None of us like market turbulence. Our clients deplore it and our employees can be frustrated with calls about it. But just like everything else in this world, there may be a positive in the midst of the negativity. Truth is, most of our clients think we earn our money when we are making them money, but those of us who have been around through multiple volatile markets know that we really earn our money when times are tough.
Winston Churchill had a wonderful expression: “A pessimist sees the difficulty in every opportunity; an optimist sees the opportunity in every difficulty.”
Here are three ways to help turn the next big decline in the markets into an opportunity.
1. Prepare for the inevitable. Believe it or not, we have been through a period of relative calm since 2009. In fact, volatility has been historically low, and we can all be lulled into complacency. Prepare your clients in advance for a possible decline in stocks. Doing so when things are good allows you to refer back to your warnings and highlight your preparations. Most of your clients want you to be their guide and point out the blind spots they m
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