Building trust is a crucial part of selling. It’s all about helping prospects answer two questions: First, has an advisor behaved unethically in the past, suggesting a flawed character? And second, is the person still engaging in unethical practices today, indicating a threat of current fraud?
Prospects must answer both questions in order to get comfortable with their advisor. How to help them? By understanding that what we’re really talking about here is the importance of being transparent (the first question) and the necessity of acting as a fiduciary (the second).