More often than not, good will prevail in business. If advisors operate their practices honestly and ethically, their business will grow and enjoy years of success. Unethically-operated practices do not have longevity, especially because clients can easily share information that influences prospects. Ethical advisors prioritize kindness and client relationships rather than commitments and sales. They act in their clients’ best interests to build an ethical foundation for their practice. Advisors can highlight their ethical practices with reviews to promote their reputation, develop a loyal client base and experience business growth.
Develop a personal code of ethicsMany advisors operate under a pre-established code of ethics through an association, but it is important for all to embody a personalcode of ethics. Ethical advisors act in a fiduciary way to build trust with clients and are guided by a moral compass. Advisors often act against their own monetary gain in order to uphold this concept. They are obligated to discourage the purchase of unnecessary products or may refer a prospect to an advisor better-suited to serve their needs. Ethical actions do not always align with profit in every individual situation, but the overall benefit will promote long-term business growth. My ethical code inspires me to serve customers first and put their interests before my own. This sometimes results in sacrificing commissions to match clients’ individual needs to the best policies for them. This establishes trust in the relationship and almost guarantees clients will return in the future, which increases the lifetime value of clients to my practice. I strive to act in accordance with the ethical standards of my company’s mission and make positive contributions to the reputation of the financial services industry.
Accelerate the benefits of ethicsStrategically select methods to highlight your ethical standards and simultaneously attract new business. One effective way is to curate and leverage client reviews to build trust and gain new clients. It’s essential to showcase credibility through third-party validation to reinforce your reputation as an ethical advisor. The easiest way to build up a collection of reviews is to simply request them from clients. Some advisors question whether it is ethical to solicit reviews, but a digital presence that showcases your values enables prospects to seek out an ethical advisor. These reviews bring an additional level of transparency to your practice and gives clients the opportunity to hold you accountable.
Strategically request reviewsThe method you use to ask for reviews will reflect your intentions and motives. It is most effective to ask for reviews when speaking directly to the person, to show you genuinely value the individual experiences of your clients and want to receive their feedback. If you are not comfortable with the direct approach, emails are a suitable alternative. Email marketing software can help streamline the process, but be sure the messages accurately reflect your ethical intentions and do not appear impersonal. Make the process as easy as possible for your clients. Send a direct link to the review page along with any instructions – even if you already explained the process in person. Clients will be motivated to leave their thoughts if the request is direct and takes minimal effort on their end. Clients may not naturally think to share their experiences online unless prompted, and you may miss out on the opportunity to build a positive digital presence if you don’t ask for them. The more reviews you gather, the more visibility you have in online searches. Potential clients will inevitably conduct an online search before they reach out and will make decisions based on the information available. Through reviews, you are able to extend your reach and secure ethical and monetary value. (continued on Page 2)
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