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Trust, Relationships, & the Financial Advisor
Trust is the fundamental key element to a successful relationship. A relationship with a Financial Advisor must be built on a solid foundation of trust. Trust isn't built overnight, it's built over time. It isn't about talking, it's about listening.
The role of a Financial Advisor is not to educate, make sales presentations, and give product descriptions – far from it. Instead, their role is to listen, build trust, and help a client take action and implement a sound strategy for the issue at hand. Some client education can be critical, but consistent action is what gets results. Far too often in the financial world, education is used improperly as a sales tool vs. using education as an implementation and action tool.
Like a lighthouse guides a ship, an Advisor guides a client through financial fog. |
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Let's say, for a moment, that you would like to lose five pounds. You can hire a fitness instructor to help you lose five pounds. But, if that fitness instructor only educates you about calories and aerobics and never gets you in the gym running and lifting weights, will you lose any weight? You may never reach your goal because you never implemented anything you were taught by the instructor. |
Yes, it was important for you to understand how calories and aerobics came into play, but it was far more important for you to start running on the treadmill and pumping iron. Only then would you ever have a shot at losing any weight and reaching your goal. How much would you trust the fitness instructor if you hadn't lost any weight 6 months later? An Advisor's role is to help a client take consistent action.
Trust is also a two-way street, too. As a client, it's important to trust your Financial Advisor, of course. But, as a Financial Advisor, it's important to trust the client to implement and take action to meet the goals. For example, imagine if a doctor prescribed medication for an illness, but the patient never took the medication. It's likely that the patient's illness wouldn't go away very easily, if at all. The doctor tried to help the patient, but learned he couldn't trust the patient to implement the medication strategy and take action to heal the illness. If you were the doctor, would you make time to see that patient again for the same illness? Could you trust that patient to take action? Trust is a two-way street.
Without trust there is nothing upon which to build a relationship and hence no reason to move forward. With trust, the Financial Advisor’s role is to help a client take consistent action and implement a plan to reach the client's goals for the reasons that are important to them.
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Securities offered through HBW Securities LLC, Member FINRA/SIPC, 3355 Cochran St., Suite 100, Simi Valley, CA 9306 (800) 473-3856. HBW Insurance & Financial Services, Inc. is a separate entity from HBW Securities LLC. HBW Securities LLC does not give legal or tax advice. Thomas Wachowski Registered Representative 3149 West Matthew Drive Phoenix, AZ 85027. License 4877125. Mortgages offered through Victory Financial Group, Gateway Bank, FSB.
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