Ideas. Lessons Learned, and Occasionally, Opinions
We do a lot of training at Corgenius in choosing appropriate cards and knowing what to write in them, especially when there has been a loss or life-changing transition. Countless times, people have asked me why I don’t just create a line of cards. That’s not something I have time or interest for, but today I offer you the next best thing.
I met Anne Kertz Kernion a couple of years ago and now I buy a majority of my cards from her company, Cards by Anne (www.CardsByAnne.com). These hand-designed cards are thoughtful, beautiful, and high-quality. Most agree with the principles I teach at Corgenius. And they are an incredible bargain at only $1.25 each.
Another benefit - you can now get a condolence card with one of my quotes on the cover. Recently, Anne encouraged me to submit quotes for her consideration in designing cards. She then sent a mailing to her very large database and asked them to vote on a wide range of submitted quotes, promising that the top three vote-getters would be incorporated into cards. One of my quotes won by a landslide. (I even out-ranked Pope Francis! I don't imagine that will happen again!)
Of course, Anne's cards still don't solve the problem of what you will write inside. To learn more about this sometimes thorny issue, consider checking out my book “No Longer Awkward”, which contains over 100 texts that you can modify and use for various purposes.
So when you go to the Cards by Anne web site, you will see my card displayed there. Hopefully there will be more in the future. I encourage you to peruse Anne’s other cards as well. I suspect you’ll find yourself returning there again and again for both personal and professional purposes.
Our speaking engagements put us in contact with many of you smack dab in the mayhem of one of the stock market’s most volatile 60-day periods in memory and the worst December since 1929. Clients have a "relationship" with their money, and when that deeply personal relationship ends or takes a unilateral relational break, they grieve. So when this period happened, and when it inevitably happens again, what do you say to frightened, angry, grieving clients?
Many advisors told us they said (in language that was sometimes more colorful to emphasize the point): "I know how you feel. My portfolio is doing the same thing, and it hurts!" We saw similar words in various sources, but the gist of the message was the same: "I get it. I know exactly what you're going through because I have money in the market, too."
I understand the good intent. You want to reassure clients they are not alone in their sorrow over wild volatility and steep market declines, since your portfolio took the same proportional hit. Still, the basic grief support principle holds: each person’s grief is unique, even it’s a similar loss. Saying “I know how you feel” during market volatility is as unhelpful as saying it when your client’s parent dies.
Seek First to Understand
The old saw "seek first to understand" is precisely the correct tool to use here. It is fine to acknowledge that you have a similar experience, but don’t stop there. Allow for each client’s uniqueness by asking questions that allow them to tell their story and get you on the same team.
One option could be something like this: “I’m a financial professional, but when things like this happens in the market, everyone gets twitchy. I know it's not rational when I feel that knot in my stomach. I know it’s not going to last because I always allocate every client’s portfolio just like my own, in ways designed to withstand these market swings. But logic doesn't dictate emotions, and so I still feel it. Do you feel it that way when you hear the market news, or how is your reaction different?” This helps allay the fear and blame, because you are treating the client’s portfolio as if it were your own. It also creates a sense of teamwork and problem-solving.
If you rode out the 2008/2009 mayhem with clients, you can include: "In your mind, how is this one similar or different from 2008? Are there things we did or discussed then that might be helpful for us this time?"
Then you can follow up with: “So tell me, what is the worst that you could imagine happening to you financially right now?” Keep asking “What else?” and saying “Tell me more” until you have all the major fears on the table. Then ask, “Since these are your worst fears, what can we do together to keep you safe? I think we’ve done good work together to set you up to weather the storm, but we can always tweak things if you want. Perhaps we should stay in closer touch during this time, too. What seems right to you?”
When you ask open-ended questions like these, you find out what's going on in their heads. Knowing those things doesn't make money come back. It doesn't mean you haven't got work to do to help them sort out their choices and stay the course. But it might make the difference between clients switching away from you vs. ensuring that you are moving in lock-step together through frightening times.
The holidays are over and now you face winter with its longer, darker days. If you have recently lost a loved one, here are some ideas to help you get through and come out on the other side with greater hope and peace.
Mid-winter can be a difficult time no matter your life circumstances. The weather is colder, days are darker, and it can seem like life retreats for a while. This is especially true when you enter a new year without a beloved person who died. How do you cope? Here are ten tips for finding comfort in 2019.
We have an unprecedented crisis happening in our country. Every day, 115 people die of an opioid overdose. From 1999 to 2016, 350,000 people have died. A recent survey by the AP and Center for Public Affairs Research found that 1 in 10 Americans know a relative or close family member who died of an opioid overdose. In April, the Surgeon General issued the first national health advisory since 2005, urging families and friends of addicts to carry naloxone, the drug that can reverse the acute effects of an overdose and give a greater chance of survival.
Clearly, we have a huge public health problem with more people dying per day due to opioids than were dying of AIDS at the height of that epidemic. Just as we found the will and resources to combat AIDS over 30 years ago, we need to do it now for opioids.
In addition to scope, there is another aspect of these two epidemics that is similar. When people died of AIDS, their family members were often reluctant to tell others the cause of death because of the stigma. The same is true with the opioid crisis, leaving families unsupported and isolated. It’s bad enough that our society knows so little about how to effectively support the survivors of a loved one’s death; with a stigmatized death, the situation is exponentially worse.
