Putting clients first, understanding their goals, and possessing a clear level of specialist knowledge are the key attributes in an adviser that influence people’s trust in them, according to Morningstar research.
Speaking at the 2023 Morningstar Investment Conference, global head of behavioural insights Ryan Murphy outlined a range of research questions asked to 994 client participants. The questions looked to uncover what behaviours and actions undertaken by advisers influence people's trust in them, people's willingness to delegate financial planning decisions, and their willingness to recommend an adviser's services to family and friends. "We were trying to understand the cause and mechanism of where trust comes from," Murphy explained. "Trust is ubiquitous in financial advice." The stud...
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