"When you throw babies into the air, they laugh because they know you will catch them, that is Trust".
I read that quote a few days ago and it led me down the path of this month's topic.
To say that establishing and maintaining a client’s trust is paramount to your success as an advisor is an understatement.
It's a delicate thing that is often hard to gain but easily lost.
Not so long ago, everything was great. Markets were hitting all-time highs and everyone was on track with their goals. Your client’s trust and confidence in your abilities were most probably at all times highs.
Then out of nowhere, Corona Virus fears hit the market, markets sell off, people are losing jobs and your clients are becoming nervous and scared. Their situations have changed and many are greatly stressed.
So, what do they do? They turn to their advisor for help, guidance and comfort.
But what happens if there are small break downs along the way?
What happens if your client can’t get in touch with you?
What happens if they don’t hear back from you in a timely manner?
What happens if you don’t have the answers or advice they are looking for?
Answer: You lose their trust and consequently, you may lose a client.
As I have spoken to many advisors these last few weeks, our conversations have often times revolved around how we are handling our client’s fears and their short-term irrational and emotional thinking.
And in those discussions we have found that it is often the little things that cause big problems.
So, with that, I thought it would be a good exercise to present you with a few questions to see if there may be a few blind spots that could possibly compromise the level of trust you have worked so hard to establish with your clients.
Here are a few things to ask yourself:
As quoted by John Wooden, “It’s the little details that are vital. Little things make big things happen.”
Doing so will ensure that you are better prepared for the next round of “unknowns” that are sure to present themselves in the future.
And most importantly, it will reconfirm your client's TRUST and solidify their confidence in you.
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