We’ve talked in previous posts about differentiating yourself and protecting your reputation by defining a unique brand (The Importance of YOUR Brand). In addition, in light of all of the publicity today surrounding Goldman Sachs and financial services reform, all of us in the industry must adopt the mantra of “Transparency, Transparency, Transparency.”
When it comes to issues of trust, I firmly believe that if a client or prospect has to ask questions about what you have done to place their interests above your own, or how you are providing complete transparency, then it is too late. The only way to counteract the negative sentiment surrounding “Wall Street” is to proactively raise the trust issue with clients and prospects, to have an opinion and to be consistent in your behaviour.
Take the time to reread our White Paper Transparency = Client Confidence = Client Retention and formulate your own response to today’s events. Then take that message directly to your clients and incorporate it into the beginning of any presentations you make to prospects.
Keep in mind that people like to do business with people who are like them and who share their values. First, your brand should clearly differentiate you from the competition and highlight your unique value-added proposition; this will attract like-minded people to your practice. Once you have shown that you are someone that can be trusted, reinforce this trust by clearly articulating your views on the state of the industry and the steps that you have taken to safeguard your clients. Finally, commitment yourself to open and ongoing communications.
You can’t stop others from acting irresponsibly; but you can protect your clients, your business and your reputation.
