A trusted contact once told me the time to worry about investment management is when people outside the industry start showing an interest in it.

Well, that has certainly happened this week. In fact, I cannot think of another time when my friends and family have been so interested in what I do. I have been inundated with queries about pensions; the Bank of England; financial markets; and – my personal favourite – why the government is doing what it is doing.

While these questions may not be coming from ultra wealthy individuals or wealth management clients, they show how the current financial turmoil has filtered into everyday conversations.

So, does this mean it is time to panic?

Certainly, many of those outside the wealth and investment management industries are panicking. Understandably, they are very worried about their savings and investments and what this means for their futures.

However, those in the industry are urging calm.

While unusual in their nature, financial events and cycles like these do happen with a certain degree of regularity.

Investment managers remain confident that markets will stabilise and portfolios will be back in the green with time.

The current numbers may appear alarming, but, as long as a medium to long-term approach is applied, it should not impact the end picture too much.

Sadly, this message has not been fully received by clients.

This comes down to a communications issue.

The wealth management sector can – and needs – to do a better job at conveying these messages to clients.

Many firms are keen to highlight their increased client communications during this period of market turbulence. Private bankers are calling their clients and offering reassurance.

This is clearly an incredibly important job and should be encouraged.

However, those clients with slightly less wealth may not be receiving the same service.

With these clients, the industry may be missing a trick. Not only are they the ones arguably most in need of reassurance – they may be relying on their invested money more than those with more wealth – but they may also prove lucrative clients in the future.

Extra communication will not only offer some much-needed reassurance to clients, but will help deepen relationships with them, encouraging them to remain with the firm as their wealth grows or circumstances change.

Regardless, this cannot be an easy time to work in wealth management. Of course, it is much easier when markets are up.

It is natural to feel uneasy when they are not, particularly for those newer to the industry who have not experienced a significant downturn before.

This is where communication can help again. The wealth management industry is a friendly one. Reaching out to peers will likely be met with a positive response and it may well help to share experiences with those working in similar conditions.

Perhaps through communication we can reduce the panic and all get better sleep at night…