During my days as a wholesaler, I worked for a company that had its top selling bond mutual fund implode. The NAV was not supposed to fluctuate more than 5%. Due to unforeseen circumstances caused by a foreign country, the NAV plummeted and all hell broke loose. Conference calls, explanations, redemptions, and a whole lot of hostile advisors made this Christmas crisis a real nightmare for many of us. The "us" I am referring to includes the retail customers who bought the fund, the financial advisors who sold it to them and the wholesaler who represented it in good faith. I learned a lot that month, gained a few gray hairs and felt like I aged 10 years.

Be Proactive and Resilient…even if you are taking harpoons! I did what any other pro would do. I picked up the phone and called all 100 of my largest clients first. I explained what happened and asked for an appointment to discuss repair strategies for their clients. Making lemonade out of lemons beats complaining, moaning and crying when things hit the fan, in my opinion. The reactions from some of my clients was shock, despair and then agreement to meet with me, face to face. Other reactions were not quite that good. "We hate you. Don't ever step into this office again. We will NEVER sell any product from your company again." I took a lot of harpoons that week. I felt like a whale during the 1800s, surrounded by boats and men with harpoons. Like a whale with a lot of blubber, I let them throw as many harpoons as they needed to. Some went deep and hurt badly. Others bounced off.

Persevere! I recovered and persisted. I continued calling one manager who told me that I would never be allowed in the office again. But, I had a responsibility to my clients, no matter what they called me or my company. My response was well-scripted and said with genuine concern. "Just 10 minutes is all I need to help with a repair strategy for your clients. I feel responsible to help. Redeeming now that the fund is down 40% is not the right thing to do. Instead of redeeming, we could transfer those assets to these other funds and try to gain growth. Let's at least try to help your clients, even if you never give me another dollar in new business. Let's help who we can" was my plea.

Victory for all! The manager who initially banned me from the office became a good buddy over time. We were having a drink about 18 months later and he confided in me. "What you did took a lot of courage. You kept calling, took the harpoons and nasty comments, but you continued trying over and over. Your ideas did help my clients recover from the losses and you are welcome here as often as you like. Thank you for helping all my advisors in this office. Their clients are calmer and happier now. Thanks to your ideas, we survived."

That office became my top producing office in my region over the next three years. It took a lot of work and persistence but in the end, it was all worth it.

These Volatile Markets are Not New or Unique Be a student of the history of the stockmarket. We've experienced a series of soaring and plunging. We've survived the S&L crisis, the Mexican devaluation of the peso, the tech bubble burst, companies going belly-up, airlines going out of business, gas prices surging, real estate booms and busts. This country is filled with survivors and people who will NOT give up. We may get knocked on our butt a few times, but we always get up one more time than we are knocked down.

Take Action! A quote that I created and have used many times, is appropriate to close this session. "You cannot control the markets, but you DO control your activities! Focus on the opportunities and the BEST use of your time, right now." Be proactive. I have free podcasts on my other website. Go to http://www.neilwoodconsulting.com They are FREE for you to use during these tough times. Reach out to your clients because they are more worried than you are right now. Make sure they do the right thing and look ahead. The sky is not falling. We will recover, once again. The harpoons are not meant to hurt you personally. Your clients are just scared. Persevere, reach out to help and make a difference today! That my friend is the essence of Working Smarter!