Through commitment, introspection, and experience a person is able to learn the skills and abilities to become a “trusted advisor”. This starts with self-awareness and becomes a central part of the advisor’s state of mind and approach to life.
A good illustration for what it takes be an advisor is a three legged stool. It is well known that a three-legged stool is very stable and resistant to tipping. The same is true for a technically competent advisor who relies upon:
- Empathy (enhanced by self-awareness);
- Listening skills – listens without judgement; and
- Critical Thinking – Analytical and creative problem-solving skills.
First, it starts with the empathy, where the advisor puts themselves in the shoes of their client. This can be done through direct, long-term contact or collaborating with another person that has that insight. A true advisor can utilize both.
Second, the advisor then listens to the client explain their situation. This can be difficult for many people. It requires the advisor to not “skip ahead” when certain facts/beliefs are shared. Each step in this process is intentional in that it is intended to discover facts, not solve problems.
Third, once the situation has been fully discussed, the advisor either in conjunction with the client or other team members, looks at each fact to determine how they impact the issue at hand. In many cases, what is revealed is that either the client already “knows the answer” or is dealing with symptoms and not the cause. It is the duty of the advisor to capture this information and discuss it with the client in a way that the client can understand. This discussion is rightfully placed in the empathy circle since many times it starts a refined process building upon what has been learned.
Characteristics to Look for When Searching for a Good Advisor
Culture Fit
Most important, if your advisor does not understand the personality, passion, and purpose of you or your company, their guidance is more likely to miss the mark. It is vital that your advisor embodies the right “fit” for your business. They should align well with the key leaders and team members. Without this, the advisor will never be able to have the empathy necessary to be a good fit.
Expert Knowledge
Expert knowledge is a key element to advisor success. It is important when an advisor is sent into an organization to manage a department or complete a project, that the advisor knows the subject matter intimately.The advisor should be up to date on all the best industry practices and have all the knowledge necessary to complete assigned tasks. To ensure such expertise, advisors should be constantly reading about the latest developments in their field and attending any available training.
But knowledge is only one part of the puzzle.Everyone knows a brilliant person who knows virtually everything about a subject but who struggles to lead a work group, or to explain a project to bosses and constituents. Clearly the person has the knowledge but lacks the capacity to communicate that knowledge and is consequently rendered ineffective.
Strong Communication Skills
This includes the ability to both listen and speak effectively. These skills help your advisor gather the right information and communicate their ideas and advice clearly. Often their ability to listen can help you effectively convey to those around you what is swirling around in your head. A key skill is being able to frame a question or response in a way that the intended audience will understand. In some cases, it is helpful to have others “primed” to reframe the question or response to help ensure that the client understands the information. This requires a high degree of self-confidence and vulnerability, but is invaluable.
Plays Well in the Sand Box
A successful advisor is not a “Lone Ranger.”While advisors are expected to use their knowledge, skills and abilities to largely be self-sufficient when on an assignment, no one is expected to know everything about all subjects.Therefore, it is important for advisors toknow their limitationsand to seek guidance when appropriate.When asked for advice that is outside the advisor’s base of knowledge or experience, a savvy advisor knows not to “wing it” or make an educated guess.Instead, they look to others with greater experience or knowledge for advice.
The ability to get along and work well with othersis a part of this aspect.Advisors will meet and may work side by side with several people during the process.These people will come from diverse backgrounds, have differing skill sets, motivations, work habits, work ethic, etc.Advisors must be able to recognize these differences and find ways to work successfully with all individuals to get the job done
Open to Collaboration
When working in a team environment, different perspectives will drive diverse ideas. Throughout the process, new information becomes known that will significantly change and challenge what has been learned to date. If the advisor truly embraces the “play well in the sand box” mentality this should never be an issue. In fact, many times the best idea is not new, it is just turned “5 degrees” so that it is viewed in a fresh perspective. It is the advisor’s role to look at everyone’s idea and assist in coming up with the best solution, no matter what the source.
Compassion
Sometimes the topics on which advisors give advice are emotional in nature, like with family businesses or long-held business visions for example. Having compassion helps your advisor provide guidance in a manner that will be appreciated and well-received. This is not to be confused with friendship. This can be a slippery slope where the advisor cannot be impartial when giving tough advice.
Coaching Ability
The best advisors do not just tell you the answer. Often the best way to help is to ask powerful questions that can help a leader think differently and question their own assumptions. One of the primary goals in this case is to increase the connection between the advisor and advisee. This is also where the advisor imparts the skills necessary to have the advisee start the process on their own.
Action-Oriented Personality
Great advice and coaching does not help if there is no follow through. A good advisor can also translate your ideas into action – someone who actually greases the wheels and participates in the solution, where appropriate. They will also implement a plan with actionable goals and timeframes to hold all parties accountable.
A special thank you to our Family Wealth & Strategic Planning Director, Rich Noreen, for developing and writing the vital information for this blog content.
Finding a good advisor can be difficult and time consuming, but it is worth the extra effort. An advisor that understands your wants, needs, goals and pain points, is key to achieving your or your company’s full potential.
To see how EHTC can support you in fulfilling your Advisory needs, contact us today!
