According to AdvisorHub, the 2023 PwC Trust Survey shows that consumers highly value businesses that protect their data (79%), respond quickly to concerns (74%), and deliver a reliable customer experience (74%). Despite these priorities, a significant trust gap exists between financial services executives and their clients. This gap between how trustworthy businesses believe they are and how much trust clients have in them is nearly 50% in the financial services sector, which includes advisors and their clients.

Financial advisors must focus on building long-term client relationships to bridge this gap by addressing the key factors in keeping clients loyal. Morningstar research indicates that clients continue working with their advisors primarily due to their discomfort handling financial issues, the quality of financial advice provided, and the personalized behavioral coaching they receive.

In a world where technology and AI are designed to improve business processes, they may also erode trust, and advisors must continue searching for the right tools to foster strong, enduring relationships. Morningstar's Advisor Workstation is one such tool, providing features that allow advisors to manage client expectations and emotions around complex investment decisions. By using technology effectively, advisors can educate and engage clients in meaningful ways, helping to close the trust gap and build relationships that stand the test of time.

Financial Advisor Transitions consults advisors nationwide to explore employment transition options and to preserve and protect their practice in any transition that they make.