The last few weeks have been the most volatile in memory, bringing new meaning to the phrase "bungee markets".

My recent posts have focused on the need for proactive communication with clients - the model letter posted on my site on September 22 and draft client emails last Thursday saw a record number of downloads.

In the perfect world, you would have had conservative portfolios with large cash balances going into the last twelve months. Realistically, few advisors can honestly make that claim - but that doesn't mean you don't have the opportunity to gain new clients in the current market conditions.

Earlier this week, I got a call from an advisor who had diligently contacted clients over the summer - since last spring he's made face to face and telephone meetings with all his key clients a priority. He's also sent out letters and emails, organized two conference calls and hosted luncheon and evening sessions for clients.

His question: In addition to focusing on talking to key clients through the market turmoil, what can he do to attract new clients?

History shows more clients move in bad markets rather than good ones. If you're in a situation similar to this advisor, where you've done most of the right things over the past while, you have a unique opportunity to capitalize on the time you've invested by leveraging your client communication to talk to prospects.

Clearly, your primary focus these days should be on existing clients. That said, once you've done a solid job with the people you're working with right now, the best use of the last hour or two in a week won't necessarily be more contact to existing clients.

Instead, direct that time against prospects - we know that many clients aren't satisfied with the contact from their advisors through recent market events. In light of that, consider two strategies - one focused on existing clients, the second on communicating directly with prospects.

Existing clients

Referrals continue to be key in attracting new clients. At the end of a conversation with clients, you could say: "Given the challenging markets over the last while, talking to clients like you has been my first priority. How do you feel about the level of communication you've received from me over the past while?"

Assuming you get a positive response continue: "I'm glad you feel good about the contact, even if markets haven't been cooperating through this. Of late, there has been lots of media coverage about investors who haven't heard from their advisors and are thinking about making a change as a result. Given the work I've done, I'm hoping to have the opportunity to talk to some of those people."

How you continue at that point depends on what you've done to stay in front of clients - for example:

"Can you think of one or two friends or colleagues at work who might be interested in receiving the last market commentary I sent you?"

"Are there one or two people you work with who might be interested in coming along to the luncheon session at my office you're going to be attending next week?"

"Can you think of one of your friends who might be interested in listening to the conference call we conducted last week"

"Do you know one person in particular who might be interested in talking to me, perhaps someone who has complained to you about lack of contact from their advisor?"

Or if you're looking for a more low key approach, simply say:

"Based on the team I have in place, over the next year I have capacity for ten to fifteen additional clients. Should you be talking to a friend or colleague in the next while who is unhappy with their advisor and thinking about making a change, I would be happy to sit down with them and discuss their situation."

While less likely to prompt an immediate response, at least this conversation plants a seed in your client's mind.

Note that having these conversations entails additional minutes at the end of a meeting - you can get a big return for a small investment of time.

Prospects

While it's certainly possible to initiate a conversation with a prospective client from a standing start, the odds of success are much better if you've built credibility and familiarity with a prospect over the past months or years.

If you're talked to someone in the past, now is the time to capitalize on the things you've done to provide direction and guidance to clients over the recent while.

Call up prospects you've been cultivating and say something like:

"In light of recent market events, I'm calling to see if you're interested in sitting down for 20 to 30 minutes to do two things.

First, I'd like to quickly take you through the advice I've given to clients over the past while through meetings, phone calls and my written market reviews (adding in anything else you've done).

And second, if you're interested, I'd be happy to talk about your own situation and perhaps provide you with a second opinion on how your portfolio is positioned given the current market circumstances and prospects for the period ahead."

Even if the prospect doesn't want to meet, you can still advance your cause by offering access to the material you've provided to your clients.

Not every prospective client will have a positive response to this overture and those who do respond positively may take a while to become clients - but by having these conversations you will plant seeds that will pay dividends in future.