I heard an advertisement recently for a financial services firm that went something like this, "Don't work for your 401(k); let your 401(k) work for you. We can show you how". What exactly does that mean? This is just one example of the "noise" out there. The dictionary defines noise as, "a loud, surprising, irritating, or unwanted sound." The plethora of meaningless advertising in the marketplace serves to create confusion in the minds of clients and makes it difficult for them to choose an advisor or firm.
We must possess integrity AND competence. Both are vital. An advisor could be trustworthy but incompetent or extremely competent but unethical. People who engender trust possess both qualities. A prospective client must develop a certain level of trust in us before they will allow us to take the wheel.
For a new engagement to begin, what needs to be determined is this: What do they need? Is it something I can provide and is it something I want to do? If I can help them and they can afford my fee, then the only thing that remains is to ask, "Has trust been established?" If they know we care they are more likely to trust us.
