December 18, 2023 / by Don Connelly / Best Practices / 0 comments
We’ve made no secret of the fact that a trust deficit exists between the public and the financial services industry. Advisors, new and experienced, must work consciously and deliberately every day to overcome it. The challenge for advisors is they could be the most trustworthy person in the world, but without credibility, there can be no trust.
There could be trust, but it might only be fleeting without proof that it’s genuine. That’s where credibility comes in. The building blocks of trust include honesty, transparency, reliability, consistency, competence, empathy, authenticity, and vulnerability—traits that, when demonstrated by actions, create credibility. An advisor’s credibility is bolstered even more when both parties feel they benefit mutually with a vested interest in each other’s success.
Here are five ways advisors can establish credibility by demonstrating the building blocks of trust.
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5 Ways Financial Advisors Can Establish Credibility and Build Trust
December 18, 2023 / by Don Connelly / Best Practices / 0 comments
We’ve made no secret of the fact that a trust deficit exists between the public and the financial services industry. Advisors, new and experienced, must work consciously and deliberately every day to overcome it. The challenge for advisors is they could be the most trustworthy person in the world, but without credibility, there can be no trust.
There could be trust, but it might only be fleeting without proof that it’s genuine. That’s where credibility comes in. The building blocks of trust include honesty, transparency, reliability, consistency, competence, empathy, authenticity, and vulnerability—traits that, when demonstrated by actions, create credibility. An advisor’s credibility is bolstered even more when both parties feel they benefit mutually with a vested interest in each other’s success.
Here are five ways advisors can establish credibility by demonstrating the building blocks of trust.
Read more
How to Regain the Trust of a Client After a Disagreement
September 18, 2023 / by Don Connelly / Managing the Relationship / 0 comments
Can you think of any relationship that has never experienced conflict—where two people with the best of intentions fail to see eye to eye on an issue? Such is the nature of relationships, even where there is a track record of trust. You expect it in a marriage and even among colleagues—so why not between a financial advisor and their client?
It happens more than you might think. Financial advisors are wired to be analytical, while clients are often driven by emotion, which sets the stage for many “reality vs. perception” standoffs.
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Your Best Practices Checklist for Resolving Client Complaints
August 28, 2023 / by Don Connelly / Managing the Relationship / 0 comments
Client complaints—it happens to the best of us. Some financial advisors go for years without receiving a client complaint. But it will happen, and when it does, it can seemingly come out of left field. Most client complaints are unexpected, which is why advisors must be able to quickly shift into rapid response gear or risk losing a client.
We’ve posted in the past about the importance of having a systematic communications strategy in developing solid, trusted, and enduring client relationships. As part of that strategy, advisors need a well-conceived, written process for responding to client complaints. The hope is that you will never need to use it, the same way pilots hope never to have to execute emergency landing procedures—but they know the procedure inside and out.
While losing a client’s trust is not nearly as consequential, it can be avoided, even strengthened, if you adhere to your own procedural checklist of best practices for effectively handling your next client complaint.
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3 Issues Financial Advisors Should Address to Overcome the Trust Deficit in Clients
November 23, 2020 / by Don Connelly / Managing the Relationship / 0 comments
Financial Advisors face a huge trust deficit. That’s significant because who holds a more important position of trust than an advisor who can impact when people retire, how they live in retirement, and what’s their financial security late in life when they need it the most? For advisors whose livelihood depends on attracting new clients and retaining them, that’s a major obstacle to overcome every day.
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What Is Buyer’s Remorse and How to Overcome It in 3 Easy Steps
December 2, 2019 / by Don Connelly / Managing the Relationship / 0 comments
Buyer’s remorse is defined as ‘a feeling of regret experienced after making a purchase – typically one regarded as unnecessary or extravagant’ (Oxford Dictionary).
Most of us have experienced this type of feeling at some point – maybe after buying a pair of expensive shoes that with hindsight we considered an unworthwhile purchase.
But buyer’s remorse doesn’t just apply to shopping – it’s possible your clients might feel similarly disenchanted about their decision to hire you.
Make sure your clients don’t experience post-hiring disappointment by doing the following three things.
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