It is hard to look at the news related to Australian Financial Services and not find scores of references to a “Trust Deficit” across the value chain. We know that society needs trust because it operates at the juncture of confidence in what is known from everyday experience, and contingency of future possibilities. When this historical relationship is challenged, as is the case now with the ongoing Royal Commission, there is good reason for people, including your clients, to be anxious and uncertain.
In my previous post, I proposed that trust could form the basis of competitive advantage for the financial services sector in general, and financial advisers in particular. It is easier said than done! How can a business provide tangible evidence of trust to their clients? In this article, we will look at three elements that will help you strengthen the trust your clients have in you.
To state the obvious, a client engages you for your technical capabilities and astute market insights. They want you to help create a secure financial future for them. Truth is, they may not understand the intricacies of your financial models, or the details in the long SOA. They trust you and your judgement about their finances. Given the impact of the Royal Commission, it is now up to you build and reinforce that trust whenever you can.
Here are three easy, tangible ways that you can build trust with your clients:
1. Ensure clarity in the process – For most people, financial products are complex and so is the process of signing up for them.They are overwhelmed with the steps and the paperwork. Humans crave for clarity of process – which is to say they seek understanding about the steps needed to reach “my destination”, what steps have already been completed and what’s next?
Bondle’s task management module helps you provide this degree of clarity to your clients.You can create custom tasks or apply a predefined process template as you work with a client. By assigning task owners and due dates to tasks, you set the stage for shared accountability in achieving the desired outcome.
2. Ensure it’s easy to do business with you – Emails, messaging platforms,shared drives, paper trail, etc., – as we increase our choice of communication platforms, we are also increasing the overheads associated with managing them. For example, documents are often a source of confusion, both during and after the process of buying a financial product. Not only do clients have difficulty in getting things organised, but also face issues trying to find documents after the process is complete.
Bondle’s robust document management module features comprehensive folder structures, version control, file notes, sharing and more. Be it a SOA, FSG or PDS – documents are easy to find when linked contextually to a conversation rather than being messily spread across platforms. They’re also searchable on their own so you and your clients can always find what they’re looking for.
3. Empathise with your client journey – Empathy is a quintessential quality in leaders. As Satya Nadella, CEO of Microsoft, said, “Although many regard it as a “soft skill,” not especially relevant to the “hard work of business,” it is a wellspring for innovation, since innovation comes from one’s ability to grasp customers’ unmet, unarticulated needs.” Clients seek advice from experts when they cannot achieve the outcome on their own. Therefore, it is important to empathise with a client’s situation throughout the journey.
Bondle’s ubiquitous communications platform across all devices ensures your clients stay connected with you and that you respond to their queries instantly. This enhances your personal relationship with the client as you offer them professional advice.
Trust cannot be acquired overnight – it is built over time by doing the right thing at every step of the relationship. By providing your clients with the absolute certainty that they are in safe hands, you will strengthen your relationship with them. Bondle is the preferred platform for financial professionals to securely engage with their clients and deliver tangible trust through transparency and accountability.
Bondle is an easy to use tool that builds trust in professional relationships by seamlessly integrating document, tasks and communication management on a single platform. Sign up now or download the App onto your iOS or Android devices.