Restoring Trust

We tend to have complex lives, juggling the demands of family, work, school, finances, friendships and the broader community. Twenty-first century living has only increased the quagmire of what we are responsible for, from paying multiple bills for the same type of service (landline/cellphone, cable/streaming services) to repairing more household items (modems, computers, wearable devices) to procuring more services because we’re busier than ever (landscaper, eldercare, handyman). And we need to trust that those products, services and experts will all deliver on their promises.

 

But what if they don’t? We increasingly see instances where people and institutions we trust to do the right thing let us down. The drinking water from faucets is contaminated. Building inspection reports are ignored, leading to catastrophic destruction. Advertised solicitations lead to malware and fraud. The digital era has exacerbated these problems, because we don’t always know what companies are legitimate, what photos or videos have been doctored or what news sources are accurate and trustworthy.¹

 

That’s why the role of a trusted financial professional is more important than ever. Once you’ve vetted and established a rapport with a professional you trust, that relationship is a key part of your financial portfolio. We strive to establish that trust and lifelong bond with each of our clients. Therefore, we invite you to contact us to discuss insurance and retirement income matters, and refer us to friends and family. We will always work to maintain your trust.

 

Technology and Data

However, that trust may be harder to come by in different aspects of our lives. For example, there are more than 20 billion connected smart devices throughout the world. The average American owns eight.² It seems the price to put instant communication and information literally in our hands is the uncertainty of how our personal data is being collected and used. In fact, the risks to our privacy and security are higher now than ever before, so it’s important that — as a society — we develop solutions to protect our right to confidentiality.

 

Banking

The digital transformation has affected every industry, but none are more critical to our households than financial services. Today, it’s faster and easier to access and manage our money, but we also face higher risks of fraud and identity theft. According to a recent survey from American Banker, at least 50% of American adults do not trust the majority of financial providers to protect their personal data.³

 

Science

While vaccinations have come under fire in recent decades, we have not seen less faith in scientific research and innovation in modern times as that associated with the coronavirus. With so much information disseminated from so many different sources, and mixed messages from both the medical community and elected political leaders, Americans are stuck trying to discern fact from fiction. It is important that we restore faith in both science and the government in order to protect citizens from the dangers we will continue to face in the coming years — ranging from contagious diseases to the impacts of extreme weather — and how to effectively manage these life-threatening conditions.⁴

 

The Media

The digital age also has enabled everyday citizens to become on-the-scene reporters. From mass shootings, to routine police interventions, to wildfires and floods, to rallies and protests — the personal cellphone and social media has now created a real-time news service. Anyone can participate, which has reduced the value and respect of trained investigative journalists and news organizations. By the same token, the internet has spawned a new generation of independent journalists who don’t work for established media outlets, but in many cases their sources and methods have proved to be as accurate and insightful as long-established organizations. Moving forward, we need to develop criteria to help consumers evaluate what information sources to trust.⁵

 

The Purpose of Regulation

Government regulation can be a taboo concept but, if deployed fairly and consistently, may be the only way to establish guidelines and guardrails designed to restore trust between people and institutions. Not only that, but because the digital age connects us with every other society across the globe, it’s important that universal regulations and standards are adopted and implemented worldwide. Only then can we unlock the economic growth needed to meet the demands of our global economy.⁶

___________________________________________________________________________________________________

 

Advisory services offered through B.O.S.S. Retirement Advisors, an SEC Registered Investment Advisory firm. Insurance products and services offered through B.O.S.S. Retirement Solutions. The information contained in this material is given for informational purposes only, and no statement contained herein shall constitute tax, legal or investment advice. The information is not intended to be used as the sole basis for financial decisions, nor should it be construed as advice designed to meet the particular needs of an individual’s situation. You should seek advice on legal and tax questions from an independent attorney or tax advisor. Our firm is not affiliated with the U.S. government or any governmental agency. Please note that we are unable to accept any trade requests via email, voice message or text.

¹ Chizuru Suga, Teruka Sumiya and Jonathan Soble. World Economic Forum. April 6, 2021. “Trust is fraying in the digital age. How ‘trust anchors’ could help.” https://www.weforum.org/agenda/2021/04/trust-is-fraying-how-trust-anchors-could-help-gtgs/. Accessed June 22, 2021.

² Raullen Chai. IOT For All. June 21, 2021. “Protecting Privacy in the Age of IoT.” https://www.iotforall.com/protecting-privacy-in-the-age-of-iot. Accessed June 22, 2021.

³ American Banker. 2021. “Data Privacy and Security 2021: Fear, malaise, and eroding trust.” https://www.americanbanker.com/data-privacy-and-security-2021-fear-malaise-and-eroding-trust. Accessed June 22, 2021.

⁴ Annenberg Public Policy Center of the University of Pennsylvania. Science Daily. June 1, 2021. “How news coverage affects public trust in science.” https://www.sciencedaily.com/releases/2021/06/210601135747.htm. Accessed June 22, 2021.

⁵ The Seattle Times. June 2, 2021. “Being on social media doesn’t make you a journalist.” https://www.seattletimes.com/opinion/editorials/being-on-social-media-doesnt-make-you-a-journalist/. Accessed June 22, 2021.

⁶ Catherine Chen. The Parliament. May 27, 2021. “Why trust matters in the digital age.” https://www.theparliamentmagazine.eu/news/article/why-trust-matters-in-the-digital-age. Accessed June 22, 2021.

.