3 Tips for Helping Clients Deal With a Crisis

After a financial crisis, how do you think about what comes next?  How will your clients react and how can you help them?  What are they feeling and why are they feeling that way?  The Hartford Funds has partnered with the MIT Age Lab to study how the changing demographics of aging will impact consumer decision making, preferences, communication.

This article is a summary of a session from the Money Management Institute’s Fall Solutions Conference that was held in October 2013 in New York City.  The presenter was John Diehl, Senior VP, Hartford Funds who spoke about his work at what Hartford calls the Masters of Advice Institute and specifically about a presentation he developed called Fear, Finance and the High Anxiety Client.

Diehl started by explaining that during a financial crisis, most clients will experience some combination of stress, fear, and\or anxiety.  Studies have shown that people under stress experience tunnel vision, auditory exclusion, and a reduced capacity to learn.  All of which make it harder for an advisor to communicate with them. Continue reading