When the market goes down over several weeks or months (as it has been), clients sometimes call us in a state of deep concern or panic.
We certainly understand their feelings. And we don't dismiss or treat them lightly.
But at the same time, we make a conscious effort not to get swept up in their negative energy. We don't second guess ourselves or make dire predictions.
In some ways, it would be easier to join in our clients' frustration. After all, it can be satisfying to rail against the market, blame the system and shake a fist at others. We could leverage that negative energy to encourage our clients to make drastic investment changes—and walk away looking like heroes (at least, temporarily).
But we don't. We refuse to operate that way. At Pedersen Group Wealth Management, we're all about developing long-term relationships with our clients and seeing them through good times and bad. Our clients wouldn't stay with us long if we pulled the pin out of the grenade every time the market changes.
Instead, we stay calm while still being real, honest and transparent.
How Do We Stay Positive?
Our secret (if I can call it that) to staying positive comes from two things:
- Our experience - We have long-term perspective. With over 25 years of financial advising experience, I've seen it all before. And thanks to that perspective, we don't feel the need to panic.
- Our desire to do right by our clients - It wouldn't do our clients any good to join them in their negative energy. Panic doesn't lead to good decision making.
For example, I received a call recently from a client in Florida. He's been watching the markets in dismay, and he called to commiserate and express his frustration.
He was surprised to find I wasn't hiding under my desk. As he put it, "You seem to be holding up fairly well!"
I shared my thoughts on the market with him. I also pointed out the many opportunities a down market inevitably brings.
By the time we finished the call, his entire demeanor had changed. No longer frustrated and panicked, he could continue his day in a positive frame of mind. And it felt good knowing that his positive energy would rub off on everyone else around him.
Everyone Goes Through Difficult Times
None of us can escape the bad times in life. Sometimes, things happen that we have to control over. But we can control how we react. And this is true not only at work but in our everyday lives.
We can point fingers and blame someone (anyone!) when times are tough. Or we can do our best to stay positive (while still plugged into reality) and keep going.
And when you keep positive, even in trying times, your positive energy influences others. It grows and expands, affecting everyone around you.
I believe that what you send out into the world is what you get back. So keeping it positive helps not only those around you, but also yourself.
Our Philosophy: All Types of Energy are Reciprocated
Pedersen Group Wealth Management is a personal trade name of Darren Pedersen.
This article was prepared solely by Darren Pedersen who is a registered representative of HollisWealth® (a division of Scotia Capital Inc., a member of the Canadian Investor Protection Fund and the Investment Industry Regulatory Organization of Canada). The views and opinions, including any recommendations, expressed in this article are those of Darren Pedersen alone and not those of HollisWealth. ® Registered trademark of The Bank of Nova Scotia, used under licence.