What is trust in an advice relationship?
I define trust as the ability the adviser to understand my specific needs, use their best knowledge to deliver reliable outcomes and tell me the truth about my options. I also trust because they’re qualified and passionate about what they do. I fundamentally trust them because I feel they have my best interests at heart and if something goes wrong they’ll help fix it. Trust is and remains the foundation of any relationship.
I’ve found three great videos recently I’d like to share on the blog about this topic.
Clearly we’ve got a real problem with institutional trust within our community right now. Are the leaders of the big institutions going to fix their ways or wait for legislation to tell them what’s right and what’s wrong? Where do you stand on trust and the impact it might be having or will have on your business? What will you say or do right now to be the trusted adviser your new and existing clients are looking for?
A crisis brought by lack of trust requires significant change and a good look at values. And as we’ve started to see, it sometimes means people changes, not just system and process changes.
I hope these videos offer insight and inspiration. Feel free to share them with your work colleagues too.
Video 1: How to build (and re-build) trust
By Frances Frei, Via Ted Talks (YouTube) Length:15 minutes and 5 seconds
Frances talks about the components of trust: Authenticity, Logic and Empathy
Video 2: We’ve stopped trusting institutions and started trusting strangers
By Rachel Botsman, Via Ted Talks (17 minutes and 5 seconds)
Rachel talks about how institutions have lost trust with their customers and how new technology is sometimes filling the gap
Video 3: First why and then trust
By Simon Sinek, Via Ted Talks (17 minutes and 7 seconds)
Simon talks about how institutions lose trust the bigger they get and why leadership values matter