WHEN Crisis Strikes
First, notice that I didn’t say “if” crisis strikes. Over the course of our lifetime, most of us will experience some type of crisis and it’s likely we’ll have to help our clients stay grounded when the plan appears to be falling apart.
This shock to the system the two of you have created can destroy even the best of financial plans and possibly damage your relationship with the client. Their confidence in you and your ability to handle the situation can have a negative impact on your continued engagement.
So, what can you do when life happens and you and your client must navigate circumstances that go beyond what either of you could have anticipated?
Dealing with Client (and Your) Emotions
Begin at the beginning. What is going on for you during this time? How have you prepared yourself for the situation at hand? If the situation is beyond what you could have imagined, consider what you have done in similar situations and reflect on what worked well and what you could have done differently.
The important thing here is to explore what is happening with you before you connect with your clients. Consider the relationships you have with them and how they perceive you and your role in their life. You are their trusted adviser so before you act, think about what they need most from you at this crucial time.
A coach’s role is to embrace what is and focus our attention on what we want to create. Our main focus is to establish a safe and supportive space for the client to have their full range of emotions and pause to decide how to respond. Of course, this sounds great right up until the moment you are on the phone with them and everything seems overwhelming. What can you do when your client needs you and you are feeling stuck too?
Pause
Just stop. Just for a moment. Stop and take inventory of how you are thinking about the situation. If you are feeling overwhelmed connect with someone who offers you the support you need to get back on track. Lean on the people you can trust to be a sounding board to express your fears and concerns. Take the time to explore your reactions and how you want to respond.
Purpose
Remember your “why.” Reflect on the reason you do the work you do. What inspires you about working with clients? What impact do you have on the clients you serve? We know having a financial plan is important and we also know that there are many options. What made them choose you? This simple exercise is valuable at any time because it reminds us of two important things: what is important to us, and what is important to our clients.
Plan
Be flexible. The only constant is change so when crisis hits we can focus on ways to build our resilience to handle the unexpected. To support the client’s resilience the coach focuses on:
- Client empowerment: Use the clients’ strengths and personal power to develop or revise their plan. Invite them to reflect on a time that they faced uncertainty and met the challenge.
- Choice: Present options allowing clients to choose the option(s) they prefer. If the client is experiencing traumatic stress, choice can reduce their anxiety. Co-create the options by brainstorming together.
- Collaboration: Maximize a sense of collaboration. Partner with your client to determine the measure of success and what to do if things don’t go as you plan or expect. Embrace the uncertainty.
One of the strengths of a coaching approach is that we approach each situation as though it is a first-time encounter. This allows us to stay in the present moment and embrace the situation exactly as and hold focus on a better future.