High Trust Worth: The New Currency of Business is Not Money, it’s Trust

March 6, 2025

If you are trusted by the best, you are trusted by the rest

High Trust Worth: The New Currency of Business is Not Money, it’s Trust

Book excerpt

By Erica Wertheim Zohar and Milton Pedraza

Introduction
There is a powerful story from Dov Seidman, author of “How: Why HOW We Do Anything Means Everything” that demonstrates the power of High Trust Worth in any business.

Seidman tells the story of a coffee vendor in New York City who trusted his customers to make their own change when buying coffee from his cart, on a busy corner in Manhattan.

Seidman observed that this coffee vendor outsold other nearby coffee carts by a significant margin, despite not making change for customers himself. This small business owner simply trusted people to take the correct change from the money tray.

By trusting his customers to be honest, this businessman was able to operate far more efficiently while also engendering goodwill and loyalty from his customers.

Seidman argues that this small business owner’s approach of leading with trust allowed him to outperform competitors who treated customers transactionally.

The story highlights how High Trust Worth, the core theme of our book, can pay dividends, even in a business as fundamental as selling coffee on a street corner.

Erica Wertheim Zohar

Our take is that this High Trust Worth approach to doing business had a positive impact on customer loyalty for a few key reasons:

It created a sense of goodwill and reciprocal trust between the small business owner and his customers. Customers appreciated being treated with respect and being trusted to do the right thing.

It made the buying experience much more efficient and convenient for customers, who didn't have to wait for the service provider to make change. This smooth, low-friction service encouraged repeat business.

It differentiated this coffee seller from competitors through an uncommon display of high trust and customer-centric practices. This uniqueness attracted loyal customers who valued this entrepreneur’s approach to business.

The high trust extended to customers made them feel valued and part of a community built on mutual respect, rather than just transactional interactions. This fostered a sense of loyalty.

By defying conventional skepticism about human nature and leading with trust, this small business owner was able to build High Trust Worth, outperform nearby competitors and cultivate a dedicated base of loyal customers who appreciated and reciprocated his ethical business philosophy.

Milton Pedraza

Dov’s story vividly demonstrates how High Trust Worth applies to every single interaction in business, from the most simple, to the most complex; to every business on the planet, small, medium or large. The successful application of High Trust Worth principles in business is why we wrote this book.

On the surface it might appear that because we use insights from our own careers and stories related to High Net Worth clients and luxury brands, that our research, use cases and High Trust Worth System might apply only to that rarefied world. Nothing could be further from the truth.

Our book teaches businesspeople our five universally applicable principles of High Trust Worth: Authenticity, Expertise, Empathy and Kindness, all powered by your human Creativity. They are applicable in every business interaction and engagement.

In our book we use our business experience and expertise to bring to life how High Trust Worth drives business results in historical and current business contexts.

Unlike most business books that try to deliver a quick dopamine high while you read them but leave you to ponder how to execute in the moment, when it matters, we provide you with empirical and scientific research and proof as to how and why high trust really works.

Unique to a book on the subject of trust, we deliver you a proven system with concrete action steps that you can use daily to master and earn High Trust Worth to achieve your business results.

This is not a book you read and put back on a shelf to collect dust. This is your High Trust Worth daily manual and workbook. We purposely made it powerful and brief. Carry it with you. You will profit from it, emotionally and financially, throughout your career.

Whether you operate a food truck in Miami, a pet store in Kansas City, an accounting practice in Chicago, a private equity firm in New York, an AI behemoth in Palo Alto, or a luxury business – any business, anywhere – this is your business success manual.

Unlike books that give you me-too ideas and nothing more than a plethora of fun stories, we have researched, tested and proven our system, with real-life clients in dozens of luxury goods and services categories over 20 years, to deliver this book.

We have helped all kinds of businesses, small, medium, and large to build High Trust Worth. And we can definitely help your business thrive too.

High Trust Worth was published in November 2024, targeting marketers across industry sectors

Chapter 1

The Genesis of High Trust Worth

Let’s start with our title. What do we mean by “High Trust Worth” and its corresponding tag line, “The New Currency of Business is Not Money, it’s Trust”?

Why did we choose this title and tag line?

It’s an obvious question.

You may have understood the ideas immediately, but there’s an explanation we’d like to share.

The idea that trust is becoming increasingly important today, as a valid form of business currency, is a concept we believe to be highly accurate in a world of widespread mistrust and suspicion.

In today's interconnected and rapidly changing world, one increasingly driven by AI, trust plays a crucial role, perhaps even a more important role than money, in facilitating economic, social, and digital interactions.

In the world of business, it is widely known that customers are more likely to engage with, and remain loyal to, brands and companies they trust. Trust comes before money as a currency.

Brands and businesses often invest in building and maintaining trust with their customers to build long-term relationships.

The rise of online reviews, social media influence and word-of-mouth recommendations further highlights the value of trust in business and consumer decisions before money even changes hands.

In the financial world, trust is essential.

Customers trust that their money will be safe in banks, and trust is essential for transactions and investments.

The emergence of cryptocurrencies, such as Bitcoin, has also sparked discussions about the decentralized nature of trust in financial transactions.

In all social interactions, trust is critical for the functioning of institutions, governments and communities.

Trust is the currency of cooperation and collaboration, contributing to the overall stability and well-being of societies.

If you wish to master how to live a successful and joyful High Trust Worth life, this book is for you.

While trust may not replace traditional forms of currency, such as physical money or digital currencies issued by central authorities, High Trust Worth emphasizes the intangible, yet dominant role that earned trust plays in every aspect of human and business interaction.

