“There is definitely work to be done for advice coming from industry,” he said, adding that the survey showed that 29% of respondents were more likely to turn to friends or family rather than financial institutions for financial advice. .
This raised the question of how to build trust with people, and Hossin thought that some of the answers might lie in the fact that many of the people surveyed also felt that they didn’t have enough personal knowledge to meet their specific needs. Were just getting cookie-cutter instead of advice. ,
“When we see this, we see it as an opportunity to engage with our members over a long period of time to build relationships,” he said. “Therefore, we can move away from the feeling that it is transactional and connect with members to understand what is important to them from a financial point of view and what is important to them in their lives. Then we can try to figure out what their goals are, so that we can help them work toward them. I think it can go a long way to this idea of helping build trust over time. ,
Hossin said it’s important to have a constant point of contact, so the relationship doesn’t feel like “one turned one.”
“Financial planning is more of a marathon than a sprint,” he said.