Coronacrash Advisor Insights: Towerpoint Wealth’s Joseph Eschleman & Tony Sirianni, Cont.
5. What about your business? Are you just “maintaining” or are you growing? Is there an opportunity to build your book because other brokers are afraid to pick up the phone right now? How do you prospect without traditional client interactions during a market climate like this?
Clearly by the examples found above, we are growing. Taking in new outside money from current clients who agree with the tactical decision to begin to “nibble around the edges” and buy low and overweight equities. Cash is returning next to zero, and for any funds above what are needed for rainy day/emergency purposes, now is the time to put it to work and integrate it into a client’s investment and retirement plan and strategy; establishing new relationships with a number of prospects with whom we have been talking with for years. This is Game 7 of the World Series for financial advisors, and we are working our butts off.
6. Is there an opportunity to build your book because other brokers are afraid to pick up the phone right now?
That seems to be the consensus opinion. I don’t know if other brokers are hiding under their desks or not, but a bad market / market correction is all the more reason to pick up the phone and call clients and help them to feel good about our plan, that we are paying attention, and that we care about them. I have experienced countless conversations that did not have much “financial meat” to them at all, but the relief and genuine appreciation at being able to talk directly with me has been palatable.
7. How do you prospect without traditional client interactions during a market climate like this?
Phone, social media, Zoom, email (using Outlook for “regular” emails and Vestorly for “blast” emails), U.S. mail – handwritten notes and mailing the reports found/mentioned above.
8. Things are down, but somebody must be making money. Where do you see opportunity in the market? Are you recommending any investments right now to clients, or suggesting they exit certain investments or sectors? Do you have any sense of where to invest post crisis? Or are you riding out the storm?
Again, see this Lemonade out of Lemons report we just published last Friday:
Overweighting blue-chip, dividend-paying large cap stocks. Keep it simple!
Our wealth management process remains the same, regardless of the market being up 2,000 or 5,000 points, or down 2,000 or 5,000 points.
9. What’s been the most useful piece of technology or advice that you could suggest to other advisors who are trying to cope in these circumstances, particularly some technology or business practice that you have discovered or rediscovered during this crisis that you will use in your business going forward?
ZOOM. So easy to use, such a great way to connect face-to-face with clients. Unquestionably we will be leveraging and using Zoom regularly from here on out, and wish we would have adopted it into our tech stack earlier.
10. I’ve got a feeling that we are getting to know each other a little better these days. Whether we hear kids and dogs in the background of a conference call, or see some interesting choices in clothing and grooming on Zoom, we are “getting real” with each other in an out of the corporate world type of way. I’m seeing the best advisors create truly holistic experiences for their nervous clients, and helping folks in ways above and beyond what a “traditional” financial advisor would normally do. What’s happening in your world during this crazy time that you will take with you into the post corona world that will help you grow your business and deepen your client relationships?
Clients love having an advisor who is a “normal human being” and not some stiff in a suit in the office. That is why we connect with them on Facebook and Instagram, so they can also see our human side, and our personalities, which can be a bit crazy, but we show off our personalities in a way that we feel is endearing to our clients.
The “we’re all in this together” mantra certainly rings true, and to be able to do a Zoom meeting from home and have a kid walk in or a dog bark or something spur-of-the-moment happen is fun and enjoyable. Just watch Jimmy Fallon from home with his daughters “messing up” his shot (which I think they designed to happen on purpose, because people love it!):
We have also taken to having bouquets of flowers delivered to 4-5 different clients on a daily basis — a hugely welcome surprise that brightens their day and lets them know we care about them. Back to the basics, baby!
Towerpoint Wealth is a member of Dynasty Financial Partners Network.
