Existing clients can use these links to log in to the Infinity dashboard. Not a client? Why not get in touch to find out about our services.
On 4th September at the Kowloon Bay International Trade & Exhibition Centre in Hong Kong, Infinity had the pleasure to sponsor an inspirational workshop delivered by Stephen M.R. Covey, author of Smart Trust.
Mr Covey explained to a full house that trust is an economic driver to the point where it should be considered a currency in this low trust world. Trust is thought of as simply a ‘social virtue’, but is in fact a solid and definite economic driver. He explained that it is easy enough to see the dangers of blind trust, what is not so often considered are the benefits of building and developing trust. Unnecessary bureaucracy and policy-making, often driven by a lack of trust within an organisation, reduce speed and efficiency and introduce unwelcome costs. High turnover of staff and customers are just two of the indicators of a lack of trust that have a negative impact on productivity.
In his thought-provoking presentation, Mr Covey explained that trust has a direct impact on speed; when trust decreases, there is a reduction in speed but as the level of trust grows, the reverse is the case leading to tangible business benefits.
‘Smart trust’ sits between the two extremes of blind trust and complete lack of trust. Trust is very much reciprocal and as such needs to start with oneself and choosing to believe in trust. Character and competence are key components of trust building; by declaring a positive intent and assuming the same in others, we can begin to build trust with an organisation. Doing what you say you are going to do may seem simple enough, but it is one of the core five features of smart trust. Trust can only be built and maintained through behaviour and Mr Covey maintains that lost trust cannot be regained through talk, it has to be built through actions.
Trust, or smart trust, is a skill that can be developed. It is vital to analyse and review to ensure that trust is not misplaced nor blind. Developing ‘high trust’ in a ‘low trust world’ will give individuals and, ultimately, organisations a key commercial advantage in both internal and customer relationships by increasing speed, improving efficiency and reducing costs.
Mr Covey suggests that although as few as 10% of companies currently measure trust within the organisation. He predicts that at least 50% will, within 15 years, be quantitatively measuring trust as a business factor. He noted an interesting dichotomy with China where trust levels within the country, between the Chinese themselves, is high but outside the country, trust of Chinese businesses is considered low.
Stephen M.R. Covey maintains that ‘trust is the essence of good relationships’ and as such, is vital for improving both internal, external and customer relationships.
Mr Covey is the author of Smart Trust with over a million copies sold. He is recognised as a world leading business adviser through his work with organisations across the board including Fortune 500 companies.
Infinity was proud to sponsor the Stephen Covey Hong Kong trust workshop because we understand the need for trust. As financial advisers, trust is the single most important component on our relationship with our clients. In order to help our clients protect, build and maximise their wealth, it is important the there is a high degree of trust on both sides and we are dedicated to ensuring we are worthy of that trust.
If you would like to find out more about how we can help with your financial planning, please get in touch
This Site and the Content are not directed at or intended for distribution to any person (or entity) who is a citizen or resident of Hong Kong (or located or established in) any other jurisdiction where the use of the Site would be contrary to applicable law or regulation or would subject Infinity Financial Solutions Limited to any registration or licensing requirement in such jurisdiction.
Persons (or entity) who is a citizen or resident of Hong Kong please click on the link below to access our Hong Kong Site.