How To Be An Ultimate Trusted Advisor

Cloud Based Accounting is currently a big trend at the moment in today’s business world. As such I have recently attended a few workshops to learn more and to become familiar with the whole concept. I remember one thing I was told by the software providers was that in order to be able to provide “value-added” services to our clients and to become a “trusted” advisor, it is essential to convert our client’s accounting software into cloud based. I personally agree that cloud accounting should be adopted for most SME’s. However, I think to become a “trusted” advisor, there are a few more important things that need to be adopted, rather than just the conversion of accounting programs.

A similar question was raised by Martin Checketts, from Mills Oakley Legal, whom I got to meet in episode 4 of the TV reality show –Transformation series created by No More Practice. My initial response was that not only had I transformed my accounting practice into a One-Stop-Shop Financial Services hub, but I also created a business which is recognised as a “trusted” advisor by my clients and affiliates.

How I converted myself to be a trusted advisor?

One of the reasons why I left my well paid job and established my own business was because I saw an expectation gap between the traditional accounting services and the modern SME owners. I have seen many accounting firms who just complete the financial accounts and then send it to their clients for execution, without providing further feedback, measurements in benchmarking and future strategic advice etc. For this reason, I decided to make a point of difference by spending more time in educating clients about their business and financial performances such as ratio analysis, measurements of industry benchmarks and also to ensure they have a better understanding of their business goals and structures.

My intention was very simple – by helping them to grow their businesses, whether in business expansion, business risk management or creation of personal or family wealth, the end result would be more services required and ultimately more fees generated. It is a so-called “Win-Win” situation. I soon realised that as a result of the time I spent in the educational process to my clients it has created a relationship which even money could not even buy.

Over the years I have helped many of my clients improve their business and wealth situations from this comprehensive educational process. My biggest job satisfaction would be when my clients have taken my advice and recommendations on board, actioned them accordingly and see the results as expected. I could see that the relationship built on “trust” has been proven to be successful through their behaviours, referrals and recognition.

Two years ago I was approached by a few of my clients who asked whether my firm offered other financial services such as Mortgage Broking or Insurance as they preferred to have all their financial affairs under the one roof. This eventually led me to the idea of building up the “One-Stop-Shop” framework. Hence I enrolled myself into a couple of financial services courses and programs in order to broaden and enhance both my technical and commercial knowledge. After I attended the No More Practice Event in 2013 I was delighted that my idea was recognised by industry experts so I decided to formalise and launch the model at the end of 2013. Since the launch of the One-Stop-Shop model which have been highly regarded and recognised by my clients, many of them have switched over to us from their existing mortgage, insurance, research and development project and book keeping providers. This was all a result of one word – Trust.

My 2 cents worth to enhance the trust relationship between you and your client –

1) You need to build up a team who share the same vision to support you – You cannot be the “Jack of all trades” and have the time to do everything yourself. It is important to build up a “trusted” team in order to help you deliver your work and commitments. I have seen some financial service firms who have had fall outs with their clients, because the clients were let down by the firm’s staff, not by the partners.

2) You need to outgrow your clients, not let them outgrow you – In my initial meetings with new clients I would always ask them why they left their previous advisors, and more than 50% of those new clients would say that their advisors were great people however they felt they had outgrown them. They feared they did not have the appropriate resources, skill sets and vision to assist them in the future. Having said that I am not saying we need to outgrow our clients from a revenue perspective, but rather need to make them feel like their businesses are moving along with yours.

3) You need to be on top of the industry’s legislation & updates and inform your clients before they come to you – One thing I can confidently say is that I am always on top of any industry and legislation changes specific to my clients businesses, and hence my clients are always advised accordingly. It would be embarrassing for me if my clients came to us and said they had read some changes relating to their businesses from the newspaper or from their friends at a weekend BBQ, rather than through us as their first source.

4) You need to be able to deliver your work & promises – I have never failed to deliver my promises throughout my 16 years in the professional industry. I have always felt that you could spend 10 years to build up your reputation and trust level but all it takes is just one mistake to jeopardise the entire trust relationship. As such I am always cautious with my promises to ensure that they are achievable. Having said that, you need to be 110% prepared before you walk into a meeting with your clients, prepare for pre-empt questions that they may ask and have answers ready.

5) You need to have the same vision, outlook and philosophy in line with your clients’ – You need to demonstrate your vision, strategies and future outlook of your clients’ businesses, not just for the current situation but also be able to foresee the future in order to develop ideas and strategies to deal with any future issues. By building up the same synergy with your clients, and understanding their mindsets and body language, it will make them feel that you are on the same page as them.

“Always do more than what your clients are expecting” is my mantra of my business (and my words to my staff) and I believe that’s how you can create a bullet proof business and become the ultimate trusted advisor.

Follow me on my business transformation journey, the No More Practice – Transformation series airs on SkyNews Business Sunday 8:30pm and 4ME (Channel 74) Tuesday 7:30pm.