In the past, money was a taboo subject and we often felt uncomfortable talking about our wealth. However, attitudes have changed in recent years. According to the Independent, 56% of people say they’re happy to discuss money matters with their friends in 2024.

The cost of living crisis is a key reason why we’re better at talking about our finances, with 45% of people saying that recent events have made wealth an “unavoidable topic” in conversations.

Despite this shift in attitudes, the general public may be less willing to talk to professionals about their money. Indeed, in 2023, Citywire reported that 55% of people don’t trust financial advisers to act in their best interests.

Yet, those who are willing to trust a professional to manage their wealth typically see significant benefits. A report from the International Longevity Centre UK found that people who take financial advice are:

• £47,000 better off in retirement, on average
• More confident about their retirement
• Less prone to worrying about their finances.

However, clients won’t see these benefits if they don’t seek professional advice and commit to the process. That’s why trust is so crucial for financial planners.

Read on to learn five key ways that we build and maintain trust with our clients.

1. Listen to the clients

Trust starts with listening. As the data from Citywire shows, many people worry that financial planners won’t work in their best interests. That’s why it’s vital to understand the wants, needs, and concerns of the client before we do anything else.

Our initial meetings are all about listening to the client and what they hope to get out of financial planning. This might include what their dream retirement looks like, as well as other financial goals such as starting a business or helping a child pay for their wedding. Once we have a clear understanding of the client’s priorities, we can then start building their financial plan.

By listening and putting their life goals at the heart of the process, we can demonstrate to the client that we are acting in their best interests.

2. Skip the technical jargon

Financial services can be complex and there are lots of industry-specific terms that an average person likely doesn’t understand. Using this language to communicate with clients can lead to confusion and, in some cases, may diminish trust. After all, using confusing language is a common trick used by unscrupulous salespeople.

We don’t use any complicated technical language when communicating with clients. Instead, we explain concepts in plain language so clients can easily understand our suggestions and how they might benefit their financial plans.

3. Educate clients

Educating clients is an excellent way to demonstrate our knowledge and expertise, which helps to build trust. We do this regularly during our meetings with clients when we explain various aspects of their financial plans to them.

Additionally, we offer free resources like our newsletter, guides, and books to our clients. The resources we share contain explanations of important issues that might affect clients. We also give valuable updates about legislative changes that clients may need to know about.

Providing this information for free helps to further build trust with existing clients as well as potential clients who may be considering the benefits of financial planning.

4. Communicate regularly

Communication is crucial to the client-planner relationship. Our clients trust us to manage their wealth and they rely on us to help them achieve their dream lifestyle. As such, they’re very invested in the work we do because it has a significant effect on their quality of life.

If we don’t communicate well, our clients may not know whether their financial plan is on track or if there are any issues they need to be concerned about. That’s why we have regular meetings with our clients, share important updates through email, and make ourselves available to them whenever they need us.

We may send additional reassurance to clients during a period of market volatility or economic turbulence too, as they may be more concerned about their wealth than normal. These reassurances build trust by demonstrating that we’re confidently managing clients’ wealth during a difficult period.

5. Deliver results

We foster client relationships and generate trust in many ways but often, it’s best to let the results speak for themselves. Once clients begin working with us and see improvements in their finances and overall lifestyle, their confidence grows. By delivering consistent results, we show clients that they can trust us and there is great value in the work we do for them.

The results of our 2024 client survey demonstrate this perfectly as 97% of people said working with us has helped or will help them achieve their financial goals.

Get in touch

If your clients need support from a financial planner they can trust, we are here.

They can contact us at hello@ardentuk.com or call 01904 655 330. As an award-winning financial advice company with advisers included in the 2024 VouchedFor Top Rated guide, you can be sure that we’re a bona fide company providing excellent advice and high-quality service.

Please note

This article is for general information only and does not constitute advice. The information is aimed at retail clients only.