The Public May Not Trust The "Industry," But They Can Still Love You

Friday, March 04, 2011 02:13
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The Public May Not Trust The

Tags: investor behavior

Americans may not trust the financial industry but are not exactly running out to fire their favorite advisors. The secret is in personal relationships.

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After years of scandal and naked conflicts of interest, integrated financial services firm First Command found that even among planning clients, 73% still distrust "the financial industry" as an abstract entity.

 

But when pressed, 90% admitted that they have confidence in their own advisor because the depth of their personal relationship, among other factors, had given their grounds to trust.

 

Clearly, clients can be acquired via any number of impersonal methods, but unless they're truly won via time and personal attention, you're going to be more a representative of that faceless -- and scary -- "industry," and less an individual worthy and capable of long-term loyalty.

 

It's an interesting insight into how clients see you and your competitors, to say the least. Make sure they can put a face to your name, and not the competition's.

 

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