No doubt that the financial crisis has spanked the image of banks and financial institutions in the eyes of the client. Not all institutions have practiced the force feed of complicated products on unsuspecting clients, but all institutions have undoubtedly suffered the consequences from the overall reputation of the financial world. No matter what marketing efforts or executive initiatives are made, it will be difficult to change the client’s perspective. So what now?

1. The Trust Edge
for
High Net Worth/Private Wealth Relationship Managers
Skills and Behaviours for Success
An Egyii White Paper
By Trip Allen

2. One means to do this is through trust;
Challenges being trusted by developing
No doubt that the financial trustworthiness.
crisis has spanked the image
of banks and financial Trust is ever so important in business
institutions in the eyes of the commerce today and it is believed
client. Not all institutions have that trust-based business
practiced the force feed of relationships are the single best route
complicated products on to corporate and personal success.
unsuspecting clients, but all
institutions have undoubtedly Although the concept of trust is not
suffered the consequences innovative or new, the actual
from the overall reputation of application is new, as it is rarely
the financial world. recognised or taught (and being
trustworthy can be taught).
No matter what marketing
efforts or executive initiatives And of course trust ties into
are made, it will be difficult to relationships. Experienced bankers
change the client’s recognise that relationships are
perspective. important in private banking and
also recognise that trust is an integral
So what now? part of it.
A Solution Banking business leaders and
In today’s overly competitive marketers are talking a lot about it,
market, where products tend but action speaks louder than words.
to look the same and the
bankers and financial Trust-Based Selling for Private Wealth
institutions struggle with their Divisions
image , it is believed that the
key differentiator is your The only way to be trusted in
people. banking is to be worthy of trust—to
be trustworthy.
So now, it is ever so important
that your Relationship The core of trust-based selling is the
Managers be face to face belief that if you behave in a
with the clients, dispelling the trustworthy manner, your customers
rumours and differentiating will more than amply reward you. In
your wealth management practice, it means you must
organization from the continually measure decisions and
competition. actions first by what is good for the
client and, second, by what is good
for you. It means you must, for
example:

3. • Occasionally look past Principle 1: Client orientation for the
the transaction to the sake of the client, not the
relationship Relationship Manager.
• Be willing to work with
your customers as True client orientation means we
willingly as you would seek to address the client’s best
work with your co- interests, in the sales process as in all
workers else. If that means another bank is
• Behave transparently to best for the client for a particular
your clients with respect transaction or product, we say so,
to data, processes, even knowing that in the long run we get
internal performance credit from present and future clients
metrics and motivations for being client focused for the
client’s sake.
The benefits of being
trustworthy are enormous—but True client orientation also means
also paradoxical. They cannot listening, and listening reveals
be sought as ends in another paradox; the most powerful
themselves; they only come to way to sell depends on unlinking
us as side effects. listening from selling—and instead,
just listening.
If you are a trusted advisor to
your clients, you will be very Principle 2: A medium- to long-term
profitable. But if you set out to perspective. This means a focus on
be profitable through trust— the relationship, not the transaction.
trying to make trust a tactic or We should say, “The relationship is
a tool—it will fail. the client.”
Being trustworthy means being Acting with the medium- to long-
willing to put the client’s term perspective in mind also solves
interests ahead of our own. If the usual sellers’ concern about the
we’re only doing it to make a economics of trust: It means the
buck, then by definition we economics of a particular
become selfish and transaction should be discussed in
untrustworthy. Hence the terms of fairness in the long run,
paradox: You actually have to rather than in competitive terms. A
care. couple in a marriage quickly
compromises on who takes out the
Those who do behave in a rubbish, rather than belabour it to
trustworthy manner tend to get the best deal. There is much
apply four basic principles more at stake in a serious relationship
continuously throughout all than getting the best deal in each
their business development transaction.
efforts.

4. Focusing on relationships Principle 4: A willingness to be totally
fosters transactions, but transparent. Nothing destroys client
transactional focus alone—in trust faster than the Relationship
isolation from others—can Manager who appears to be
choke relationships. That withholding information or trying to
doesn’t mean we can’t focus control the client. When you don’t
on transactions-just that they know something, say so. When you
can’t be viewed in isolation haven’t got the perfect product, say
from the stream of so. Be willing to be open about your
transactions over time that pricing policies, product offerings,
define much of the expertise.
relationship-added value to
both the client and the bank. What you lose in control over
perceptions is more than
Principle 3: A habit of compensated for by the goodwill
collaboration. Relationship you get for being transparent.
Managers demonstrate
trustworthiness by constantly The Benefits of Utilising the Four Trust
involving the client-to-be. Principles
• Don’t speculate about A few benefits for Relationship
what clients are Managers are the ability to:
thinking—ask them. • Convert more prospects into
• View business clients and more current
development processes clients into long term clients
themselves as things • Utilise a client focus approach
that can be done that is truly client focused to
collaboratively, rather bring results
than as a competitive • Create a greater sense of
exercise in putting the ease and comfort in client
best face for-ward. interactions
• Value meetings over • Gain a deeper understanding
phone calls and phone of the client’s personal and
calls over letters and business objectives to steer
emails. away from product pushing
• Practice putting all • Elevate Relationship Managers
issues on the table for from a “relationship based
joint discussion, rather relationship” to the highest
than negotiating on level relationship attainable,
them from competitive the trusted advisor relationship.
positions.
Following the four trust principles
may appear be a bit “risky,” but
they are often innate behaviours for

5. the Relationship Managers. Centring on the theme of trust in
Some may be consciously business relationships, Trusted Advisor
following some or all and Associates works with complex
some may not. If they are not, organizations to improve trust in
the principles are easy to sales, internal trust between
grasp and comprehend. If organizations, and trusted advisor
they are, then the principles relationships with external clients and
are a great refresher and customers.
means if reinforcement. Either
way they are powerful skills in Email:
the Relationship Manager’s stuff@egyii.com
relationship skills toolkit.
For more information:
About Egyii
Egyii is a Singapore based www.egyii.com
learning and development www.trustedadvisor.com
consultancy that helps your
For updates:
business achieve better results
by strengthening your www.twitter.com/egyii
www.egyii.com/blog
people’s relationship skills.
It’s time for a change.
Egyii specializes in:
• Building and fostering
*some materials are taken directly from
client relationships
and based on content from Trusted
• Enhancing the customer Advisors Associates and Charles H.
experience Green.
• Building and rebuilding
trust
• Maximising sales
performance and skills
Egyii is the authorised partner
for Trusted Advisor Associates
in Singapore and Asia.
About Trusted Advisor
Associates
Trusted Advisor Associates is a
US based company led by
Charles H. Green the author of
Trust-based Selling and co-
author of The Trusted Advisor.