For many advisors I talk to, the holidays start in a week's time on Monday Dec 22 and run for two weeks right through to Monday, January 5.

Before taking a welcome break from market pressures, advisors are faced with what will be their most important five days of 2008..The reason is quite simple.

Over the holidays, clients will have time to reflect on their investments and also to talk about the markets and their advisors with friends and family. In some cases, this process will lead to small doubts becoming big doubts and investors who are on the fence with regard to their advisor will make a decision to cut the cord in the New Year.

This week is your last chance to set the stage for those holiday conversations. In light of that, you have just two priorities this week.

First, to remind your most important clients that you value their business, that you feel just as badly about the impact on their portfolio as they do and that their situation is top of mind for you.

And second, that you have a clear point of view going forward that has changed to reflect the reality of market events and that you bring an attitude of realistic optimism going forward.

Here's one way to approach key clients this week:

"Hi, I'm just checking in before the holidays.

First, I'm calling to let you know how grateful I am for the chance to work together over what's been the most difficult year in memory. I know how challenging this year has been for you.

Second, I wanted to check to see if you had any questions about your portfolio or what's happened in the markets since we last talked.

Finally, the good news is that we have started to see some promising opportunities coming out of this year's downturn. I'd like to schedule a meeting in early January to review where we stand with your investments and to talk about making some modifications to your portfolio in light of these opportunities.

My recent conversations with investors indicate that many are looking for their advisors to come to them with proactive suggestions on what they should do next.

To deliver this advice effectively, of course, you have to be confident in your ability to make a good case for the new opportunities you're going to talk about.

You could for example discuss the Canadian banks with their dividends at the highest levels in recent memory, the yields on high quality REITs or some of the other better grade income trusts.

Or you could talk about corporate bonds. Today the spread on yields between Government and corporate bonds is at historically high levels, beyond what would seem justified by the risk of default and investment grade bonds are yielding what junk bonds did not long ago. In fact, today the 9% yield on investment grade corporate bonds rivals the long term return on equities.

To move forward, revise this script to work for you, think through the advice you're going to provide and put together a list of the top twenty, thirty or forty clients who need to hear from you. Then begin calling - even if you've met with clients recently, a last minute call to check for questions and to let them know you're thinking of them may still make sense.

Focus on these end of year calls and you'll get maximum mileage from the last working week of 2008.