Cost-conscious clients areseriously considering the notion of shunning financial advisors and handling their investments on their own.

That's what we observed as one of the major trends reshaping financial services. (In previous columns, we've been chronicling the trends we see in the industry. The first two were about: 1) a populist backlash rising against the wealthy and how that will affect advisors; and 2) how broken trust brought on by the failures of Wall Street can compromise the value you offer.)

Now comes the issue of whether investors really want to go it alone and, of course, what that means to you as the financial advisor.

Online account openings were reported to be stellar in the fourth quarter last year, giving rise to the idea that investors were fed up with their advisors.

More evidence of the lack of enthusiasm advisors are inspiring among clients? Advisors said even those clients who had stayed with them weren't heeding their advice. In fact, clients seemed unwilling to execute recommendations to which they had previously agreed.

If you have sensed a newfound sting of skepticism about your recommendations, the questions about fees and services provided, or the complaints about performance, you have experienced firsthand this customer discontent that has arisen from the punishing market declines.

Indeed, it naturally follows that there would be a pushback about fees after value was compromised and trust was shaken.

The question now, though, has become whether this will parlay into asset movement. At the end of July, the fears had been confirmed.

Since the beginning of the financial crisis, $32.2 billion had flowed into the large online companies, TD Ameritrade Holdings and Charles Schwab, according to a July 24 Reuters story, which cited company records.

Moreover, that same article said that investors had pulled more than $100 billion from traditional full-service brokerages.

So does this move reflect smaller clients going to lower-cost providers? Will full-service firms be crippled by this?

Things will get better in time. For now, the best thing you can do is recognize that the competition has never been greater to be the provider-of-choice to affluent investors. So you should be focusing on what more you can do to become the advisor your clients expect, and to have the quality of relationships that will draw other clients to you directly and through referrals.

Where do others find weaknesses among brokers? A KPMG study of 288 senior executives at global funds and investment companies found that financial intermediaries-client-facing advisors-in particular, are perceived as being untrustworthy and lacking knowledge, perhaps as a result of inadequate education by investment managers on complex products and associated risk management practices.

In fact, 77% of investors overall felt that intermediaries are less trustworthy than politicians. (Let me remind you that I'm just the messenger, okay?)

By the way, how did the term "client-facing advisors" ever gain any traction in consulting firms? It's hard to imagine how advice to private clients would be worth much if it wasn't client-facing. Indeed, the idea of facing clients in good times and bad is what focuses one's mind on fulfilling their expectations.

That said, the KPMG study suggests that regaining trust is a matter of education and training. Most institutional investors believe that investment managers should provide financial intermediaries with better product training in order to help them regain client trust, a sentiment matched by 75% of investment managers themselves.

My advice to you is simple: Meet the complaints about investment costs as the challenge to separate yourself from the persona of "salesperson."

The industry is calling for you to redouble your efforts to learn all you can to meet new standards. Avail yourself of training and development opportunities or take your professional credentials up a notch. The most successful advisors in your firm and in your region often serve as exceptional examples.

They work hard and are relentless about learning. They are the go-to advisors for those seeking deep knowledge and informed perspectives. Learn from the best and understand that your clients are looking for those qualities too.

Consider a similar dynamic in other industries. In the practice of law, for example, there is a difference between Sullivan & Cromwell and lawyers.com. And in your industry, full service should be clearly distinguished from online brokerage service.

You have the skills and platform to bring exceptional capabilities to your clients and dissatisfied clients of other firms. Exceptional preparation is the best way to meet your competition head on.

Here is your homework this month: Fully think through the things that you can do to ratchet up the value you bring to your relationships.