12. Put the client first. Duh. I know. It sounds so obvious that it's a cliché. And yet there is a lot of controversy among regulators about what a fiduciary standard is. Am I the only one who finds it absurd that legislation is necessary for our industry to step up and adopt a fiduciary standard? Doesn't it simply mean always-in all situations and under all circumstances-putting your clients' needs ahead of your own? Isn't that what you already do? Do you really need a law for that? Apparently the industry does. The good news is that your competition needs somebody else to define integrity for them. And speaking of integrity ...
13. Have no conflicts of interest when you run your business. Notice I didn't say simply "disclose" your conflicts of interest, but that you should have none at all. Why should there be any conflicts of interest to disclose?
Keep in mind that these are not "tactics" to build trust. These are the powerful behaviors of financial professionals who are very good at what they do and who genuinely care about helping people get their financial house in order, achieve their goals and live up to their values. When you behave with a very high level of professionalism, trust is a byproduct of that behavior.
The bottom line is that you can't "technique" your way to trust. You earn it by who you are and what you do.
Bill Bachrach, CSP, CPAE is a very popular keynote speaker, best-selling author, and the creator of the Values-Based Financial Planning turnkey business model, which helps advisors create their ideal life in four years or less. Go to www.billbachrach.com to learn more.