Why trust is not something to be played with!!
“If I trust someone to advise me on how to best invest money in my lifestyle, hopes and dreams associated with my wealth, one needs to know it is safe hands.”
I’ve taken a bit of time to read some evidence in the Royal Commission into banks and insurance companies. To say it has disturbed me, like many people, is a bit of an understatement. However, I sadly have to say I’m not completely surprised.
The one thing we know about humans is they behave in a way we drive them to. All humans want success, acceptance and respect amongst their peers. Most people want to be doing well in their work. So, when a Board and Management have the job of deciding what they define as a success, they must be pretty, bloody careful about how they measure success, and I’m sure sales targets in isolation are not a good measure of success.
“How do I know I’m in Good Hands”
Does the question come to one’s mind of what is the culture banks, and other advisers, create when they set themselves up to give advice in one of the most trust-related sectors? If I’m trusting someone to advise me on how to best invest money in my lifestyle, hopes and dreams associated with my wealth, one needs to know it is safe hands.
As CEO, what are the attributes I need to develop in my advisors that will ensure advice is being delivered in the best interest of the client?
I think the Boards of many businesses who work in these types of industries should consider how they drive behaviours in their organisations and are we focusing people on the right culture.
Trust is something many of us give to a professional, irrespective if they have earned it. As a business grows, and people become less attached to individual people and more to a brand, it only becomes even more important the brand ensures that the client’s best interests are at the forefront, not organisation profitability and the return to shareholders. Perhaps we should also consider our roles as shareholders as well in all of this, as we continue to ask for increased dividends, are we too encouraging the wrong behaviours of corporations? Perhaps increased responsibility for corporate shareholders and expect more of the Boards and Management of these organisations.
MB+M’s Approach To Earning Your Trust
MB+M have been going through our strategic plan over the last few weeks, and I know at the front of our mind was are we doing what is best for our clients? How do we add value and earn the trust that our clients give us? Are we measuring the right behaviours and sending the message that clients and their goals are our top priority?
I sit back as CEO and hope with every part of my heart that we are delivering always a trusted service that only considers the best interests of our clients, not our back pockets, which is why independence of our financial advice is paramount to our delivery of that service.
If any of our clients believe we’re not delivering on this, please let me know.
Chief Executive Officer