There's an ancient curse thatsays, "May you live in interesting times." I was never clear on why "interesting" was such a bad word-until now, as we face what is widely being called the worst financial crisis since the Great Depression. But here's something else that you might find interesting: This environment offers unparalleled opportunities for advisors to grow their businesses and come out of the current mess stronger than ever.

Indeed, right now, some of the top advisors in the industry are making very smart decisions that will enable them to capture more assets from their existing clients, as well as bring some new clients on board. All of this is happening while the world, in some ways, seems to be crumbling around us.

Here's the really good news: These advisors' breakthrough successes in the current environment can serve as lessons for planners as this next year begins and we look for ways to remain relevant to our clients' financial lives. If you respond effectively to the challenges and realize the tremendous opportunities that exist—thanks to today's treacherous markets—you will find that, by the end of the year, these "interesting" times will have been among some of the best of your career.

Money in Motion

It might seem strange to think that there are lots of business-building opportunities out there right now, especially if you're worried about simply riding out the storm. But there is a lot of money that will be moving around in the coming months. The advisors who come out on top a year from now will be those who effectively pursue this money in motion.

Consider the results of a survey performed by Russ Alan Prince last October—right in the middle of the meltdown—of 400 affluent investors with at least $1 million invested:

• 81% of clients with at least $1 million invested said they were going to leave their advisors.
• 86% of those clients were not going to refer their advisors to their friends and associates; they actually planned on warning their friends and associates about their advisors.
• Only 2% of those clients were planning to make referrals.

Of course, the actual percentage of clients who do transfer to other advisors will not be as high as 81%. But the large number of investors who are unhappy with their advisors and who intend to transfer tells us that there are lots of affluent investors in play-and will be for some time-for advisors with a compelling value proposition.

The data paints a clear picture of what advisors must do during the coming year: Play defense by making sure your clients aren't among the unhappy investor group and play offense by attracting dissatisfied investors as they search for alternatives.

Capturing Opportunity

If your relationships with your most trusted clients, friends and associates remain strong, now is the time to ask them for referrals. Here's how:

Bring up the research mentioned above. Discuss how shocking it is and how disappointed you are in the financial services industry. Point out that there clearly are lots of affluent people who are unhappy with their advisors and who are not enjoying a solid advisor-client experience. Add that you would appreciate the opportunity to provide someone they know with the type of positive experience you have with them.

When you call these prospects, offer to give them a second opinion on their portfolios (at no charge), using the type of consultative approach I've outlined in my past columns. The prospects will generally be open to your review—after all, there's a strong chance that many of them fall into that 81% of investors who want to fire their advisors.

Many of the advisors we coach at CEG Worldwide are using this business development method quite successfully. One advisor reports receiving three or four referrals per week in recent months from a combination of his existing clients and his strategic alliance with other professionals. Even better, his "second-opinion" approach with these prospects has resulted in two new clients, each worth approximately $6.5 million. In total, he expects his business to be up 10% in 2008. Our most successful coaching client received an additional $90 million in net new assets through this process.

Paying Attention

With existing clients, you've got to proactively reach out if you want to keep their business. You know that already, of course, but it's all too easy to hide from those incoming phone calls and panicky emails. For example, our earlier research showed that only 18.3% of advisors proactively reached out to their clients during the October 1997 market downturn. Not contacting your clients in stressful times undoubtedly increases the chances that they will join the unhappy 81%.