If you were to quiz several experts on the most important aspects of financial planning, you would probably get a variety of answers—diversifying one’s portfolio, long-term thinking, holistic planning…the list goes on. But at the heart of all those attributes is a common feature: trust.

I work in an industry that almost entirely revolves around trust. Investors must trust the market and believe in long-term strategizing. Financial planners must trust their training and rely on historical data and evidence. And clients must trust that their financial advisor is providing the best advice possible.

This last point should not be a blind trust; it should be earned. A trustworthy financial advisor is one who prioritizes their clients’ needs above their own, cares about self-education and expanding their knowledge, and has the humility to admit when they do not have an answer and need to consult an outside expert. And this is all in addition to basic expectations of trust, such as keeping data private, obeying the law, and acting with transparency.

On the other side of the coin, the client has the responsibility to accurately divulge any relevant information that will help the financial advisor put together the best possible financial plan for their unique situation.

In my experience, trust not only has to be earned; it must be maintained. Both parties must choose integrity, honesty, and forthrightness every day. On a larger scale, investors must trust the established system—a system that has worked well in the U.S. for over a century. They must trust that down markets will bounce back, that national and international crises won’t last forever, and that evidence-based investing is almost always the right path.

Trust is truly the heart of financial planning and investing, and I do not anticipate that changing anytime soon.

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