• Step back from the emotional power of the statements by recognizing that only some or perhaps none of the venting is aimed at you personally. If they unleash a fuselage of pent-up frustration, keep in mind that you may be hearing the unexpressed frustration from many sources in their lives. They are releasing a lot because you have given them this opportunity to be truly heard. Your job is to listen and hear them.

  Step in with empathy and help them develop an action plan that addresses their concerns. Validate their feelings first, then develop a strategy.

"I understand how you feel. If I were in your shoes, I'd feel exactly the same way. This stinks. Let's try to focus our energy on developing strategies we can utilize going forward to __________________ (keep this from happening again, recover, make sure we are not victimized by this in the future, etc.).

1. Let them know your feelings on the issues and the steps you have taken or are taking or will take in the future. Whether they have been directly affected or not, tell them. Secure their feedback.

   "These are serious issues. I am personally appalled and embarrassed by the behavior of some people in my industry. In response to these revelations, here's what I am doing for you (or what our team has done or what we have been doing all along for our clients). How comfortable do you feel with the steps we are taking? (.. procedures we have had in place?) Is there anything else you want me to do?"

2. Review your own investment standards and policies. Re-examine what sources and opinions you can really trust. If necessary, identify ways you can provide a stronger, independent analysis. Re-examine the appropriate role for technical analysis and managed money.

The Opportunity for Referrals

Frankly, referrals can be harder to secure in times of malaise and mistrust. You have to commit to utilizing your system and make it even easier for clients to refer you.

The foundation for referrals is trust and value. Responding effectively in times of challenge demonstrates your commitment and your caring. Articulating and keeping your service commitments are critical building blocks in building trust and delivering value. * Having the client articulate their comfort with your investment process and service standards are keys to securing referrals.

What do you like and dislike about the steps we've taken? (OR.. investment processes we have in place? OR ……service you've been receiving?)

Is there anything you want us to do differently?

To make sure we provide what you want in the future, tell me what you're finding helpful in the service you're receiving from us now?

Do you think others might also find this helpful?

Great. You may be able to help someone you know. Earlier in the conversation, you mentioned ______. I am wondering if he/she might want appreciate some assistance in sorting through the hype from Wall Street? (…….sorting out the hype artists from the true analysts, ……want a candid assessment from someone without a vested interest in specific stocks.)

We make referrals easier for our clients to give if we can help them identify specific people they know that we might help. When you are listening to their concerns about the current issues, you can ask. "Do you know anyone who may feel personally victimized by this deception?" or "Do you know anyone who invests in stocks and may feel misguided by these analysts?" When you ask from a framework of helping people they care about, it strengthens relationships and generates stronger referrals.

Announcements

1. "Dealing with Client Disappointment, Disillusionment, and Anger." This recording of the tele-seminar focus on
   • How to raise and address these emotionally charged issues
   • How to prepare yourself emotionally
   • How to utilize the conversation to develop a strong bond with your clients
   • How to direct the conversation into a proactive and positive action plan to which the client can feel comfortable and committed.

   The fee is $25. You can pay by check or credit card. You may mail checks to The Center for Professional Achievement, Inc. at 1725 Winterberry Lane, Weston, FL 33327 and you can fax the credit card information to us at 440-543-6647. You may register by email at info@referralmastery.com or calling 800-865-2867 or by fax at 440-543-6647. With your confirmation, we will send you the tele-seminar call-in number. Feel free to send questions in advance of the session.

2. Service That Distinguishes
   If you need assistance in developing a service system that will distinguish you in the eyes of your clients, provide the vehicle for growth, and keep you in control of your time, call us at 800-865-2867. We're working with advisors across the industry to significantly elevate their service delivery to become the primary advisor and secure a consistent flow of quality referrals.

See also
You may want to reference the earlier issues of the Referral Mastery Tip by clicking here. In an earlier Referral Mastery Tip and Tele-seminar, we reviewed the importance of understanding your clients' objectives and securing client agreement on the structure and the strategy of the portfolio. We also covered how to use client reviews to address client disappointment and re-affirm the portfolio objectives, structure, and strategy. (Or risk management objectives, strategies, and policies)