Trusted advisers are five times more
profitable than untrusted advisers over the course of their client
relationships, a survey into building client trust has found.
Executive Consulting’s Value of Trust
study said that trusted advisers have a 26% greater share of wallet
than untrusted advisers, and manage a majority of their clients’
assets.
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Over the past 10 years, 45% of clients with a
wide cross-section of wealth management firms had their personal
relationship manager changed two or more times.
A further 27 % had them changed three or more
times, according to the global survey.
This rapid turnover, combined with the credit
crunch, has created a massive loss of trust that wealth managers
are only slowly rebuilding.
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By GlobalDataEyes on the wrong prize?
The study also looked at the issues facing the
wealth management industry.
The chief concern is maintaining service
quality with lower budgets, a preoccupation of 49% firms
questioned.
Rebuilding trust with clients (43%) and
upgrading platform capabilities (38%) were other priorities.
But the study found rankings for ‘finding and
retaining quality staff’ and ‘attracting new clients’ “surprisingly
low down the priority list”, its author, Bruce Weatherill,
said.
The research surveyed 369 high net worth clients and 285 wealth
management firms between March and July.
