First, and possibly most importantly, get the basics right – focus on existing clients. When the sun is shining and markets are rising, being a wealth adviser is arguably quite straightforward and client conversations tend to focus on the positives. It is in difficult times, when markets are falling and economic uncertainty is the prevailing wind that the value of a trusted adviser becomes vitally important. Clear communication on a regular basis - even if only to reassure - from a trusted adviser to a client becomes invaluable. Taking the trouble to pick up the phone and speak to clients on a frequent basis will not only maintain a client relationship but will more than likely strengthen the tie of loyalty. And a strong relationship will lead to new client referrals, the best possible source of new business opportunities. Beyond the personal communication, the attention to detail in the timely delivery of accurate information is as important in reinforcing a positive view from a client towards their adviser and the firm.

Secondly, focus on controlling costs. This does not necessarily mean cutting costs on an arbitrary basis but a general strategic review of the cost base will undoubtedly find areas where a firm can become more efficient in the delivery of its service proposition and realise more value from its cost base. This might also be the time to make a strategic investment in the technology of the firm, that would enhance the service proposition, improve efficiency and gain the benefit of scale in the cost base. Any opportunity to protect or improve the profit margin should be maximised particularly if value related fee income is under pressure from falling markets.