Do your clients trust you?

If they do, you might be in the minority of financial advisors. In Why the Rich Don't Trust Their Advisers, the Wall Street Journal's Wealth Report blog reveals:

According to a survey released this morning by Spectrem Group, which polled investors worth $25 million or more, close to half of all respondents believe they could do a better job of financial planning than their advisers. And only about half were satisfied with the “knowledge and expertise” of their adviser and his or her ability to “deal with complex financial issues and problems.”

Why? Most of the respondents were self-made millionaires, they didn't inherit their wealth. Contrary to what Merrill Anderson preaches, these people believe that if they have proven themselves in a business or a profession, mastering investment skills should not present a problem. But even worse,

They believe (fairly or not) that private banks and Wall Street firms today are more interested in products than providing custom financial advice.

Maybe all that cross selling wasn't such a good idea?

UPDATE: Don't miss the comments to the above-noted post, they provide a fascinating look into the minds of your prospects. Best observation, from Paul in NY:

I once had an “old-timer” from Wall Street sum up the investment banking/advisory business to me, as follows: “We don’t want to steal your money, but we will if we have to.”