NextWealth’s consumer research consistently finds that trust in financial advice is built through relational quality, not on product or process alone. Drawing on the Mind Over Money retirement study (Oxford Risk, 2025), NextWealth’s Consolidation of Advice Report 2026, and consumer proposition testing, this piece explores what clients mean when they say they trust their adviser and why that matters for firms designing or delivering financial services.

In December, I had emergency surgery. Months of recovery, and knowing further surgeries are to come, is the hardest thing I have been through.

It is also shining a light on something that has struck me in these months when I have been in pain, anxious and dependent on other people: what it feels like to be looked after well. And why, the longer this year has gone on, the more clearly I see this in the work we do at NextWealth.

The impact of handing over control

When you are seriously ill, you hand yourself over. You cannot research your way out of it or maintain the illusion of control that most of us carry through ordinary life. You are, entirely and uncomfortably, in other people’s hands.

What I have noticed in navigating a recovery that keeps taking unexpected turns, is what it actually means to feel cared for. The difference is not primarily clinical, it is relational. Whether someone looks me in the eye and explains what is happening. Whether, when things go wrong, they stay present and explain the detail rather than retreating into procedure.

What NextWealth research shows about client trust

When we at NextWealth speak to financial advice clients, we hear the same thing in different language. People describe handing themselves over to a financial adviser by bringing their savings, their fears about the future, the things they have worked for, and asking someone else to help them protect it. When markets move, or life does, they need their adviser to stay present.

This year, two pieces of work brought that into sharper focus for me.

In our Mind Over Money research with Oxford Risk we explored what retirement clients actually need from financial communication. The answer kept coming back to the same thing: clients need to feel emotionally understood before they can engage with any investment information at all. When messaging led with the person rather than the product, confidence followed. One participant said they didn’t trust their adviser because investments always came first, not them.

In our consumer testing work for a major investment manager launching a new DFM proposition, we found the same pattern from a different direction. Consumers reviewing the collateral could see it was well-constructed, but felt the focus was on the provider’s process rather than their goals. One said the materials lacked any connection to the things they actually want in their lives. What shifted their confidence was not more information. It was feeling that the communication had been designed specifically with them in mind by conveying how expertise can lead to financial outcomes and lifestyle goals that were relatable.

Across our consumer research, whether we are looking at what makes fees feel fair, what clients need as they move into retirement, or how personality shapes the way people engage with money, we arrive at the same place. Clients who feel genuinely listened to and understood trust their adviser. Clients who feel processed, grouped and segmented do not.

What trust in advice really requires

In our research, we see how trust is built in small moments. Clients point to two things above all: conversations that explain what is happening before they have had to ask, and honest exchanges when a plan needs to change.

A deep appreciation for people looking out for me is what is getting me through this year by people who communicate their attention and honesty of my situation. The ability to treat me as a person navigating something important, not a case to be managed.

That sentiment surfaced in our Consolidation of Advice Report. A key finding of this research found that cultural alignment – which crucially includes how a firm speaks about its clients – has become a determining factor in whether acquisitions progress. Providers who want to build lasting partnerships with advice firms, and consolidators who want to build businesses that hold together need to understand what trust means at the client level. Not as a compliance requirement but as the foundation everything else is built on.

The question for anyone designing or delivering financial services is not whether you provide a good service. It is whether the people depending on you actually feel that way.

If you’d like to know more about our research, please get in touch equiries@nextwealth.co.uk

Philip Leigh, Senior Qualitative Researcher at NextWealth

FAQS:

1. Why is trust important in financial advice?

Trust is essential in financial advice because clients are sharing deeply personal concerns about money, retirement, and long-term security. Research from NextWealth shows that trust is built through honest communication, emotional understanding, and advisers staying present during uncertainty — not just through products or investment performance.

2. What makes clients trust a financial adviser?

Clients trust financial advisers who make them feel listened to, understood, and informed. According to the Mind Over Money research with Oxford Risk, clients respond more positively when advisers focus on personal goals and emotions before discussing investments or financial products.

3. How can financial advisers improve client relationships?

Financial advisers can improve client relationships by communicating proactively, explaining changes clearly, and tailoring conversations around clients’ real-life goals. Research shows clients value transparency, empathy, and human connection more than technical processes alone.

4. What do clients want from retirement advice?

Clients want retirement advice that addresses both emotional and financial needs. Many consumers say they feel more confident when advisers discuss lifestyle goals, future concerns, and personal circumstances alongside investment strategies and retirement planning.

5. How does communication affect trust in financial services?

Communication has a direct impact on trust in financial services. Consumers are more likely to trust firms that explain decisions clearly, stay transparent when plans change, and demonstrate genuine understanding of client priorities rather than relying on generic or process-driven messaging.