Trust is the Critical Link
In a recent MDRT study, 85% of consumers, across all generations, stated it was “more difficult to trust an advisor today vs five years ago.” However, only 59% of advisors believed that to be the case, representing a gap of 26%. And yet trust is the “critical link” between sales behaviors and positive outcomes. Higher levels of trust lead to stronger buyer commitment, a desire to develop a long-term relationship, and a willingness to put in the work required to maintain it. It also is directly related to clients’ enthusiasm for providing favorable introductions.
LIMRA and HPN conducted research with consumers to identify the most important aspects of TRUST they were looking for in a financial professional and here they are:
★ Benevolence – Putting another person’s interests ahead of your own.
★ Integrity – Adhering to sound ethical and moral principles; being honest.
★ Dependability – Delivering on your promises; predictability.
★ Competency – Demonstrating ability, expertise, and knowledge.
29% of prospects determine if they are going to trust a financial professional in the first ten minutes of meeting them. Over 70% of potential clients determine if they trust an advisor or not by the conclusion of the first meeting! Therefore, what you say, and how you say it, in the first meeting with a potential client makes a huge impact on an advisor’s success or failure. There is a language of trust that can be utilized by financial professionals to help reduce relationship tension by conveying Benevolence, Integrity, Dependability, and Competency.