TY - JOUR T1 - Regaining Client Trust Requires Further<br/>Commitment by Wealth Managers JF - The Journal of Wealth Management SP - 81 LP - 84 DO - 10.3905/jwm.2013.16.1.081 VL - 16 IS - 1 AU - Robert C. Elliott Y1 - 2013/04/30 UR - https://pm-research.com/content/16/1/81.abstract N2 - It has been a stressful time for ultra-high-net-worth families since the beginning of the new millennium. In addition to recent widespread vilification of the wealthy, they, like other investors, have suffered from the financial near-meltdown in 2008, volatile equity markets, historically low bond yields, and highly publicized instances of misinformation, deceit, and fraud by institutions and individuals. This latter issue continues to be the foremost concern for many families. With reduced trust in financial advisors, they exhibit less confidence in dealing with these challenging times. If wealth advisors require any additional motivation to do the right thing to regain client trust, they need to look no further than building a better, more lasting, and more profitable business. Wealthy clients are embracing client-focused wealth managers in increasing numbers. A quick survey of such firms, using words like “independent,” “unconflicted,” “trustworthy,” and “ethical,” yields numerous hits. Such an emphasis will help firms obtain new clients, and then help retain and grow those clients over time. It also will permit firms to achieve premium pricing for a “brand” that delivers a client-first approach. And lastly, it will allow wealth management organizations to attract and retain employees, who will flock to such an alternative and away from advisors that have a sales culture and a profit-first orientation.TOPICS: Wealth management, in wealth management, financial crises and financial market history ER -