Marketer, prepare thyself.

First came the tortuous decline in the market. Next up, a corresponding decrease in year-end compensation.

To anyone paying attention, it should come as little surprise that year-end will be leaner than a Jenny Craig pot roast. In spite of the imminent frustration, this is no time to give up on financials as an employer. Come what may, compensation for financial marketers continues to exceed nearly every alternative. And there aren’t many of those “alternatives” to be found these days.

So what can you as a marketer be doing today to make sure there’s no repeat in ‘09? Get your ’09 budget prepared for the worst. The steep decline of the past six weeks won’t be fully reflected in asset manager revenues for months. However, it makes sense to take stock now of what’s essential and what belongs on the wish list. Do you really need common support across all products or can you cherry pick? Is there a technology solution available? Do you really need a whole suite of value-added offerings? A new product? Seriously.

By getting in front of the curve, you’ll score some points for demonstrating your ability to think like a business-person. Moreover, you’ll be taking action when you have the time to really think through your cuts strategically, rather than taking everything down unilaterally.

Review your use and depth of metrics. Are you measuring your marketing output? More importantly, are you validating your contribution to firm growth? If you expect to get yourself and your team paid, you need to demonstrate that you can make something happen. Start by getting the team together to determine what should be measured and how to get at the data. From there, put together a marketing dashboard and make time each month to review it with firm management. As the story goes…if that doesn’t work, make out three envelopes.

Continue to build your professional portfolio. This is an opportunity to grow yourself professionally. That means training. Take a minute to identify those areas where you think you could use some tuning up and get at it. At most firms, tuition reimbursement is still available. Also, as staff cuts are made, the specialist model gives way to one that favors the generalist. That means you’ll likely have the opportunity to work on a broader array of projects with more “face time” with management. By proving your mettle now, you’ll likely position yourself on an accelerated career plane as the environment improves.

As always, remember that difficult environments produce huge opportunity. Someday, you’ll be the grey hair who says, “I remember 2008.”

Just when it seemed impossible for the financial crisis to get worse, along comes year-end and the mutual fund industry’s capital gains announcement season. Ugh.

While many funds have managed to avoid gains, there remain many that will be forced—unless the federal government moves to provide relief—to explain a taxable event in a deeply down market. So how are you preparing to respond to your clients (both financial advisors and investors)?

When it comes to making these announcements, our position is to get it done “sooner rather than later.” By getting word out now, you’ll give advisors sufficient time to harvest losses for their clients. While you certainly don’t want to encourage redemptions, maintaining relationships is key. Further, for many, it makes a lot of sense.

Guard against following a business-as-usual routine for this year’s capital gains communications. Accelerate the timing of the announcement and review every word of your statement from the vantage point of financial advisors and shareholders who have survived the worst financial crisis in decades—and yet are still invested with your firm. Your communications need a deft touch and a lot of empathy.

For more, download SwanDog’s five recommendations for how financial services marketing can respond to the financial crisis.