After being introduced by a common friend, we quickly realized we had a common set of ethical values based on the principles of earning high trust in the ways we each live our lives and conduct business.

In addition, based on our experiences, we are both aware of the role that high trust plays in the lives of very wealthy individuals.

The wealthiest individuals make highly considered, high value, high emotion and, often, high risk purchases.

On the other side are luxury goods and services providers who are eager not only to execute transactions, but to cultivate highly trusted lifetime relationships.

Thus, high-net-worth individuals (HNWIs) and ultra-high-net-worth individuals (UHNWIs) provide the perfect case studies for learning about High Trust Worth.

Commonly used by elite businesses and professionals that work with such individuals on a regular basis, the term high-net-worth individual is typically defined as having $2 million or more in net worth, while the term ultra-high-net-worth is typically defined as having $30 million or more in net worth (source: Capgemini 2024).

Further, we both have a passion to dispel common myths and caricature tabloid perceptions of HNW and UHNW individuals, mainly because we have known so many in our professional and personal lives. Most seek to live High Trust Worth lives.

We wanted to explain to businesspeople and companies what we know about this demographic, and hopefully promote a better understanding of the complex and diverse human beings these wealthy individuals are and the critical role that trust plays in their lives.

With better knowledge of that culture, businesses can efficiently and effectively address the stated and unstated needs and desires of HNWIs and UHNWIs, and so can individuals and entrepreneurs.

If you’ve spent enough time with people who can largely pick and choose, as they please, the best luxuries and opportunities life has to offer, you learn their core values and some of the secrets behind their success.

Of crucial importance to them when it comes to the people with whom they associate, or those they employ, is maintaining relationships based on trust.

So, naturally, a person or business of High Trust Worth can be of platinum value to a person of discriminating wealth and influence.

High Trust Worth can dramatically enhance your business reputation.

Reputation is defined as the beliefs and opinions that are generally held about an individual. If you know someone by reputation only, you have never met them, but you have heard how others feel about and describe them. If you are considered to be fair, trustworthy and kind, you have a good reputation.

Being trustworthy is a fundamental quality that can significantly enhance your business reputation.

Trust is the cornerstone of business and relationships

Here are several ways in which being trustworthy contributes to building and maintaining a positive business reputation:

Building credibility. Trustworthiness builds credibility. When people can rely on your word and actions, they are more likely to believe in your abilities, judgments, and promises. Credibility is a key component of a positive reputation.

Establishing reliability. Trustworthy individuals are often seen as reliable and dependable. Consistently meeting commitments and delivering on promises enhances your reputation for reliability, which is valuable in both personal and professional settings.

Fostering positive relationships. Trust is the foundation of positive business relationships. Being trustworthy creates a strong bond with others, whether in personal friendships or professional collaborations. Positive relationships contribute to a positive business reputation.

Earning respect. Trustworthiness earns respect from others. When you consistently demonstrate integrity, honesty and reliability, people are more likely to respect you as an individual. Respect is a key component of a positive business reputation.

Being a team player. Trustworthy individuals are often seen as the most valuable team players. In collaborative business environments, people want to work with those they can trust. Being a reliable and honest team member enhances your reputation within the team.

Inspiring confidence. Trustworthiness inspires confidence in others. When people have confidence in your abilities and character, they are more likely to support your initiatives, follow your lead, and endorse your ideas.

Gaining recommendations and referrals. A trustworthy reputation often leads to positive recommendations and referrals. Whether in personal or professional spheres, people are more inclined to recommend or refer someone they trust to others.

In summary, being trustworthy is a cornerstone of establishing a positive business reputation. It builds credibility, fosters positive relationships, earns respect, enhances professional standing, and contributes to a positive community image.

Trustworthiness is an investment in long-term success and positive interactions with others.

This is not simply a handbook for catering only to wealthy people.

However, the wealthy provide a great laboratory for studying the concept of High Trust Worth.

HNW and UHNW individuals are often referred to as “instividuals,” individuals who have so much economic power that they behave like institutions.

For example, an UHNW individual may choose to buy a company, build a multimillion-dollar yacht, own 10 homes, or buy a $50 million plane. These purchases are high value, high risk, highly emotional and highly considered. They need trusted advisors and providers throughout the entire process of acquiring such assets, and long afterwards.

If you are someone of High Trust Worth in any situation in life, that makes you a very valuable person and professional. How to achieve that level of integrity and success in any endeavor or profession is the very reason we wrote this book.

As Erica likes to say, “If you earn High Trust with the best, you can surely earn High Trust with the rest.”

When we met, we also discovered that we were in each of our own unique ways helping luxury goods and services brands not only to understand their customers, but also to learn to develop trusted, mutually beneficial long-term relationships.

From that starting point, we began a collaboration in research projects that accelerated the realization that we had truly complementary skills and resources that could be shared to help all businesses.

By increasing understanding about building relationships with HNWIs and UHNWIs as customers, we realized we could help everyone succeed in business by becoming more trustworthy.

Thus, we saw this book as not just a good idea, but a desired and timely necessity for businesses and businesspeople.

Excerpted with permission from the publisher, Luxury Institute.

“High Trust Worth: The New Currency of Business is Not Money, it’s Trust,” by Erica Wertheim Zohar and Milton Pedraza, November 2024, pp 308. Reach Milton Pedraza at mpedraza@luxuryinstitute.com.

Erica Wertheim Zohar is an entrepreneur, consultant, speaker, philanthropist, author and journalist with specialized expertise in luxury brands and ultra-high-net-worth individuals (UHNWIs). Milton Pedraza is founder/CEO of Luxury Institute, advisor and public speaker to luxury brands.

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High Trust Worth: The New Currency of Business is Not Money, it’s Trust