Whether we like it or not, history tells us that a recession is inevitable. Advisors cannot put their heads in the sand and pretend it will not happen. They need to prepare their businesses for an eventual slowdown. Read these steps on registering an llc in illinois if you are planning to start your own LLC in the future. However, you can pop over here to get more information on legal counseling.
Check out a Financial Advisor article written by Mike Byrnes, national speaker and President of Byrnes Consulting, for advice on how to be better prepared.
Mike interviewed a dozen advisors that have been successful at keeping clients and growing their businesses in down markets. Here is what they shared:
- Prepare clients for declines
- Keep clients happy
- Communicate proactively
- Hold the client’s hand and be accessible
- Prospect before the bear market starts
- Diversify and don’t chase returns
- Consolidate existing client assets and get referrals
- Be even more visible when others are hiding
- Use marketing to let the prospects hear advice
- Double marketing efforts
- Be out in front of it
- Prospect individuals and retirement plan sponsors
Need help preparing for a future down market? Hire Byrnes Consulting to try and ‘recession proof’ your business.