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This session of Mr. and Mrs. Client I want to thank Ruth Sully. Ruth is a friend and advisor in California who told me a great story. You can use it if you have clients who want to put their investment plan on hold when the market takes a downturn.
Watch the video or read the transcript below to learn the story.
The story Ruth told me had to do with a client that called up and wanted to stop all his monthly contributions while the market was down, and start again when the market was going up.
Here’s what she said to him, and this is what you can say to your clients too. (He was a customer of Nordstrom.)
“Nordstrom has a sale every six months. Here’s what you do next time there’s a sale. Walk in to Nordstrom and ask the sales consultant to help you out. Ask them to lay out nine different outfits, and say ‘these outfits are exactly what I want. I want you to put these clothes in a bag and I’ll come back and pay for them when the sale is over. I want to pay full price.”
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You can tell clients that’s exactly what they’re doing when they’re not buying when the market is down. It’s a fabulous analogy.