Secrets of Successful Advisors℠ with Ken Haman cover image

Secrets of Successful Advisors℠ with Ken Haman

A 6-Step Model to Turn Client Trust into Action in a Down Market

Aug 24, 2022
In this podcast, Ken Haman discusses the importance of trust in the advisor-client relationship during market volatility. He explores the impact of client experiences on trust and the significance of disciplined communication in uncertain markets. Haman introduces a 6-step model to address hesitant clients in uncertain market conditions and guide them towards understanding their situation and proposing solutions to protect their portfolio.
33:50

Podcast summary created with Snipd AI

Quick takeaways

  • Trust is crucial in client-advisor relationships during market volatility, and advisors must consistently deliver experiences that demonstrate goodwill and show their competence to build and maintain trust.
  • Understanding clients' needs, such as feeling understood, competent, and important, is essential for building trust, and advisors must focus on creating experiences that meet these needs, even during volatile market conditions.

Deep dives

The Importance of Trust in the Client-Advisor Relationship

Trust is identified as the crucial factor in successful client-advisor relationships, especially during market volatility. The level of trust influences the client's confidence in their advisor and decreases anxiety. Trust is built over time through consistent experiences of goodwill and professional competency. Advisors must understand what puts trust at risk and how to maintain it, particularly during challenging market conditions. The trust equation is introduced, highlighting the importance of consistency, goodwill, and competency. Advisors must consistently deliver experiences that demonstrate goodwill and show their competence to build and maintain trust.

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