How Financial Advisors Should Maintain Their Business During COVID-19

This is an unprecedented time, and financial advisors are under unique stress trying to maintain their business during the quarantine. Though some aspects of your day-to-day business will change, you still have opportunities to delight your existing clients and attract new ones. Ultimately, if you proceed strategically, you can place your business in a better position than it was even before the crisis.

Maintain Client Relationships

Though you are likely working remotely, you should still stay in contact with your entire book of business. Talk with every one of your clients and offer them guidance through this changing financial market, as well as asking after their family’s health and wellness. This is where you can have the biggest impact by sharing your perspective on the unfolding situation.  These actions ultimately encourage client loyalty and future referrals.

Given the unpredictability of the market, any clients who were thinking about changing advisors are more likely to do so now. The bottom line is:  if you can’t be present for your clients during a challenging time, then you need to reevaluate your service model.

It’s also worth noting that younger investors haven’t seen this volatility before.  This is an opportunity to establish yourself as a trusted partner in these matters and to deepen your relationships with your younger clients, which will reinforce the added value you bring to the table.

Don’t Disregard Opportunities for Growth

Though it may not seem like it, this is perfect timing to be focused on growing your business.  When you are doing a great job of servicing your clients, you will naturally have the opportunity to grow your business with money in motion from your existing clients, as well as referrals.  Given that everyone is experiencing the volatility of the market, many are looking for financial perspective during this unprecedented time. When clients feel taken care of, they will frequently express gratitude for your time and reassurance.  This is the perfect timing to let them know that you are available to speak with their friends and family members who might have questions or concerns about their financial situation.

How to Conduct Referrals While Maintaining Social Distancing

Though social distancing has changed the way you conduct referrals, you can use technology to make a seamless introduction. Invite both parties (your existing client and their referral) to a zoom conference, and then your existing client can step off the call when appropriate. Alternatively, you can use conference calling, but don’t discount the personal touch of a video call.

After the referral signs up for your services, take the time to write a personal thank you card to your existing client. To encourage future referrals, I recommend including a gift card for Postmates or a similar food delivery service. This will encourage future referrals!


Though this is an unexpected situation, it provides the opportunity to truly enhance relationships with your clients. By adjusting your business model, you can continue to deepen your client relationships and establish yourself as a trusted resource in this challenging time.


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