Advisors who operate their practices honestly and ethically can grow their business and enjoy success. On the other hand, unethically operated practices that prioritize sales and commitments do not experience longevity, especially when clients can easily share information that influences prospects. Ethical advisors keep kindness and client relationships top of mind, acting in their clients’ best interests to build an ethical foundation for their practice. To highlight ethical practices, develop a loyal client base and experience business growth, advisors can leverage online reviews to promote their reputation.
Understand Your Code Of Ethics
Many advisors operate under a pre-established code of ethics through an association, as well as a personal code of ethics. Ethical advisors are guided by a moral compass and act in a fiduciary way to build trust with clients. To uphold this concept, 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 involves a monetary sacrifice to match clients’ individual needs of the best policies for them. This establishes trust in the relationship, which increases the lifetime value of clients who are likely to return to my practice.
Validate Your Ethics With Reviews
One effective way to highlight your ethical standards is to curate and leverage client reviews, which can result in building trust and gaining new clients. Third-party reviews can validate your credibility, showcase your values, and reinforce your reputation as an ethical advisor.
The easiest way to build a collection of reviews is simply to request them from clients. These reviews bring an additional level of transparency to your practice, enabling prospects who seek an ethical advisor and giving clients the opportunity to hold you accountable.
Strategically Request Reviews
Your intentions and motives behind requesting reviews will be revealed in the methods you use. The most effective way to ask for reviews is to speak directly to your client. This shows you genuinely value your clients’ individual experiences and want to receive your clients’ feedback.
Additionally, you should make the process as easy as possible for your clients by sending a direct link to the review page; include instructions even if you already explained the process in person. Clients are more likely to leave a review with their thoughts after receiving a direct request that requires minimal effort. Since prospects will likely conduct an online search before they reach out, your online search visibility will help them make decisions based on the information available. This extends your reach and serves as an ethical method to grow your business.
Vet Review Platforms
When you encourage clients to leave reviews, consider which platforms are best to meet your goals and effectively grow your practice. Local practices can look to Yelp, the Better Business Bureau and Google Business for appropriate sources that lend third-party credibility to online searches. Larger businesses and agencies can also use the Better Business Bureau and Google Business to collect their reviews and demonstrate credibility. Reviews posted on these sites cannot be removed by the business. This motivates accountability and provides a platform to display ethical practices.
Some advisors could be hesitant to open their business up to potential negative reviews, but this vulnerability is what actually lends credibility to the reviews and platforms. Clients and prospects trust ethical third-party websites because advisors and business owners cannot remove or alter a negative comment. Instead, advisors should view any negativity as an opportunity to put their ethics into action, and understand and correct what went wrong.
Hold Yourself Accountable
When advisors can demonstrate their ethical values through clients’ reviews, they can further establish a loyal client base. Advisors should continuously evaluate ways their practices can emulate values in their actions because ethical standards are not a one-time action or conversation. Ethics are an essential aspect of your everyday operations that will create moral and monetary value for your practice and contribute to the reputation of the financial services industry. By leveraging your online reviews to showcase and accelerate the benefits of your ethics, you will ultimately grow your business.