Trust. We all hear that word in this industry, this whole idea of being a “trusted advisor,” and maybe it’s given lip service at times. But yet another consumer study has placed trust right at the top of what consumers are looking for in advisors. Oh, and the only item ranked above trust? Honesty.
The study in question? The MDRT Financial Harmony Study, which is based on online surveys of U.S. consumers and financial advisors and was conducted April 2011 by the Boomer Project and BIGresearch. Nearly 1,500 consumers, ranging in age from 21 to 75 took the survey, while another 300-plus financial professionals weighed in.
So, what is there to learn from the survey? For one thing, there’s a “significant gap between how financial advisors rate themselves and how clients rate their advisors.”
The survey asked both parties to rank the most important traits for advisors. Some of the key terms in the survey included the previously mentioned “honesty” and “trustworthiness” along with “delivers results” and “knowledge.”