Rebuilding Client Trust as a Financial Planner
- Author Sarah Moore
- Published October 26, 2010
- Word count 564
During these challenging economic times, when families are losing their homes to foreclosure at a record rate, every business ranging from mom and pop neighborhood stores to Fortune 500 companies are finding it necessary to lay off employees, and people who are close to retirement are discovering that all of their life’s investments have been stolen by a mastermind with criminal intentions, professionals involved in the finance are not among the favorite members of our society. We have witnessed angry rallies on the streets of cities across the country at which people are questioning why we have witnessed a bailout for Wall Street, but no relief for Main Street. Companies like Lehman Brothers and AIG are at best the butt of jokes for late-night comedians. At worst, they serve as examples of the distrust and disconnect that exists between the people of our country and those who control so much of our money.
How can financial planners and others with whom we interact concerning our money and investments regain our trust? In times when the stock market appears to be so volatile and savings accounts offer practically no interest on our contributions, what is to stop us from cashing our paychecks and stuffing our income under a mattress every week? There are three steps that any professional who is asking for a client’s trust can take to make that individual feel confident in the services he is receiving.
Be a Teacher—When you meet with a client to discuss his personal finances, make him an active participant in the conversation. Explain to him the reasons behind your recommendations, and how his money can work for him over the long-term. Not only will you instill confidence in your knowledge of financial planning, but you also will create excitement in your client to jump back into the world of investing.
Be a Student—Don’t ever assume that you have all the answers when it comes to how another person’s money should be handled. Make sure that you are reading the trade journals, attending conferences, and listening to others in your field. Being on top of the latest news will have you prepared for whatever pitfalls or roadblocks may lie ahead. Additionally, you are showing your clients that you have a true passion for your profession and for being the best.
Build Relationships—Do you know the names of the children of your clients? What are his long-term goals for his career and his family? Make an effort to know the person behind the investing spreadsheet. Clients want to know that they are important to you and this can only be done by developing relationships. When a client walks into your office, you should be able to say, "Look at the growth in your daughter’s college fund over the past quarter. Is she still looking at University of Virginia as her top choice?" That personal touch goes a long way.
One company that has maintained a stellar reputation throughout the financial turmoil of recent years is Titan Financial Services, Inc. Founded by current CEO Christopher Franklin, Titan works exclusively with athletes, celebrities, and other high net income clients and embraces all three of the elements for success listed above. To learn more about Christopher Franklin or Titan Financial Services, Inc, please visit www.christopherfranklinonline.com or email Mr. Franklin at tfs@christopherfranklinonline.com.
Sarah Moore is the author's assistant for Writers in the Sky Creative Writing Services. She has nearly a decade of experience in higher education administration, having worked at University of Maryland, Boston University, and Middle Tennessee State University. In addition to her administrative responsibilities, she taught research and writing courses at these institutions. http://www.writersinthesky.com
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