Kitces and Carl - Real Talk for Real Financial Advisors Calming Clients With Anxiety About Trump Tariffs And Trade Wars: Kitces & Carl Ep 160
Mar 20, 2025
Discover how financial advisors can calm client anxieties during turbulent market times. Learn strategies for empathetic communication that keeps clients focused on long-term goals. Delve into the cyclical nature of financial crises and use data-driven insights to mitigate fears. Explore the impacts of tariffs and trade wars on the economy, and engage clients with scenario testing techniques. This conversation highlights the art of balancing emotional support with rational investment strategies.
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Acknowledge and Validate Feelings
- Acknowledge clients' anxiety and validate their feelings first.
- Use empathetic language like "I understand you're worried; the news is concerning to me too."
Create a Pause
- Create a pause in the conversation to gather your thoughts and client information.
- Use phrases like, "Let me grab your file" to create a moment of reflection.
Refocus on the Plan
- Revisit the client's financial plan and values.
- Remind them of their long-term goals to shift focus from short-term market fluctuations.