Distraction-Proof® Advisor Ideas

Would you rather be liked or respected?
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Steve Wershing wrote a great article this week regarding the motif that many advisers adhere to of “Know, Like and Trust.” He argued the point of taking out the word “like” and substituting it for the word “respect.” He has a great point.

Many people will do business first and foremost with somebody they respect, but not necessarily somebody they like first. They have to have complete and utter trust in that person, and that comes from respect, not necessarily like. There are plenty of people I like, but I certainly don’t trust them enough to do business with them. That’s not their fault; it’s just that they haven’t earned that degree of trust from me.

As advisors, we need to be mindful of the fact that we don’t necessarily have to be liked, but we do have to be respected, and from that respect comes trust.

It was just like when I was coaching swimming and teaching adults: I had very little time with them to be liked. I needed to be respected, and I needed to be trusted. Once I had their respect, I knew I had their trust. Then they would listen and learn very quickly.

As advisors you’ve got to make a point of being respected first. How do you become respected as an advisor?

1. Do exactly what you’ve said you’re going to do. Give these people a reason to see you as reliable.


2. Explain your system: here’s how we work here, here’s how we’ve structured our business, here are the processes that you can expect to experience when you come on board with us.


3. Be unrelenting in keeping those processes and systems in place, regardless of what that prospect or client might want you to do for them. If they want you to change how you view a particular piece of your business and go contrary to what you’re telling them, basically they are not respecting you. They’re not going to be that ideal client.

A number of people are now getting called by their clients. Those clients will stick with advisors whom they respect and trust, not just like. Like will be coming from those two facets, but if they only like you, chances are they’ll like you but they’ll be more readily open to leaving you.

I look forward to bringing you another Distraction-Proof Advisor Idea next week.