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Fiduciary Well-Being™ and the Formation of Trust

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As a financial services professional, you should intentionally design and aggregate your products and services in such a way that you provide clients a sense of fiduciary well-being.

Fiduciary well-being is much more than simply meeting the requirements of a fiduciary standard of care. Given the direction regulators are going, soon everyone will be a fiduciary – and yet, they won’t. What will distinguish the exemplary financial services professional from the rest will be their capacity to inspire and engage clients.

Central to the formation of fiduciary well-being is trust. To be regarded as a trusted advisor you need to exhibit a higher capacity for three things:

1. Benevolence: You must be able to demonstrate that you’re passionate and disciplined about protecting the long-term interests of others.

2. Integrity: You must exhibit the capacity to enact fair, just, and transparent processes to resolve moral conflicts. You must have a well-defined ethos, and be able to demonstrate a balanced continuum between your core values, behavior, and governance.

3. Credibility: Clients must see evidence that you’re capable, reliable, and dependable. You must demonstrate the ability to adjust and adapt to an ill-defined, ever changing, and increasingly complex world. 

Related: What Great Financial Services Professionals Share in Common

Related: Fiduciaries: You May Be Losin’ That Lovin’ Feelin’

As a financial services professional, you may want to re-think the level of involvement you have with your clients. You may want to consider taking on a more expansive leadership and stewardship role to help clients reach a state of fiduciary well-being?

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