Trust: The cornerstone of business growth and sustainability

Using the Adviser Trust Model, a practice’s performance on the four pillars of trust and the respective foundations can be measured and mapped against the importance of each pillar to show where an adviser and/or practice is doing well and where further work is needed to drive trust and the specific actions that will achieve this. 

In addition, ‘Most Trusted Advisers’ (MTA) were identified from within Beddoes Institute’s database and profiled in this white paper to demonstrate the benefits of high trust adviser-client relationships. These advisers were found to produce better economic outcomes for their clients, to have more satisfied clients and to experience a range of operational benefits in their businesses.

This white paper has:

  1. Empirically established the determinants of trust – the pillars of trust and their foundations – that are specific to client relationships in the financial advice sector and presented this in the form of an adviser trust model;
  2. Quantified the significant benefits of high trust relationships for clients and advice businesses; and
  3. Provided a pathway, including specific actions and initiatives, for building high trust adviser-client relationships. 

Advisers, practices, dealer groups and institutions can use this to productively work on their own individual performance in communicating trustworthiness to clients and winning their trust through word and action.

 

Read more about the Most Trusted Advisers Network and the Advisers online. 

Link to network http://www.mosttrustedadvisers.com/

Link to advisers https://www.app.mosttrustedadvisers.com/

 

 

Table of Contents:

Introduction 3

What is Trust? 4

Four Pillars of Trust 6

Adviser Qualities 6

Client Service 7

Business Model 8

Practice Reputation 8

The Value of Creating High Trust Client Relationships 9

Client Outcomes 10

Client Satisfaction, Loyalty and Client Referrals 10

Fees and Value 11

Increasing Trust 12

Communicating Trustworthiness 12

Actions and Initiatives that will Drive Trust 13

Conclusion 15

Appendix A 16

Bibliography 16

About the Authors 16