When clients come to you, they’re wanting to find someone who can help them navigate the financial world. They know who you are and what you say you can do -- otherwise, they wouldn’t be there -- but what they don’t know is how much you’ll actually be able to help.
Because the markets are a complex system, a system not easily understood without dedicating a lot of time and energy to studying how it moves, you need a certain level of belief and trust from clients. You may see opportunities or safe harbors for clients, depending on what goals and needs they're pursuing. But if they’re not sure the advice you’re offering is in their best interests, they may take a less optimal path, or even take their business to another agency.
So how do you build trust? Members of Forbes Finance Council advise doing the following:
1. Be responsive to clients.
Being responsive to clients is job number one. Keeping clients updated through your newsletter reinforces your commitment. Reviews help tell your story through your client's eyes, helping pave the way for clients to trust you out of the gate. Prospects now Google your name to see what your entire neighborhood thinks about you, leveraging many people’s opinions to shape one person’s buying decision. - Lee Reams, ClientWhys, Inc.
2. Uphold the fiduciary standard.
Unlike doctors, not every financial adviser is required to offer advice that’s in your best interests. With leeway for hidden fees and commission-based advice, it’s no small wonder that trust is hard to build in this industry. That’s why I uphold the optional and harder-to-obtain fiduciary standard, which legally requires our financial advice to always put the client first and instills trust. - Elle Kaplan,LexION Capital
3. Follow through on your commitments.
People will begin to trust you if you follow through on your commitments, and clients new and old will remember if you make a commitment and fail to fulfill it. With new or prospective clients, listening to initial concerns and taking the time to understand their expectations goes a long way. Being reliable also shows all clients that you are genuinely interested in what’s beneficial for them. - Ibrahim AlHusseini, The Husseini Group
4. Take the time to explain clearly.
Einstein once said, "If you can't explain it simply, you don't understand it well enough." Slow down and take the time to explain and build upon smaller successes with the client. Ask the client to take the time to confer with his friends and family: They will anyway, and it demonstrates that you are truly concerned about their best interests only -- not your own. - Perry Dalessio, D'Alessio Tocci & Pell, LLP
5. Build a personal connection.
Maintaining professionalism in the financial field is critically important. But if your clients don’t feel like they know you, it doesn’t matter how many fancy terms you throw around. Build a personal connection with them, and they will trust you more. - Ismael Wrixen, FE International
6. Let your clients see your face and hear your voice.
We hold bimonthly webinars for prospective new clients, led by me, the company's founder. This is an opportunity to share my knowledge in a hassle-free setting where clients can ask questions and get the free benefit of my knowledge without any obligation on their part. Having a chance to speak with the company's owner makes people feel secure and helps them see that they matter to us. - Danielle Kunkle, Boomer Benefits
7. Discover and understand their needs.
There are so many things I do to help ease a client's concerns, but I think the one thing that helps them feel most comfortable early on in the conversation is taking the time to understand their situation and interests. Through this process, I'm able to demonstrate my expertise in my field as I come to understand how I can best help them. The rest of the process is based on their responses. - Richard Cantu, GoMedigap
8. Be transparent about compensation.
One of the things that amaze me is how few people truly understand how and how much their adviser gets paid. Many people are afraid to even ask their adviser this question. We believe in transparency. Our fees are disclosed in our Form ADV and on our website for all the world to see. We make sure to discuss our fees in a very direct way when meeting someone new. Transparency builds trust. - Erik Christman, Oxford Financial Partners
9. Match your online image.
It is my opinion that the consumer already knows if they are going to trust someone before they shake their hand. Most people do a Google search, ask friends, check out LinkedIn, review the web page and formulate a trust factor before ever having a conversation. The handshake and conversation are needed to validate the homework. If there is a conflicting message, then trust is broken. - Darryl Lyons, PAX Financial Group LLC
10. Offer something of value.
When selling a product or service, you can always catch a potential client’s ear by offering something for nothing. In the field of finance, this can come in the form of information. The reason the client is hiring a financial adviser is that they don’t understand the finer points of investing. Educate them before selling your service, and you’ll earn a loyal student who values your expertise. - Shane Hurley, RedFynn Technologies
