The Year’s Last Days

Here’s a simple idea for these last days of 2023. Many readers may not even get this until next year; you’ve already signed off, taking these last days to be with family and enjoy some well-deserved down time.

But if you’re at your desk this short week, here’s something you can do that most advisors miss.

Make a list of clients who followed your advice during this turbulent market year and call them. Prepare for that call by doing a quick review of their portfolios. Note where they were January 1 and how they ended the year. Note especially all the dividends they were paid and the income they received from bonds, money markets, and other income producing assets. 

We all have clients who simply cannot handle market volatility. They call to offload their feelings, sometimes nudging us so close to an emotional cliff we bristle, even responding in defensive ways.

But every advisor has those 10, 20, or more clients who are so grateful for your counsel, your steady hand when markets are choppy, the wisdom you offer, and the calming voice you have. These are often the clients who have gone through a rigorous planning process, aware they need and value your advice.

These are the clients who, when they call, you smile because you know the conversation is going to be positive and encouraging.

Call those clients this week! Tell them how grateful you are they followed your advice this past year. Remind them of the many positives in their portfolios even if the numbers were not as robust as in previous years. 

In a week when you may be at your desk but not sure how to schedule your time, here is an exercise that will bring so much joy to your professional life, you may ask yourself why you don’t make these kinds of calls more often.

For now, end 2023 on a high note. And a very Happy New Year to you and those you love!