In February, I visited the FPA chapterin Austin, Texas. While I was there, one of the members commented that he seriously considered not coming to the meeting because of the day's market turmoil. "I'm really glad I did, though," he said, "because in talking with other members, I picked up a few tips on what I should be saying to my clients. And more important, it really hit home that I am not alone in all this."

I was thinking about this advisor's comments when I attended the Technology and Tools for Today conference in Dallas just a couple of weeks later. I asked several people what they were seeking from this conference. "I need to find more cost-effective ways of handling my practice," one advisor told me, "because I know I have to cut some staff and the work still needs to get done."

Nice-to-Haves Versus Need-to-Haves

I am sure that you are now poring over your expense ledger, trying to figure out where you can cut costs. Greg Friedman, of Friedman and Associates in Novato, Calif., told me that during good times he used to bring in a massage therapist to help his staff de-stress. Today, he says, if someone thinks they need a mental health day, he asks if they might consider taking a "mental health hour."

Granted, luxuries like these had to go. But when you begin to pare expenses, you must be careful that you don't also cut those costs that are essential to your well-being, as well as to that of your staff and clients. I am talking about your memberships in professional organizations. Going to a local meeting and talking with other professionals can be your "mental health hour," and you could walk away with new ideas of how to become more efficient, cut costs or deal more effectively with clients.

Look Around

Take a look at what some of your associations are doing to meet your needs during this crisis. For instance, The FPA (www.fpanet.org) has been holding virtual seminars with topics, such as Uncertain Times Series, with various speakers talking about issues and problems you're facing now. Or, you can download the archive of Stephanie Bogan's presentation, Bear Market Survival Guide, from their website. FPA also has a Financial Crisis Resource Center, where you have access to real client letters, articles and presentations on what is happening around the global markets. You can connect with colleagues using the FPA Community Building forums, and the FPA site even links to a special area in Facebook just for advisors.

NAPFA (www.napfa.org) has a wide variety of networking and educational experiences for you to explore, including a list of study groups that enables you to get connected with individuals who can then serve as your support system. NAPFA's Cutting Edge conference calls have also discussed such subjects as Marketing in Turbulent Times.

Along similar lines, the AICPA's Personal Financial Planning division (pfp.aicpa.org) has an Economic Crisis Resource Center that includes many resources and webinars like Advising Clients During Current Market Conditions.

The Society of Financial Service Professionals (www.financialpro.org), on the other hand, has been offering various podcasts focused on how financial services professionals are dealing with the current economic crisis. Local chapter meetings have also addressed how advisors can support one another in these turbulent times.

If you aren't using your affiliations to their full value, you're ignoring your best support system. And, if you have dropped your membership, think again. Now is not the time to isolate yourself and your practice from creative ideas, specific action items and, well, contact with other professionals who are living through the same experiences as you are.

Reach Out

This brings me to another thought: Every advisor I've talked to recently has told me how difficult it has been to keep talking to clients, reviewing their concerns and hand-holding them through this interminable crisis.

Until recently, most advisors have had abnormally low client turnover, thanks in part to upward trends in the market. Now, for the first time, clients have less money than when they began going to their current advisors. And while client flight has not occurred just yet, we know it may only be a matter of time if the current downward economic spiral continues. What we say to clients right now could make all the difference between their staying and their going.