In Episode 15 of The Top One Podcast, Jerry Corless and Chaz Emerson dig into one of the most defining moments in an advisor's career — how to lead clients (and yourself) through a down market.

A few unfiltered moments from this one:

→ On the third role advisors play: "Of course you know I serve as financial planner... and the other one you probably don't think a lot about is behavioral coach."

→ On the truth Chaz repeats to every client: "Risk tolerance doesn't change in a down market."

→ On what loss actually means: "We still have the same number of shares we had before. You haven't lost it until you sell it."

→ On the recurring pattern: "It's not different this time. Something different is happening, but it's not different this time."

→ On separating the signal from the noise: "Read actual economists or actual portfolio managers... not what the news outlets are saying."

→ On what clients remember: "That's when you know you've got a really good relationship with your clients — when they're worried about you."

How the top 1% lead clients through volatility:

1. Set appropriate expectations at the start — frame the three roles (planner, "marriage counselor," behavioral coach) before the volatility hits
2. Lock in risk tolerance with a real assessment, not a guess
3. Be proactive at a defined trigger (often around a 10% pullback) — pick up the phone, leave voicemails, lead the conversation
4. Use an automated weekly market commentary email so clients feel the consistent touch
5. Reference the client's actual diversified portfolio — not just the S&P or the Dow headline
6. Manage your own mental and physical state — sleep, exercise, prayer, peer conversations, real data
7. Don't freak out — clients are watching, and the calls you make now create the referrals after the recovery

And the line Chaz comes back to: "We can't control the market. What we can control is the way that we react to it."

If you've ever wondered what separates the advisors who keep clients through a downturn from the ones who quietly lose them after it, this is the conversation.

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