So why do we find the words "I'm sorry" so elusive in the face of historic losses in client assets? "Sorry" is an understatement—we're horrified, nauseated. Still, we just cannot, for whatever reason, say "I'm sorry."

That's why it caught my eye when, according to The Wall Street Journal, Edward Jones management asked the company's brokers to personally call clients to apologize for losses in their portfolios. Edward Jones is the firm where brokers call on their neighbors and townspeople, and go door-to-door in search of new relationships. Many advisors did come through with an apology. And you know what? Most people were really understanding, says one advisor from Joplin, Mo.

That makes sense. Clients understand the historic nature of the ongoingmarket turmoil and financial crisis. Could they simply be waiting for you to acknowledge, with an apology, the profound losses they have incurred?

The genius of the gesture is its simplicity. As with a whole range of other things, you can apologize without accepting liability. You might console your child after she skinned her knee by saying, "I'm sorry." You would comfort the friend who is mourning the loss of a loved one. You can see how saying "I'm sorry" is not an admission of culpability; rather it is a demonstration that someone has suffered a profound loss through no fault of their own or yours.

An apology demonstrates humility and respect for your client, and these humanizing traits are the opposite of arrogance and indifference. One is commended for coming through with these words, instead of failing to express any emotion at all. The powerful concession puts you on the client's side of the table.

Yet, there are a surprising number of clients who have heard nothing from their financial advisors while they suffer through severe losses of wealth.

The knowledge that other investors have suffered losses too is little consolation to these clients. After all, they pay their advisors for direction, perspective and care. These services are especially needed in times of uncertainty and distress. So, these clients have had time to assume that silence from their advisors indicates a lack of concern even when nothing could be further from the truth.

Yes, clients may be angry but it is never too late to acknowledge their loss—to empathize, and yes, to apologize. You may be surprised to find your words can move them to a new level of acceptance. (Of course, regardless of the soundness of this advice from a relationship standpoint, you should check your firm's stance on apologies to clients before issuing any.)

Take a page from the book of Edward Jones: Find a way to communicate how sorry you are, without sounding defensive, without assuming fault, without justifying your position. And listen to how your client responds. It just might surprise you. I had hoped Edward Jones would comment for this story, but the firm declined.

Sorry about that.

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