The economic downturn provides a significant opportunity for financial advisors to gain new clients and to sell clients on new ideas, according to financial analyst and professor Lou Schizas.

Schizas, who is a professor of finance at the Sheridan Institute of Technology and Advanced Learning and runs an investing website called Happy Capitalism, spoke at the CIFPs annual national conference in Halifax on Monday. He encouraged advisors to take advantage of the current environment and advance their business.

“The best time to advice is when things are in flux,” he said. “Right now, people are open to the possibilities of changing a lot of things in their lives like never, ever before.”

Although clients were likely comfortable with their financial plan while the economy was strong, they could now be willing to embrace new ideas, Schizas said.

“They may not have paid attention before because they were comfortable. And now they’re not,” he said. “So don’t be afraid to be in front of your clients or prospects at this particular time.”

Schizas added that with so much uncertainty facing clients, advisors have an important role to play in giving them a sense of stability.

The downturn also presents an opportunity for advisors to invest in their business, Schizas added. In the current environment, investments in technology, real estate, advertising and marketing are much more affordable. In addition, the cost of attracting high quality labour has fallen, he noted.

“Look at the opportunities to reinvest in your business,” Schizas said.

IE