The markets are in flux. Longstanding stalwarts of the industry are going bankrupt, others are being purchased, more consolidation is likely in the works. Some money market funds have busted the buck. Some politicians are calling these times are the most significant crisis since the great depression. What's this mean? Among other things, it likely means that your clients are concerned about their holdings and their savings strategies. Some may be concerned about the financial condition of their bank, their brokerage firm, and the relationship with their financial advisors and counselors. By being proactive and being responsive to client needs, brokers and firms can likely avoid some problems, including regulatory inquiries, by dealing with situations before a customer files a complaint with the regulators.
I posted about the need to be responsive back in July of last year, noting that in my experience, many complaints are filed because of a lack of responsiveness by a broker or brokerage firm. I still think that's true today. When a customer expresses concern, shares a complaint, get it to the right folks at the firm and get it resolved as best as you can. Responding to the customer's need, even if you can't do everything the customer asks, goes a long way to saving the broker-client relationship, and avoiding further, and costlier problems.
