In business, trust is critical. In financial services, it’s even more so because of the fiduciary nature of many relationships in the industry. In their presentation, Drs. Pattit and Pattit explored the factors that contribute to the formation of trust for seven types of financial services providers.

Their analysis relied on 1,697 consumer responses to a self-administered online questionnaire. The questionnaire permitted assessment of trust levels held by: (1) consumers who had a relationship with a financial institution; and (2) consumers with no relationship, but familiarity with a particular type of service. The results show that there is a marked difference in the level of trust between the two groups for all seven types of financial services.

Investigating this “gap” further showed that the factors contributing to the formation of trust differed between the two groups. These findings offer three practical implications for financial services companies. First, companies need to demonstrate consistent values in all channels, including operations. Second, companies can be intentional about creating “experience points” for building trust. Third, companies need to recognize that bad experiences negatively affect trust and spill over into other areas.

Further insight on these recommendations for practice and the analysis behind them were presented in a poster at the 7th Annual Academic Research Colloquium of the CFP Board Center for Financial Planning on December 7, 2023, in Arlington, Virginia.

A related research brief, Pathways to Trust in Financial Services: A Closer Look, is available for download from the Center for Ethics’ website. The data explored here is applied further in the Center’s Trust & Leadership Certificate Program.

Choosing the right post-service career can be a complex process for veterans, active-duty military looking ahead, and their family members, each of whom face unique challenges.

Yet, with the right mix of knowledge, support, and sponsorship, there are many fantastic career paths available to those in the military community, including in financial services.

To help veterans, their families, and other military personnel find their way, The American College of Financial Services and its Center for Military and Veterans Affairs has created a unique guide.

In this guide, we cover:

• The challenges former service members may face as they transition to the civilian workforce
• The financial services industry and why it may be a great fit for veterans and their families
• What a lifelong financial services career may look like
• The resources available to help veterans with their transition to financial services

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