Is Low Trust In The Finance Industry An Asset Or A Problem For Good Advisors?
Tuesday, January 24, 2012 09:38
The annual industry trust metrics are out and once again the "financial" business scores lowest around the world. This means good advisors can differentiate themselves as exceptions to what the public thinks is the rule.
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According to Edelman, barely 47% of the "informed" public -- affluent college graduates -- trusts banks now, much less more broadly defined financial service providers.
It could be worse, given the rock-bottom levels of trust in the government and regulators, but it raises the question of whether the stink around the financial brand is too heavy for individual advisors to bother fighting.
Do you differentiate yourself as one of the few good players in a rotten space?
Or do you just not refer to the seemingly endless scandals the industry has suffered?
Your prospects definitely recognize that other firms have hurt their clients. It's probably why they're looking for a new home for their money in the first place.
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