LEARN | Engage clients based on their coping style

Strategies to engage a dragon

Seek to make the dragon an active participant in managing the client’s portfolio. Empathize with the dragon, knowing that your empathy does not imply an apology or agreement with the dragon.

Sample conversation during times of financial uncertainty:

"I know you're angry and disappointed. Remember, the decisions we made about your investment portfolio were based on the best information we had at the time. Many people are upset in this kind of volatile market."

"It's important to realize that going forward, updated information will provide new choices that we can make about your investments. We can review this information together and consider what modifications might make sense."

Strategies to engage an ostrich

The ostrich uses denial as a shield. If you attempt to remove this shield too quickly without addressing the person's underlying feelings, the ostrich will form an even larger, stronger shield.

Try addressing the ostrich's anxiety with this proactive two-step approach:

Loosen the shield. Repeatedly stress that you will maintain contact with the ostrich through both good and bad markets - even more so when markets become volatile.

Sample statement

"You can count on me to always stay on top of your investments and in close contact with you during good and bad markets as well as throughout your life's journey."

This type of message helps loosen the shield and prepares ostriches for the emergence of volatility, while informing them you will ensure collaboration at all points of the relationship.

Engage in a deeper conversation. Proactively contact the ostrich by phone or email to set up a longer conversation during challenging times. Since you have been preparing the client for potential uncertainty, he/she will be more likely to engage.