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Episode Summary
If you’ve been an advisor for any length of time, you’ve certainly heard these famous words from Theodore Roosevelt:
“People don’t care how much you know until they know how much you care.”
Which is basically just a catchy way of saying what all advisors already know:
Trust is crucial.
In fact, trust is the foundation of success in financial advice.
You need trust to get prospects to become clients.
And you need trust to get clients to follow through and do the things you ask them to do.
Without trust, you have no business.
But, if you know how to consistently build trust with both prospects and clients, it will take your relationships AND your business to places very few things can.
There’s only one problem.
Everybody knows how important trust is. But, very few people know how the secrets to consistently building high-trust relationships.
Fortunately, Herman Brodie does. And, in this episode, we discuss types of trust, benefits of trust, and specific ways proven to consistently accelerate trust with prospects and long-time clients.
Consider this the ultimate guide for everything you need to know about trust.
Things You’ll Learn
- The 3 different types of trust
- How to continue building trust with long-term clients
- Building trust in new, mature, and long-term relationships
- The only type of trust that serves as a competitive advantage
- Why vulnerability is crucial and how to comfortably display it
- Why you must understand the relationship between trust and risk
- The intangible factors that lead investors to choose asset managers
- The non-obvious benefits trust has on your clients and your business
- The “Trust Game:” The role of similarity when it comes to building trust
- How much our feelings towards someone are determined by the “soft factors”
- The difference between the tangible and intangible factors driving decision-making
About Herman Brodie
Herman Brodie is a specialist in behavioral economics, author, educator and founder of Prospecta, a consultancy firm that advises businesses on the use of behavioral sciences research. He has spent over 25 years in the financial services industry in consultancy and investment banking roles that have taken him to London, Paris and Frankfurt. Herman is the co-author of The Trust Mandate: The behavioral science behind how asset managers REALLY win and keep clients. He is also a Senior Fellow of the US Center for Board Certified Fiduciaries, where he researches and teaches Behavioral Ethics.
Other Episodes You’ll Like On Building Trust:
- The Trust Formula: How To Consistently Build Trust With Clients and Prospects with Mary Schmid
- Emotionally-Compelling Conversations To Fast-Track Trust and Likability with Deirdre Van Nest
- The Email That Wins Clients And Their Trust
Resources
Using BeFi To Build Trust and Manage Investor Behavior (CE Course)
Whenever you’re ready, there are 3 ways I can help you take your relationships and your practice to the next level:
- Human Side of Advice Masterclass: Build a human-first planning process to convert prospects into life-long clients
- The Ultimate Intro Meeting: Learn how to qualify and convert prospects in 30 minutes without being salesy
- HSOA “Core”: Exclusive content, courses and conversations to master the human side of advice with like-minded advisors
If you want more information on any of these, let me know here.