It’s clear that the news cycle has become overwhelming and intense.
In just the last several days we’ve seen the assassination attempt on Donald Trump, the widespread CrowdStrike outages and President Biden’s decision to drop out of the reelection campaign while endorsing Kamala Harris as the presumptive nominee. Have we hit a point where chaotic news cycles are the new normal?
For financial services firms, staying on top of communication strategies during such chaotic periods can be a difference-maker in maintaining your firm’s authoritative presence.
Communicate with Your Clients
Modern financial professionals know to communicate proactively with clients to alleviate their fears and uncertainties. That counts double for times like these.
If you’re already communicating with clients regularly about your view on the market, investment philosophy, and what you foundationally believe, your clients will know they can trust the process you have created when uncertainty strikes. We are all human. It is natural to be afraid or act impulsively in times of volatility. Behavioral finance tells us that individual investors underperformed the market over 20 years from 2000 to 2020. This is an advisor’s time to shine. Regular updates, whether through email, newsletters, videos, or social media, can help keep clients informed and reassured.
Reevaluate Your Marketing Tactics
The chaos of a turbulent news cycle can easily overshadow significant announcements and marketing campaigns. Don’t be afraid to read the room and hit the pause button.
Assess the timing of your communications to ensure they achieve the desired impact. If you have major announcements, such as new product launches or key partnerships, consider delaying them by a day or two, if possible, if the current news cycle is particularly overwhelming so your message doesn’t get lost in the noise.
Be a Resource for the Media
Journalists are inundated with news from all angles during intense times. Now is not the time to back away from engaging with the media; instead, position yourself as a valuable resource. Offer insights on how current events, particularly the election cycle, impact markets and policy. You don’t have to be political to provide valuable commentary on economic and financial implications.
For example, David Wagner of Aptus Capital was readily available on Sunday afternoon to provide comments to Reuters about investors reacting to President Biden pulling out of the presidential race.
Share your expertise on topics such as market volatility, investment strategies, and risk management. Your professional insights can help journalists craft well-rounded stories, and in turn, position your firm as a thought leader and can ultimately help you build stronger relationships with journalists. Being a reliable and responsive source can lead to more media coverage and a stronger reputation for your firm.
Many are apathetic to the increasingly chaotic world and news around us, but that doesn’t mean it’s not crucial to pay attention to global events that are making headlines and be responsive to ultimately build more trust and confidence in your business.