Tales From The Frontline – Strange Days
In this week’s Tales From The Frontline, our Dundee based Partner Chris Robertson talks about the importance of keeping in contact with clients during these extraordinary times.
If someone had said to me 40 years ago (1st April 1980 to be precise) that I would be writing this at 3.00am on a laptop in 2020, I would have assumed that they would have been indulging in some sort of chemical experimentation.
This prophecy has now been fulfilled and I must admit (although there are no chemicals involved) that mortality affects us all. This has become so relevant in recent days particularly when advisers (myself included) have been engaging with clients and their families over many years.
I experienced ‘Black Monday’ in 1987 (do you remember the Michael Fish weather report a few days before?) and managed to weather (excuse the pun) that storm although I had no idea what I was doing at the time, apart from speaking with clients and attempting to reassure them. The same happened in 1992 (Black Wednesday) as well as 2008 (no explanation needed for that). All of the previous ‘crashes’ (there may have been others I have not mentioned) now pale into insignificance compared to today’s situation.
I am very fortunate in that I have a client bank that is longstanding and indeed am now dealing with the ‘4th generation’ of some families. I realise this may not be the case for some Sandringham Partners who may be experiencing their first ‘1987’ situation. I would say to them, and I know it easy for me to say this, please try and NOT worry.
Keep in contact with your clients. Speak to them (I am now on my second round of phone calls). I have no idea how many phone calls I have made over the last few weeks, but I have only had two clients asking for a valuations. Reassure them, markets will recover in due course.
I use a ‘stock in trade phrase’ (I used this in 2008 as well) – “Strip everything away. No ifs or buts. Only two things will happen. There will be a recovery, or we switch the lights off! We should be civilised enough to know that the latter will not happen. If it does then your portfolio will be the least of your problems!” That may sound like something out of a George Orwell novel, but I can assure you, your clients will understand it.
I work with Linda Donald (hence Robertson & Donald Financial Planners) and we have also been sending, to selective clients M&S parcels (the message is along the lines of ‘something to cheer you up’). Depending on the client these consist of flowers, chocolates etc. I realise that not all Partners can do this but M&S start at £20 and according to our accountants is tax deductible! Just keep in contact with your clients!
On a slightly different note I would like to express my thanks to Tim Sargisson for his leadership and positive comments during these difficult times.
And now on a parting note, my main interest is music – one of the greatest albums of the 60s, written by one of the greatest 60s performers – Jim Morrison – The Doors -‘Strange Days’- stream, download, buy on Amazon-but listen to it! Stay safe and see you on the other side.
Chris
Chris Robertson, Founding Partner
