Market up/down and business
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Do you find it easier to persuade prospect to sign up for asset management service when market is going up or going down? Or doesn’t matter?
It’s going to get easier to get people to talk with you when the market is going down. All those people who rode the stock market up 2003-2007, all the while thinking they were brilliant traders, are going to come to a harsh realization if this market takes a tumble like it did in 2002. Cause you know they’re not investing in plain Jane things like ICA. When things are going good, they don’t see the value in your services, so they don’t want to pay you. Why should they pay you when they can trade for free at Fido or Vanguard.
They are going to be more willing to at least meet with you to hear what you have to say. They're looking for answers. This would be a great time to brush off the old pilot/plane analogy. We've just hit a storm. They're close to ready to hand the yoke back to the expert.The contrarian move has been hard for my buy and hold clients. Less than half…about 1/3 get it. Take notes on your conversations during your appointment. Now is the time to document your advice. Law suits happen during recessions.
Spiff, If and when they hand the yoke back. What do you do? I've actually been doing some short CD's I make pennies on short CD'sWe’ve just hit a storm. They’re close to ready to hand the yoke back to the expert.