Trust - A Success Mantra for Financial Advisors.

Let me ask you a simple question. What is the key to success as a financial advisor?
Is it hard work, intelligence, marketing or networking? Of course all of these things do help one as a financial advisor. But does any of it stand the test of time or is it really powerful enough to succeed? There are many advisors who really work hard, are intelligent or have very good connections; but they may not be very successful and vice versa. Agreed? So what can be that one common characteristic likely to be found in all successful advisors?

The answer is Trust. Trust is the foundation of the advisor-client relationship. Every successful advisor cherishes this quality in himself and often, this is the most prized asset for him. If you master the ability to earn the trust and confidence of your clients, you will surely fast track your way to success. In this piece we will talk about why trust should be your priority and how we can start building trust for ourselves...

Why Trust?
We may ask ourselves, why trust is so important? Why do I need to work on it? After all, trust might seem like a small thing compared to all the other concepts you must grasp to be successful in both business and your career. Well, trust may be a intangible emotion but it is often the driving force behind your investor's behaviour. Just like any relationship, trust is a bond, a glue that 'connects' your client to you. Here are just a few of the benefits you gain when your clients trust you more:

Your clients will...

• Respect you
• Share more information
• Seek your advice
• Feel more willing to accept your advice
• Refer you to family, friends
• Forgive your mistakes
• Adjust to your working style
• Remain royal and stick with you

The Qualities of a Trusted Advisor:
With the importance of trust now established, the next question is how we can develop trust? Well there are no short-cuts or defined exercises for this. To trully create trust, we should begin with ourselves and our characteristics that define us. Every action, interaction, whether direct or indirect, can be one step towards creating or breaking trust. So before we answer the question, let us look at the traits that a trusted advisor often exhibits...

A trusted advisor...

• Understands his clients and their situations
• Does not panic or get over-emotional but shows a rational, balanced behaviour
• Never forces anything
• Respects his clients and is loving even when he criticizes clients
• Values the long term relationship with the client more than the current issues
• Has the skills, confidence and commitment for working towards client's well-being
• Shares his views without fear and counters patiently with clients if they do not agree
• Acts and carries himself like an honorable, honest, dignified and real person
• Remembers everything that the clients says, even without notes
• Keeps the commitments and the responsibilities undertaken
• Helps clients learn and grow as investors
• Trusts the clients as well

As we can see, building trust is not an activity or process but a holistic change in how we see and value our customers. If we have to condense all the above into few qualities/skills, we may very well come up with the following...

• The ability to earn trust:
  Trust is not a gift what will be given automatically to you. It is to be earned by displaying bahaviour and actions for the client's well-being, irrespective of the client may initially think. It is also about creating your own trust-worthiness, even if you have made mistakes.
• The ability to provide real solutions:
  Some may underestimate the part of being smart and skilled as an advisor to be trusted. The fact is, in an open, competitive market, you have to have the required knowledge, tools and skills and use them as evidence of your superior advisory services. You should be able enough to provide client the solutions that he needs. Remember, apart from 'earning' trust, we should be also 'deserving' trust to be make it work.
• The ability to build relationships:
  The art of building relationships is one key skill to learn as an advisor. There are many things that can help build relationships but the traits of being empathetic, honest, understanding, committed and interested are the primary building blocks for any effort.

Hold The Hand:
There is one beautiful short story on trust.

Once a father and his little daughter came to a river crossing. The father was scared and so he asked his little daughter, “Dear, please hold my hand so that you do not fall in to the river.”
The little girl said, 'No dad. You hold my hand.”
“What is the difference?” asked the puzzled father.
“There is a big difference,” replied, the little girl.
“If I hold my hand and if something happens to me, chances are that I might let your hand go. But if you are holding my hand, I know that, no matter what happens, you will never let my hand go.”

Be it any relationship, the essence of that relationship is not the 'bind' or reasons to be together but the 'bond' that itself keeps you together. The bond is more valuable than the bind.

Consider yourself as the father and the little girl as your customer. Now, instead of asking your client to hold your hand, you should have a bond whereby the customer himself would want you to hold his hand. Because, holding hand is not just about taking care of someone, it is also about having the trust and the love for that person. True satisfaction, contentment and joy, comes only when you hold the hand, followed by success.

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