A new generation of clients always brings a new set of needs to the table, and as much as technical features and analytics are important; trust is the key to client retention and growth. A study by Vanguard found that 94% of clients were likely to make a referral if they highly trusted their advisors. However, building that trust can be difficult, but financially tumultuous times present an opportunity to grow that trust. Advisors should reiterate their understanding of their client’s goals when uncertainty is at play, such as reiterating security for older investors or calming younger clients through their first recessions. Focus more on clients and communication than market calls, and how your advice addresses their concerns. Education is the final pillar of the personal relationship. Guide them in how their portfolios work and the ways their investments complement one and other.

 

If you are an advisor looking to build client trust with Positivly’s positive psychology framework. Book a demo with our team below.