BEST PRACTICES for this UNPRECEDENTED TIME

By Keith Craig and Ken White | Case Planning

With Excerpts from Financial Independence Group (FIG)’s COVID-19 Response

As the coronavirus (COVID-19) pandemic has spread across the U.S. sickening and killing people while also affecting markets through uncertainty and fear, no one may know your clients’ major concerns better than you.

Some people react emotionally to a large market downturn, or even the prediction of one, and feel their retirement savings will be lost forever. We believe longer term market trends will return because they have historically – we’re just not exactly sure when – and, of course, there is no guarantee. We can help clients and prospects through this troubling time through positive engagement and portfolio reviews.

Some people may ask you to help identify the market bottom, or an individual stock’s low point, so they can make sure to get invested at the right time. We know timing the market rarely works and is an inadvisable strategy. We can educate our clients and prospects.

Many people, especially those who are older, are frightened and worried about their own health because of COVID-19. We need to rely on our adjusted communications strategy using phone calls, online videoconferences, and emails for as long as it takes for clients and prospects to feel comfortable again.

Other clients have lost their jobs, at least temporarily, or their businesses may be barely surviving. We may personally relate to much of this ourselves. We can be empathetic advocates for clients.

Your clients and prospects are currently dealing with many threats to their sense of well-being. We want you to know that the SPS Family home office is committed to providing representatives with access to relevant content, best practices, marketing ideas, client letters, and more during this unprecedented time!

One of our business associates, Financial Independence Group (FIG), released a clear, concise, helpful whitepaper on how best to respond to COVID-19 and its effects. A few excerpts with SPS Family comments added appear below. You may download your own free copy of FIG’s whitepaper here: https://www.figmarketing.com/#!/ProductRD

BEST PRACTICES

Over-communicate with your clients, prospects, and staff

  • Pick up the phone & call your clients.
  • Send clients relevant content via email. SPS Family has provided multiple client letter templates to customize and use. SPS Family also provides a MarketingLibrary subscription, which reps can access for new content daily.
  • Set up videoconference meetings with clients for one-on-one face time. SPS Family provides the Online Meeting application for doing so.

Redirect your marketing dollars – find best practices

  • Send gifts: Wellness Basket, Games, Books, Puzzles, etc.
  • Offer online Webinars for client and prospect groups. Do your homework using research provided by SPS Family through our own website and through Horsesmouth, which we provide for reps.
  • Invest in Video Equipment to upgrade your capabilities.

Be a leader and serve your community (local rules must be followed)

  • Start a Food Bank (pick-up from your office). Ask clients to help provide items for a pantry. Or join an existing one as a volunteer and encourage clients to help.
  • Support your local veterans who may be deeply affected by many current events, some of whom are homeless, which is an absolute tragedy. SPS Family is dedicated to honoring and helping our veterans.
  • Volunteer with local media to be on standby as a financial professional for interviews on topics affecting people’s finances (subject to Compliance review).

MARKETING IDEAS

Use Social Media to connect & engage. Facebook, LinkedIn, and Twitter may be used by SPS Family representatives (subject to Compliance training and best practices).

  • Post information about local resources.
  • Provide POSITIVE messaging.
  • Establish yourself as a thought-leader. Write a blog or whitepaper occasionally and share it. SPS Family Compliance will assist in approving content, language, and delivery method in a consultative manner.

Use your website to connect & engage and establish a “home base” for clients.

  • Post relevant content (see above).
  • Be positive and encouraging. We can help our clients plan. This may be the greatest time to look at investment strategies, time horizon, and risk tolerance. SPS Family provides Riskalyze to reps to assist in talking about risk and establishing a better understanding of what tolerance actually means.
  • Offer your services to clients’ friends and acquaintances who fit your ideal client profile. You can share your skills, training, and experience more broadly. These turbulent times lend themselves to referrals.
  • Use video on your website and online whenever you can. People are attracted to video and spend more time with it.

Please contact Keith Craig, SPS Family’s marketing consultant, at kcraig@bdops.com to discuss any of the ideas shared above in more detail.

Compliance Notes: SPS Family representatives are required to submit public-facing material to Compliance for review and approval prior to use. Representatives must adhere to gift limits and all gifts must be entered on our online Gift Log.

We DELIVER great service to independent representatives! If you would like to know what else might make our family special, we would love to chat! Contact Kristi Delongchamp at (888) 744-6264 or kmdelongchamp@bdops.com.

About SPS Family

The SPS Family consists of two broker-dealers, Sigma Financial Corporation and Parkland Securities, LLC; a Registered Investment Advisory firm, Sigma Planning Corporation; and a back office, known as BD Ops, LLC. The companies, based in Ann Arbor, Michigan, are under common ownership and led by an experienced executive team. The SPS Family prides itself on personal service to independent registered representatives and investment adviser representatives from across the United States. We consider our representatives family as we strive every day to provide them “Independence. DELIVERED.”

300 Parkland Plaza | Ann Arbor, MI 48103 | 888-744-6264

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