Even with another bailout in the works for Greece, the country's fiscal woes will remain in the headlines for months, perhaps longer, and financial advisers are reaching out to clients to make sure they keep this melodrama in perspective.
“Now that clients have lived through the financial crisis in 2008, everything that comes up in the media they wonder if it could cause another 2008,” said Beth Blecker, chief executive of Eastern Planning.
Her firm held a conference call on the subject the week before Greece voted on July 4 to reject a bailout offered by its international creditors. About three dozen of the firm's clients called in to the 30-minute question-and-answer session.
Advisers need to keep in mind that issues they might not deem critical could nonetheless be stoking fears in clients glued to the latest "Breaking News!"
Most clients on Ms. Blecker's call were concerned how the situation would impact their investment portfolio and wondered if the debt crisis in Greece could spark a chain of events that would cause new financial pain in the U.S.
(More: Financial advisers tell clients to shrug off the Greek vote)
“We explained that we are very diversified and reminded them about having long-term and short-term money,” Ms. Blecker said. “We stressed goals and objectives and not responding to fears by doing something that would hurt us in the long run.”
Being the voice of reason for clients in scary times strengthens the bond and makes the relationship stickier. It offers advisers an opportunity to get in front of clients and stay top of mind between regularly scheduled meetings.
Mark Scribner of the Scribner Group at Morgan Stanley sent all of his clients a note Friday that attempted to calm any jitters over Greece.
“While uncertainty around Greece is likely to remain in the coming days and weeks, it is important to note that the infrastructure in place appears much more prepared to handle potential volatility in Greece than it was just a few years ago,” he wrote.
He eased client fears at a tense time, citing improved economic growth across Europe in the last year and fewer private holders of Greek debt today than a few years ago.
(More: Gold not getting boost from investors seeking safe haven from Greek crisis)
Financial adviser George Papadopoulous, a dual U.S.-Greek citizen who recently returned from a vacation in Greece, said he has emailed clients to assure them not to worry about the situation.
He's also been an active voice on Twitter about Greece, extending his reach beyond current clients. On Monday, he tweeted, among other posts, his 10 thoughts on the state of affairs, including at No. 9:
