How to Filter Your Communication During a Crisis
Advisor Perspectives welcomes guest contributions. The views presented here do not necessarily represent those of Advisor Perspectives.
A by-product of the current crisis is that it’s caused me to consider more carefully about what I’m communicating and how I’m doing it. Let me share my thinking with you.
Is this communication necessary?
You’ve been told countless times how important it is to communicate with your clients, especially in bear markets. Few question the wisdom of this advice, but I have my doubts.
Before you hit “send” on another generic e-mail expressing your views on Covid-19 and its impact, ask yourself this question: Is this communication necessary? In many instances, I suspect it isn’t.
Many of the communications I’ve reviewed add little value. All of us have access to the Internet. There’s little about Covid-19 we can’t find out with a few keystrokes.
The financial ramifications of this virus are complex. Nevertheless, those with modest research skills can quickly learn about the history of bear markets, the average length of recovery and related issues.
That doesn’t mean you shouldn’t communicate with your clients. But generic communications should be avoided.
A client with a Ph.D in statistics has different issues than a widow who never wrote a check. It makes no sense to send them both the same communication.