The stock market uncertainty brought about by the COVID-19 pandemic is an opportunity for advisors to be “second-line heroes” to their clients, an industry expert said Monday.
Van Mueller, registered representative with the Wisconsin Agency of New England Financial Services and industry speaker, spoke to members of the National Association of Insurance and Financial Advisors during the group’s Town Hall Meeting webinar Monday.
The COVID-19 crisis has turned medical professionals, first responders, store clerks and delivery truck drivers into first-line heroes, Mueller said. But financial professionals will make up the second line of heroes, he said, “because the American people are desperate for your advice.”
“We are nowhere near the end of this financial catastrophe,” he said. “We have tremendous opportunity on the backside.”
The recent market crash presents an opportunity for advisors to ease their clients’ fears on everything from how to deal with future tax increases to how to generate lifetime retirement income, he said.
Mueller urged advisors to reach out to clients and prospects, and he gave some tips:
- Be reassuring and positive.
- Ask if they want to develop strategies to be financially safe.
- Thank clients for their business.
- Don’t sell them anything. Tell them you want to help them buy solutions.
- Ask their opinions on how they view the current economic situation.
“People don’t know how to turn this mess into an opportunity,” he said. “Our No. 1 responsibility is to inspire people to take action.”
Susan Rupe is managing editor for InsuranceNewsNet. She formerly served as communications director for an insurance agents' association and was an award-winning newspaper reporter and editor. Contact her at [email protected]. Follow her on Twitter @INNsusan.
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