Written by George Shirley. Any opinions are those of George Shirley and not necessarily those of RJFS or Raymond James.
We have had some college interns in our office this summer. It has been a fun dynamic with the different points of view and various degrees of understanding about the financial services industry. In a recent discussion with one of the interns, I was recounting my own path into this line of work and thinking about my frame of mind when entering the business. After discussing economics, banking policy, and financial planning strategies among other things, when I was asked what the top characteristic needed to succeed in this business, I said the ability to create trust.
There is certainly a significant level of technical proficiency necessary to create and monitor investment portfolios and financial plans. Much of this is learned over time through trial and error. But in any business to deliver a personal service, without trust, the relationship will not work over the long term.
That trust is earned over time, but without it, no amount of knowledge, technical proficiency or fancy marketing will be enough to overcome a lack of trust. And once trust has been lost, it is very hard to earn it back.
It is why doing the right thing and putting your clients best interest first is the only way to succeed and remain in business. It’s the only way to build trust.
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