Many people don’t realize that opioid addicts generally begin taking the drugs to relieve intense pain from a medical condition, not to get high. Yet one of the ways opioids work is to increase the levels of dopamine in the body, resulting in a feeling of euphoria while relieving some of the pain. Even if all the pain is not relieved, that which remains seems tolerable because of the underlying “high”.
Addiction begins when the drug rewires the reward centers of the brain, causing the person to perceive anything less than the euphoria as being painful and creating a physiological craving for more of the drug. Tolerance requires higher doses, the euphoria increases, the drug continues to affect the brain, and the addict sinks into an ever-deepening need for opioids just to feel normal. For those who try to reduce or quit, withdrawal symptoms are intense, and they often give up, relapsing into drug abuse to eliminate the pain. It reaches the point where an addict will do anything to get the next hit.
How to Help
After an overdose death, the grief is profound. The family loses a beloved family member. They lose the future they hoped for with that person and the unique place that person held in the family structure. They have exhausted themselves with worry and attempts to help. There are feelings of guilt and inadequacy that the loved one couldn’t be saved. These reactions are combined with anger at the lack of resources for addiction and resentment towards the addict who wasn’t able to kick the habit despite whatever help the family could offer. At the same time, rather than the outpouring of support they would receive if their loved one died of something like cancer, the support is muted, tentative, or absent, replaced by judgment or simply the would-be comforter’s inability to know what to say.
Here are a few suggestions on how you can help a client, friend or family member dealing with this kind of loss:
Too much wisdom is lost every day in this country because we devalue our elders. When we highly value them, and take the time to listen and learn from the wealth of their life experience, it can be eye-opening, informative, and quite a delight for the storyteller and listener alike.
My sister and I recently embarked on a project to capture more of my Mom’s life story before it was lost to us. Over a period of several visits we asked her many things - what it was like growing up in a household with six brothers, what stood out about her Mom’s death from cancer at the too-young age of 52, her happiest and most troublesome memories, how people who knew her as a young woman would describe her, and what she hopes people will remember about her after she dies. Together we laughed, cried, and grew closer. We also learned many things we had never known. For example, we were surprised to find out that she’d had two dogs as a teenager, and she was not very fond of Frank Sinatra, even though all of her friends and classmates swooned over him!
In addition to passing on wisdom and life lessons, these stories are important for another reason. As we age, we are increasingly susceptible to the diseases that cause dementia, including Alzheimer’s disease. When people have Alzheimer’s, they lose their short-term memory first. Family members who gather long-term memories build a way to maintain their relationships, because even if their beloved elder can’t remember what she had for lunch, she may well remember that dog or the kind of music she loved in high school.
So, as you meet with clients to close out the year, encourage them to take time over the holiday season with the older generation, asking for their wisdom and life lessons, and gathering their stories and memories. Your clients will often learn things they never knew before, and may deepen their relationship with parents or grandparents. In the process, they may find themselves wiser, more tolerant, and with greater appreciation for those who comprise their heritage.
Of course, if your clients ARE the older generation, encourage the same thing in reverse. Recommend that they write or record their own memories and stories, along with the wisdom, hard-won lessons, and messages they wish to pass on to their families. The compilation could be a welcome gift of lasting value. Regardless of which direction the information flows, it is an exercise your clients will likely never regret. While you’re at it, perhaps you can do it in your family as well. Give the gift of time, curiosity, memory, and wisdom this holiday season. It costs so little, yet it is priceless.
When Clients Want More Than Your Financial Expertise
In this day and age, financial expertise alone is insufficient to gain and retain clients. Clients expect more. They want you to understand their personal experience, and be equipped to walk them through whatever life throws at them.
Truth is, for most advisors it’s unchartered territory when tragedy, illness, death or difficult times touch a client. There are countless advisors who have the requisite financial expertise but there are far fewer who know how to implement it with the sensitivity required to meet the emotional needs of grieving clients.
Learn Tips to Wisely and Effectively Support Grieving Clients
… and this is exactly why we started our complimentary podcast series, Clients for Life. Each of these 10-minute interview podcasts features an advisor who has completed the Corgenius Master Class on guiding clients through difficult transitions. They describe the skills and best practices they are now implementing in their own firms, both large and small, that are having the most impact on client satisfaction, loyalty, and referrals. Things like
Please take a few minutes from your busy day to listen to these interviews. Share it with a colleague. You’ll pick up a new ideas on how to more confidently support clients through difficult transitions. It benefits your clients and your business.
When a parent with young children is diagnosed with a life-limiting illness, the emotional devastation disrupts every facet of a family’s life. It is a nightmare all of us hope we never have to face. But, at this very moment, you may well have this occurring in your corner of the world.
Do you know what to do when this nightmare strikes one of your clients?
Beyond financial advice, how can you do more to serve these clients? One way to start is by learning to ask thoughtful, open-ended questions and following their lead on how much they’d like to talk. Excellent questions are things like:
For the kids themselves, there is a relatively new resource on the market that you can give as a gift. It is titled “Sammy’s Story” by Erica Sirrine. This simple, 25-page book is a tenderly written and colorfully illustrated read-aloud book for children ages 3 – 7 who are facing a parent’s death. It sensitively conveys concepts about illness and death, including what children can expect as the illness progresses. It also thoughtfully gives ideas on how the child can maintain a continued bond with the parent even after the death. Intended as a resource to be read with caring adults, it is perfect for family members or other adults as they support children through this most difficult anticipatory grief and what will follow.
Don’t let your own discomfort keep you away. Be there for your client and the family. You will make more of a difference than you know.