What Is a Trusted Advisor?

 

A trusted advisor is a company or individual that acts as a strategic partner to their clients, working collaboratively and harnessing their experience and knowledge to provide bespoke advice and guidance. Advisors can be considered ‘trusted’ where they have long-term industry-specific skills and knowledge, strong and long-standing professional relationships, and a track record of furthering the interests of the companies or individuals they advise.

Trusted advisors can help their clients to thrive by providing insight from an agnostic and external perspective, identifying both obstacles and solutions to guide them towards future success and growth.

The Role of a Trusted Advisor

Trusted advisors don’t just carry out their clients’ instructions; they also advise on the best way to implement these instructions, as well as the potential ethical issues and pitfalls that could arise, informed by their professional judgement and practical experience. They also support and encourage their clients when it comes to making difficult decisions.

Given that a client may not have any relevant first-hand experience to help them decide on a course of action, a trusted advisor can be crucial in raising possible unintended consequences of which the client may not be aware.

When Do You Need a Trusted Advisor?

Experts in this sector – such as attorney-at-law Edgar Paltzer, who provides coaching in legal matters – know that there are several scenarios in which people and organisations may wish to consider engaging a trusted advisor. These scenarios include difficult negotiations, unexpected obstacles and a crisis events. Trusted advisors can also be vital in helping to prepare for the future, providing support, guidance and insights regarding emerging risks such as new technologies and increasing regulatory scrutiny.

A Changing Landscape

There has been a significant shift in the concept of what constitutes a trusted advisor within the legal sector in recent years. Today, it’s not unusual for a trusted advisor relationship to exist between a client and a law professional who isn’t a lawyer, as well as between lawyers and clients in areas not traditionally advised upon by lawyers. With this trend becoming increasingly prevalent, leaders in the sector need to ensure that only people with the right skills are empowered to serve as trusted advisors, allowing them to act in their clients’ best interests.

Take a look at the embedded PDF for more information about trusted advisors.

What Are the Benefits of Being a Trusted Advisor Within an Organisation