The Agent Toolkit: 5 Dos and Don’ts for Serving Clients in Uncertain Times

5 Dos and 5 Don’ts to help your clients and protect your licence during volatile times.

What should a Licensed Segregated Fund Agent do when their clients are simultaneously nervous about job security, their net worth, and their need for increased liquidity? While this is a perfect storm for your clients, it is also a powerful opportunity for an agent to shine.

Here are the 5 Dos—the essential steps to take when assisting clients during periods of economic and political uncertainty:

📈 5 Dos: The Essential Steps

1. Ask questions and listen to the answers. Initiate dialogue with open-ended questions and commit to listening carefully.

2. Drill down. Do not accept general answers; probe into what the uncertainty specifically means to the client and how it impacts their life.

3. Think about what solution might help them—be creative. Offer solutions that extend beyond pure financial products.

4. Follow up, relying on detailed notes. Repeat steps one, two, and three, and document what has changed since the last conversation.

5. Adjust your solutions based on the new information learned in step four.

🚫 5 Don’ts: Avoid These Mistakes

1. Assume that all clients are experiencing the same stress about the same issues.

2. Answer for the client. Ask a question and then immediately answer it yourself.

3. Jump to conclusions. Formulate opinions before gathering sufficient information.

4. Use cookie-cutter solutions to resolve all clients’ unique concerns.

5. Think that detailed notes are overrated. Comprehensive documentation is critical for compliance and relationship management.

Case Study: Staminak’s Retirement Fear

Consider Staminak (not his real name), age 62, who planned to retire at 65 based on your financial plan. He is now convinced he will lose his job, struggle with the increased cost of living, and fail to retire on time. He is too proud to share this voluntarily.

Would contacting Staminak during this period be a good idea? Absolutely.

💡 How to Engage:

• Change the Setting: Meet him for coffee—a change from your usual KYC-focused virtual meeting.

• Ask a Big Fat Question (Step 1): Ask: “How are things going for you with all the political and economic noise we are hearing?” Use silence if necessary to encourage him to open up.

• Drill Down (Step 2): If he gives a general answer, probe into how it specifically impacts his job, liquidity, and personal goals.

• Creative Solutions (Step 3): If he shares a concern that requires a KYC update (e.g., his risk capacity has changed), take notes and follow firm policy. Beyond financial issues, offer creative, non-financial suggestions. For instance, introduce him to someone with a job opportunity. This can empower him, reduce stress, and reinforce your role as a trusted agent.

• Follow Up and Adjust (Steps 4 & 5): Following up achieves two goals: Staminak sees you as a partner, not just a revenue source, and you stay compliant with regulatory requirements to Know Your Client at every stage, limiting your exposure to unsuitable investment allegations.

❌ Agent Excuses and Regulatory Risk

Many agents fail to follow this process, citing excuses like insufficient remuneration, having too many clients, or believing their clients are too private.

None of these excuses serve agents well. Clients will find another agent who does care, and you risk regulatory trouble or lawsuits for unsuitable investments.

Client-Focused Reforms make this type of deeper conversation—and the accompanying note-taking—a necessity. If you have too many clients to execute this properly, consider selling a portion of your book.

Don’t waste a period of economic and political stress. Become your clients’ trusted agent when they need you the most.