Big Drops and Rises Create Prospecting Opportunities
The Dow’s Largest Point Losses and Gains
You clients may not be overly anxious about recent market drops, but their friends and family members may be. Offering to help can lead to prospecting opportunities.
Past performance does not guarantee future results. Investors cannot directly invest in an index.
Source: Factset, 2021
Your goal is to get introductions to clients’ contacts by offering to help their anxious friends and family members. Begin by identifying your top clients who are your biggest fans, preferably clients with whom who you have both a business and social relationship. These clients may be most willing to provide introductions.
Next, call these top clients and ask them about their level of concern regarding market conditions. For example, “I’m just getting a pulse from everybody out there who we work with; on a scale of one to ten, what’s your current level of concern with regards to the markets right now, and your portfolio?”
A person answering “one” would be not worried at all. Someone answering “ten” would be extremely anxious. Most of your clients probably won’t be a level-10. This is a natural question to ask, especially after many of the 1,000-, 2,000-, and nearly 3,000-point daily swings in the Dow. Plus, it demonstrates that you care about how they’re feeling. If any clients are concerned (and answer between 5-10), reassure them of the plan you’ve built together.
After addressing your clients’ level of concern, uncover prospects by asking if they have any friends or family members who are anxious about the market.