Some advice to advisers: blow your own trumpet

Relationships between advisers and clients are built on a solid foundation of trust, and it’s a so-called “trust exchange” that happens early on that determines how strong the relationship will ultimately be.
Part of establishing trust in the mind of the client requires a financial planner to demonstrate clearly that they are competent and qualified to help the client meet their goals and objectives.
But the CoreData shadow shopping survey has found that advisers are, in many cases, hiding their light under a bushel and are not always doing a great job of establishing their bona fides up front.
“We’ve done other research very recently that says consumers are looking for that early trust exchange, and in that early trust exchange, if you unpack it, some of the elements are around your education, your experience, your knowledge and your capability,” says Sean Allen, director of Australian financial services at CoreData.
“What we’re finding is advisers across the industry tend not to really want to demonstrate their experience, their education, and why they are sitting in the chair.”
Allen says part of the reason might come down to “old-school sales training”.
“The two ears, one mouth, old sales school that says the client is not there to listen to you, you’re there to listen to the client,” Allen says. “In fact, the client wants to know and be reassured and start this trust exchange from the very first meeting.
“And some of the trust exchange is [to demonstrate] that you know what you’re talking about. You know what you’re talking about because you’re experienced, you’re educated, you’re a CFP, you do ongoing training, you have a university degree.”