Client Acquisition in the Financial Industry is Based on Trust
In a world where people see all financial industry professionals as pretty much alike, you need to stand apart and above the crowd.
Gaining trust is essential to standing out. The more complex your product offering is, the more trust you need to build to gain a client.
Importance of Trust in the Financial Industry – Data
Morning Consult surveyed 4,400 U.S. adults to gauge their overall trust in the financial industry. While 61% of respondents surveyed said they trusted banks, only 36% said they trusted investment and financial planning firms. And roughly 2 in 5 U.S. adults selected the financial industry as a sector in which trust is most important to them.
Building Trust is Key to Beating the Competition
The products your competitors offer are very close to yours, and compliance dictates certain processes you must follow that make the client experience feel similar across all financial industry professionals. Sure, you can have a slightly better rate, you may offer a group of funds that your local competitors don’t promote, or other different features – but really, in the end, you are offering something quite similar to the competition.
Remember, your competitors are not just humans anymore. There is a fast-growing list of apps, robo advisors, AIs, and other technology luring your potential clients away from you. Building trust is key to differentiating yourself from your digital FinTech competitors.
Financial professionals who fail to establish trust will lose out in comparison to those who establish and maintain trust with their clients and prospects.
Levels of Trust and Proactively Avoiding Mistrust
To build trust, start by eliminating areas that could build mistrust. Reflect on the experience you provide clients and prospective clients – if you were evaluating your own firm, would you have trust in your organization?
Once you eliminate any red flags that would reduce trust, focus on improving areas that lead to high-level trust.
Earning Trust: Examples of Customer Expectations
Knowledge, Experience, & Communication Abilities
Professional Website & Online Presence
Comfortable & Clean Office Space
Quality & Timely Customer Service
Well-trained Customer Facing Team
Advanced-level Trust: Bolstering Your Trustworthiness
Community Involvement & Leadership
Public Third-party Recognition & Reviews
Alignment with Local Causes & Community Contributions
Ability to Educate & Empower Clients & Prospects
Clear Mission & Values by Which Your Firm Lives
Solutions to Building Higher-level Trust
We help our financial industry clients improve their trustworthiness with a fully-managed financial wellness campaign that supports the community. This solution was built and designed to accomplish two objectives: 1) empower your community; 2) help grow your business.
Learn more about how we highlight your efforts in high-profile promotional campaigns that feature your community leadership and service to your community.