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Gaining Client Trust in the Self-Directed Retirement Industry

September 20, 2019

The reason many people choose to go with the self-directed retirement industry is that they want to have more control over their investments. They likely had or know someone who had a retirement plan that lost profits due to poor management. As a custodian, it is your job to guide them in the right direction, help them understand the process, and ultimately achieve their retirement goals. The most important thing to build with your clients is trust. They are laying their future well-being in your hands. So how do you gain their confidence? To develop a strong bond with your clients, you must first understand what makes up the foundation of trust.

What does trust mean to a client?

In a nutshell, trust equals true faith and confidence in a person. If you trust someone, you believe they are reliable, knowledgeable, and capable of doing precisely what they say they will. This isn’t the easiest thing to achieve, but you will know when you’ve gained a client’s trust.

The feeling is equally as strong when it becomes apparent that someone doesn’t trust you. A few things that evoke distrust are doubting yourself or your client, micromanaging, or displaying anger. There is no room for doubt in the self-directed retirement industry. The best way to prevent distrust is to build a partnership from the beginning. You can start with an excellent first impression.

How can you build trust?

Before a client can trust you, you must trust yourself. Remember, there is a reason this person came to you. The client made the first step towards putting their trust in you by choosing you, so start by establishing your experience. Convey your abilities in a way you feel will be best received. Don’t brag but be sure your client is comfortable working with you and answer any of his or her questions. Before you start anything else, the client should feel certain that they made the right decision.

Tips to Grow Client Trust

  1. Think out loud. Your client will feel better if they understand what is going on throughout the process.
  2. Encourage questions. A client should never feel in the dark and should always understand what their choices are and what they can expect.
  3. Don’t take things personally. If a client is frustrated or worried, don’t assume it is about you.
  4. Be honest. Never hide anything from your client, good or bad.
  5. Make sure you maintain a two-way conversation. Leave room for the client to ask questions or make comments frequently.

These are just a few ways you can ensure your client feels good about your services. Then comes the proof!

Over time, your client will hopefully become more secure in the relationship. Through the progression of building their future together, you will prove that you are trustworthy. It is essential to prioritize building your client’s trust. In the self-directed retirement industry, a client will not hesitate to leave if they feel undervalued. If your client feels you are too busy for them or aren’t putting in the effort they desire, you can and likely will lose them. Just remember that this may be something you do daily but, for them, it is their destination. Never stop learning or bettering yourself for your clients. And don’t forget to trust yourself!

If you would like to learn more or stay on top of all the latest news in the self-directed retirement industry, check out the Industry News section of our website.

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