No matter how impressive your credentials, the foundation of every advisor-client relationship is trust. According to Edelman, a leader in the communications and public relations space, trust is a core pillar of business success. This is true for the largest multinational corporation down to a small firm or solopreneur.
So how do you build trust as an advisor? Help clients better understand their plan — as well as your offering — and demonstrate your commitment to their success. By using accurate and revealing benchmarking data to help drive those conversations, you can enhance client relationships and bolster confidence in your services.
Show, Don’t Tell — and Educate, Don’t Sell
American business theorist W. Edwards Deming famously said, “In God we trust; all others must bring data.” Having the ability to generate clear, concise benchmarking reports on demand demonstrates a commitment to providing concrete, data-driven recommendations. This helps enhance credibility and build trust. Benchmarking plan fees quickly — and in an easily digestible format — helps educate clients and offers tangible reassurance that your recommendations are in service of their long-term goals. An educated client is always better positioned to understand the value you deliver.
Trust Is Earned, Not Given
Identifying cost savings is another proven tactic to quickly build trust with clients and prospects. Regular benchmarking can help you find strategies to keep fees reasonable. If you determine that a prospect’s recordkeeping or investment fees are high, you’re now in a position to provide actionable advice to help bring costs down. By regularly benchmarking fees in between three- to five-year live bids, and highlighting potential savings opportunities, your clients will see that you’re making recommendations with their bottom line in mind. Even when a benchmark finds that fees are reasonable and competitive, confirming this can help build confidence and trust in your expertise.
Transparency Breeds Trust
One of the best ways to build trust is through clear, open communication. Freely sharing benchmarking reports and data with prospective and existing clients demonstrates transparency throughout the advisory process. When plan sponsors can see for themselves how their fees stack up to those of similar plans, they can feel more confident in your offering. With PlanFees, you’ll always have solid facts at your fingertips that you can share with clients and prospects.
Build Trust With PlanFees
Retirement plan advisors looking to build their brand — and their book — should start by building trust. With Prism Total Fees Benchmarking, you can offer a fast and accurate fee checkup. Prism365 helps you monitor and benchmark 15 essential advisory services, and RFP Express gives you access to real-time quotes within 24 hours.
Share data-driven insights, cultivate goodwill and showcase your commitment to helping clients succeed with the PlanFees suite of benchmarking tools. By adopting a more transparent, value-first prospecting and business model, advisors can move beyond a mere transactional approach to one built on a foundation of trust.
