Investors are in need of a second opinion, and that bodes well for you. Indeed, investor frustrations mount as the Dow has accumulated a loss of 35.9% for 2008 as of November. Not even a presidential transition would stop the downhill slide. The same historic week America voted for change, the markets lost another 4.9% in asset value. Investors and advisors are dispirited, pessimistic and worried.

A September 2008 study by research firm Prince & Associates concludes that 70% of investors with $1 million or more want to fire their brokers. "They've got to blame someone," one advisor observes.

All advisors would like to think that they are in that relatively safer 30%, of course. And while I would suggest that less than 70% of investors will actually vote with their feet, the fact remains that some portion of every advisor's book is at risk.

There is reason for optimism, however. If you agree that there's never been a better time for a second opinion, be sure to place yourself in situations to share your point of view with prospective clients. Between the calls you're fielding, are you making the regular outgoing calls that could generate opportunities? Are you extending your days to attend community events and breakfast meetings?

True colors come through in tough markets. Many clients sympathize with their advisors even as the clients limit their exposure to this tough reality by a glance at a monthly statement before it gets tucked into the home file. A client who asks, "How are you doing?" is really asking, "How am I doing?" This client remains linked to your psyche and your outlook.

The cheerful inquiry is a reality check of sorts—"As long as my advisor is okay, then I must be okay too."

The best advice is to work harder than you ever have, develop your point of view and listen twice as much as you talk with your clients and prospective clients.

Work harder than you ever have. Read everything you can on market, political and economic matters. Talk to market gurus, wholesalers and managers you respect. Make outgoing calls every day. Get out and talk to people. Sitting in the office with your door closed is a path to extinction.

Develop your point of view. Reflect on your business model and change it if necessary. This may be the time to turn assets over to a manager. One investor tells me he can see the market is down and he doesn't need a call from one of his two advisors stating the obvious. He is not unhappy, but he may consolidate his assets with the one firm that seems to have a thoughtful asset allocation model. That firm has lost him less than others, he says.

Listen twice as much as you talk. We have two ears and one mouth so we may listen more and talk less, observed the Roman Stoic philosopher Epictetus. Investors are absorbing their losses and processing the new reality. Make it your practice to learn exactly where a client falls on the spectrum of concern and anxiety. Begin with a general update and let him guide the conversation. What are his concerns and his intermediate-term liquidity needs? Remember, you don't need to have all the answers. You just need to be engaged enough to address a client's concerns and advise on where to go from here.

Listen to investors who suffered disproportionate losses or feel the effects of benign neglect. For your clients or the investor seeking a second opinion, be there to offer the benefit of your experience and perspective. That is worth more than you know.

Gerri Leder is an industry marketing consultant and can be reached at leder@ledermark.com.