Building trust in your financial advice firm

By Helen Fisher on December 6, 2018

The foundation of successful client relationships is trust.

Trust between a financial adviser and their clients is essential to building and maintaining a successful advice business. People need to know that they can trust an adviser with their finances. If they don’t, they’re unlikely to become a client.

The way you do business, from marketing through to interactions with clients and prospects all needs to work towards building goodwill for your company.

We’ve covered some key areas where you can begin building trust today, including:

  • The importance of promoting your credentials to clients.
  • Being honest and open about your business.
  • Doing what your clients expect from you.

Promote your financial adviser credentials

Financial advice needs to be marketed as a service to the people who need it. Prospective clients need to know that you can deliver what they need and that they can trust you with their finances.

They’ll be asking themselves questions about you, so you need to reassure them of the following:

  • Are you trustworthy?
  • Will you understand their unique situation?
  • Will you give clear, unbiased and practical financial advice?

It’s difficult for people to compare financial services like-for-like, so being up-front about your credentials will build trust with prospective clients.

Clients will be reassured by a financial adviser’s qualifications and experience, alongside their authorisation and regulation by the Financial Conduct Authority (FCA). Make sure your website and other marketing materials are up-to-date and that this information is present wherever possible.

Be honest and open with prospective clients

As well as being clear about your qualifications and experience, make your costs and fees transparent and easy to understand. It may be too difficult to do this online, but it should be possible once you’ve assessed a prospective client’s situation and needs.

Lead Tech always recommends that our financial advice partners offer a free, no obligation consultation to all of our leads as a way to build trust.

Being honest and open also means making sure the client knows you have their best interests at heart. Make it clear that you are simply offering informed advice and the final decision is always up to the client. They’re retaining control of their own finances while you are providing them with expert advice and guidance to make the right choices.

Do what your clients expect

When you say that you are going to do something, do it. This is doesn’t just apply to your clients’ financial needs.

We’ve heard from Lead Tech customers in the past who say that the adviser we’ve connected them to has been in touch but then never gave a follow-up call. This level of service instantly negates any trust a financial adviser has built up in their firm. Calling back, replying to emails in a timely manner and being on time for meetings are just as important as the work you do on your clients’ finances.

Building up the trust in your financial advice firm is key to a successful business. It requires dedication from all areas of your business and that goodwill could easily be lost if mistakes are made.

Do what is right for the customer, reassure them that you are the correct financial adviser to deal with their needs, and be open and honest at all times. The trust you build up will allow you to attract more clients and become a more successful business.

Want the full Secrets of Success for 2019 guide? Visit this page to watch our webinar and download the secrets of success from our top performing partners.

You can also email or call 01943 462 551 to discuss working together and receiving financial advice leads to grow your business.

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Lead Tech provides high-quality leads for the financial advice, equity release, retirement and private medical insurance markets.

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