By Patty Quinn McAuley
In Greek mythology, the gods punished King Sisyphus for bad behavior by forcing him to push a giant boulder up a hill, only to watch it roll back down again — over and over for all of eternity.
Up and down, up and down in an endless cycle of effort and despair. Sound familiar?
Following last month’s Brexit decision, the Dow plunged 611 points (over 3.4% in one day) and the S&P lost 3.6% in a single day. The S&P then quickly recovered and hit all-time highs.(1) Investors who don’t keep their emotions in check can most likely relate to Sisyphus, putting enormous energy into deciding when to enter the markets (usually around a high), only to see their account balances fall back down again. And so begins another trip.
Managing clients’ emotions is challenging and frustrating, yet it can be extremely rewarding when executed well. Here are three ways you can help a client get a handle on their reactions to the ups and downs of the markets and avoid feeling like a modern day Sisyphus.
A CEG Worldwide study shows that “84% of affluent clients want to connect with you emotionally first — and then use logic to justify their desire to engage with you. This means who you are and what drives you as a person has a big impact on whether affluent investors will want to work with you.”(2)
So rather than leading your initial meetings with facts and figures and logic, it’s important to drive home why you want to help clients in the first place and, specifically, how you are qualified to do so. Crafting a personal story about why you are so passionate about helping clients can help investors better understand the value you deliver.