The following notes from the conference call today is an expansion of what I have been discussing with my coaching clients over the past several months. Be positive. Clients do not need you to parrot the negativity of CNBC or the local paper. They need hope in a times of crisis, not someone to shout “the ship is sinking.” If the market is going down stating the obvious is of no value. Your job is to be a valued added strategic partner. You help them achieve their dreams. In difficult times clients are distracted from their dreams and you must first deal with the distraction before you can refocus them on their dreams.
Two Great Resources We are lucky today to have two great resources from knowledgeable experts to help in refocusing our clients.
Fed Chairman Bernanke’s Speech to the Economic Club of New York, NY on October 15
Click here for the speech.
- The speech is good, but the important information is in the answers he gave during the Q&A.
- This is not 1929-32 - we learned from our mistakes. Hover waited three years to respond and then tightened money. Fed acted immediately and loosened.
- Fed Reserve has doubled in size, giving it a greater ability to impact the economy positively.
- Everything hinges on the banks lending money again.
- Therefore the Fed’s money will be used to stimulate the economy, if a bank does not lend money they will not be given money. They will learn quickly to start lending.
What controls the market? What makes the Market go up? Cash flow. What makes the market go down? Lack of cash flow. Cash flow into the economy is cash into the market. The infusion of $800 billion into the economy will be a stimulus
See Mastery Habit - Never Follow Institutional Managers During Extremes in the Stock Market
SO WHAT DO YOU DO NOW IN YOUR PRACTICE? First, realize what is happening - you are surrounded by a crisis situation. People are panicking and need your help. Second, respond properly to the crisis - with a calm, clear head. Third, act quickly - great leaders do not delay. Rarely does delay improve a situation, it just postpones the problem. Be decisive.
See Mastery Habit - In Good Times Focus on Clients, In Bad Times Focus on Prospects
- Prepare yourself
- Settle clients' worries through a rational argument using mass communication
- Ask if they feel a need to reassess there risk and comfort level
- Offer an opportunity to help others they know who are not being communicated with properly
- Focus on prospects
How to Focus on Prospects
- Add paragraph mentioned earlier to the bottom of your mass communication.
- Contact every existing prospect, even those who told you to call them later. Offer them a “no cost, no obligation” analysis.
- Call your Top 25 and ask for an introduction to other they know are worried. This is the only time you can do this without risk.