calls are less about their investments and more about the general Covid-
Op-Ed: Advisors need to help clients get back to basics during this volatility

Op-Ed: Advisors need to help clients get back to basics during this volatility

Finance
Chad SpringerIt's obvious we are living in highly uncertain times.Markets are extremely volatile, and monetary and fiscal policies change from day to day. Most clients are extremely anxious, unsure of how the market is going to move and how those moves will impact their portfolios.While financial advisors must continue being proactive – helping clients maintain their financial well-being – the most effective advisors are managing their clients' emotional well-being, as well.Financial advisors who are proactive in their outreach, helping clients understand the markets and, most importantly, how and why the ongoing changes in valuations are relevant (or not) for their portfolios, are more likely to maintain the solid foundation of trust they've built with their clients.More from FA Playbook: