4th November 2013

Panacea Adviser supports research into trust in wealth management industry

London, 4th November 2013 - Panacea Adviser (Panacea), the online community and resource for directly regulated financial advisers and paraplanners, has tied up with the Kinder Institute of Life Planning and Trusted Advisor Associates to examine the lack of trust in the financial services industry and how to resolve this issue.

The resulting white paper, “Trust and the Business of Wealth Advising: Seizing the Opportunity” suggests how advisers can take a new approach in their in-house training methods to improve trust in the industry and enhance their own client relations.  The findings advocate three core routes to gaining trust:

• Strengthening the mind sets and values consistent with outstanding client interest
• Training wealth advisers in the conversational structure and process that inspires their clients to live with passionate purpose
• Developing wealth advisers’ skills so that they can be truly confident and outstanding in service of these trust-based conversations – listening, pausing, inspiring, empathising, acknowledging, empowering and knowing self

Derek Bradley, CEO of Panacea Adviser, said: “Trust in financial services has been an issue for a number of years now due to past failings of regulation of course, but also a small, select number of individuals. This paper discusses how being more aware of this issue can be seized as an opportunity for businesses to train their staff with a particular focus to gain back the consumers’ trust and help to empower our industry from the inside.

"For too long our advisers have suffered the mistakes of the past and so we hope to be able to redress the balance."

Charles Green of Trusted Advisor Associates added: “In response to adviser demand for useful ideas on how to improve the levels of trust in the industry, we are proud to be able to offer a simple, coherent, pragmatic view of trust in wealth management, including business-practical suggestions that can be successfully adopted by any sincere and committed organisation.”

George Kinder, of The Kinder Institute of Life Planning adds: "Life Planning with its clear and structured methodologies should be considered by every advisory firm interested in building client trust as well as business value and profitability."

For the full white paper please go to www.panaceaadviser.com/trustwhitepaper

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