Four Key Elements to Building Trust
Building trust is the foundation for any relationship. When looking at professional relationships, not only is trust earned through the results you get for you clients, but trust can also be lost if you are not implementing each of these habits into your daily practice. The following four elements are critical when building trust with clients.
What Is Your Process?
Your process includes your value proposition (what makes you different), your approach to financial management, and overall goal-based planning.
What Is Your Promise?
Your promise is everything that has to do with the future: quarterly, semiannual, and annual meetings; rebalancing; delivering an agreed upon client service model; returning calls and e-mails in a timely matter; invitations to client events, and holding educational workshops (retirement planning, social security, etc.).
The Importance of Consistent Delivery
With all that you promise, it’s critically important those promises are consistently met. Plan ahead. Get meetings on the books well in advance. Think about all of the important things, and make sure they happen. Most clients leave because of the lack of this consistency. Most prospects are sitting with you because their Advisor failed to deliver on the promise. It doesn’t have to be complicated—it just has to be consistent.
Getting Personal
Getting to know your clients personally means learning about their likes and dislikes, hobbies, hot button issues, their family, and a little bit about their past (what got them here today). Show your clients that you care. Let them know they are more than just an account number.
The Payoff
Trust happens when you have a process, deliver on your promise, are consistent over time, and care about your clients. If any of those falter, you’re clients trust you less. The good news is that these are all controllable. Make sure you and your clients are on the same page right from the beginning.