Taking Care of Yourself – and Your Clients – When Markets Are Volatile

Dear P.U.,

Yes, I have heard from many of my financial advisor clients this week that they are being pulled in different directions by clients concerned about the markets and what might be happening next. And I also agree that it is challenging when others seem to steal time that you’ve rigorously planned to fill with proactive, focused activities.

However, I have to dispute that financial advisors are the only ones who live this way! For most people life doesn’t flow – and go – the way we expect on any given day. Many of us, no matter what we do for a living, find ourselves having to re-examine our plans and stay nimble for changes that come our way. Even in light of this, it’s possible to identify those things you can control and you can influence, rather than feeling like you are at the mercy of everyone else with no choice about how to focus your attention.

Yes, your clients are scared and they deserve your feedback to put them at ease. When they call you and ask for information, there are a few questions you could ask yourself:

1. Are you delegating most effectively? You might believe you are the only one who can put their minds at ease, but what would happen if you were on vacation last week during the market movements and were unreachable? Is there anyone else in your office who knows your clients and could have talked to them? If the answer is “no,” perhaps it is time to think about how to weave in other support so you aren’t the sole person dealing with client considerations.
2. Is there a more proactive way to address client concerns? It was no secret that markets made people uneasy last week. After the last couple of calls, could you have organized a webinar – as one example – and invited your clients en masse to a talk on what you see happening and the potential economic viewpoint? I know this doesn’t address every single client’s portfolio, but it could be a way to quiet the questions coming in, in a way that protects some of your time. Similarly, could you have written an email with a few bullets reminding clients of your investment strategy and why choices you have previously made will likely help them get through these times – assuming you have and your choices will do so!
3. Do you stop and make sure that each response is necessary? In other words, have you considered segmentation as you respond so that you don’t treat every client equally in terms of time and effort? I don’t mean to diminish any client and their concerns, but there are only so many hours in any given day. Sometimes you have to make choices about how much time and effort each client receives.

Many advisors are client-service oriented and care deeply about their clients, and this is a good attribute. When clients are scared, you want to be there for them and respond to their concerns. I honor all of this and respect the professionalism with which you operate. However, if you don’t pause from time-to-time to make sure you are responding in the most effective ways, you will find yourself continually frustrated and even possibly resentful of the interruption. Be sure every day you are identifying your top 2-3 objectives for the day and that, even in the midst of the client chaos, you are able to also focus on things that are meaningful to you. It’s all about scheduling and focus. You can take charge of your time, somewhat, if you manage the pieces you are able to.

Dear Bev,

When clients are as stressed as they have been over the past few days, I experience a rapid and concerning increase in my own stress levels. I didn’t sleep four nights this week, I found myself eating in an unhealthy manner, and I never once got to the gym – something I enjoy doing every single day whenever possible.

I know you will tell me to do the right things for myself, but that’s the problem. I know what to do, but when I get stressed, I don’t do these things.

How do I re-orient myself and get back on track?

I.S.

Dear I.S.,

It’s an odd thing about human beings. We know what’s best for us. However, when something comes along to disrupt how we do things, we often make active choices not to do what’s best in any given moment. You could find the time to exercise, you could prepare meals to eat healthy and you could engage in bedtime rituals that help you sleep more effectively. You don’t need me to tell you this – you know it. You are just not choosing to do any of these things.

The why doesn’t really matter. What matters is catching yourself the next time you start to go into a stressful place, knowing the cycle has started and will end with you being frustrated. For example, you also see what’s happening in the markets. You know clients will call and be concerned and worried. They will put their stress on you, and you will experience it.

When you see your clients’ stress increase – but before it gets too bad – that is your trigger, or your warning to plan differently. Just like when the light comes on in your car to let you know a problem is brewing, you want to address it before it becomes a bigger problem. If you know things are getting rocky with your clients, you want to put steps in place in advance to prevent being completely thrown off course.

Most people wait until the stress is overwhelming, but when you are in an overwhelmed state, making healthful choices can be difficult. Learn to look for the signs of things to come and plan for them. Catch yourself when you find your breathing quickening, your heart racing, or your hand reaching for that first cookie instead of the carrot when you get hungry. Be watchful about what you do and how your body is reacting. Stress doesn’t just come on us out of the blue. We get warning signs that we choose to ignore. Learn to see and feel the signs as they first appear so you are able to make different choices.

You can’t control what’s happening outside with your clients or their responses to the markets. It’s likely not going to be calm anytime soon, so prepare now and have a plan for managing through it. That way, you won’t give up your power to take care of yourself. I know you know this also, but none of us do a great job of caring for others who are stressed, worried and concerned when we aren’t in a good place. Be more proactive about your choices so it will be natural to do what’s right for you more often.

Beverly Flaxington co-founded The Collaborative, a consulting firm devoted to business building for the financial services industry, in 1995. The firm also founded and manages the Advisors Sales Academy. The firm has won the Wealthbriefing WealthTech award for Best Training Solution for 2022, 2023, 2024 and 2025. Beverly is currently an adjunct professor at Suffolk University teaching undergraduate and graduate students Entrepreneurship and Leading Teams. She is a Certified Professional Behavioral Analyst (CPBA) and Certified Professional Values Analyst (CPVA).

She has spent over 25 years in the investment industry and has been featured in Selling Power Magazine and quoted in hundreds of media outlets, including The Wall Street Journal, MSNBC.com, Investment News and Solutions Magazine for the FPA. She speaks frequently at investment industry conferences and is a speaker for the CFA Institute.

A message from Advisor Perspectives and VettaFi: To learn more about this and other topics, check out some of our webcasts.

Read more articles by Beverly Flaxington