5 essential qualities to seek in a trusted advisor

Posted -

Being a business owner means having to take action in the face of uncertainty. No matter how much education you’ve amassed, or how many years you’ve been in business, to maintain market share and increase profitability requires innovation. And innovation means risk.

It’s impossible to achieve new levels of growth and success while exclusively remaining inside the comfort of what you know. The fact is, as a business owner you won’t always know for sure that the choice you’re making is the right one. Though people don’t talk about it nearly enough, it’s an experience that can often be stressful and confusing.

As business owners, we’re so deeply connected with our companies that it can be difficult to see the forest for the trees. Seeking an unbiased third party perspective can be invaluable in this sense. Not only is a trusted advisor able to see your challenges with a fresh set of eyes, but their ability to act as a sounding board can drastically decrease the stress that sometimes characterizes the entrepreneurial journey.

If you’re looking to align with a trusted advisor, make sure to seek out these 5 essential qualities:

1) Relationship
Every business is unique. A trusted advisor should first take the time to get to know you specifically, rather than quick to provide a one-size-fits-all solution. They should be eager to ask you questions, and willing to listen patiently while you educate them on your history, past challenges, and goals for the future. Having gained an understanding of your priorities and family dynamics, they will be better equipped to provide meaningful and actionable advice.

An often overlooked facet of the client-trusted advisor relationship is the psychology element. Sometimes simply being able to talk through a challenge out loud is enough to solve the problem. Your trusted advisor should engage you in meaningful conversation, and provide you with actionable insight based on what they hear you saying.

2) Experience
Choose a trusted advisor that has experience in your industry. They will be able to deliver more effective feedback if he or she has personally experienced a similar journey, or previously guided clients through what you’re currently experiencing. For example, ultra-high net worth individuals should seek out professionals with experience optimizing similar estates, harnessing taxation knowledge and charitable giving strategies to craft long range plans and manage day-to-day operations.

In this respect, it’s best to choose a professional with subject matter expertise, and a vested interest in your line of business. Ideally, your trusted advisor should be reading up on the latest research and market trends, and passing that knowledge along to you.

3) Credibility
Your trusted advisor should practice what they preach. Far from providing you with empty platitudes, choose a professional who has achieved a great level of success in their own career first, before advising you.

Research your advisor, and don’t be afraid to ask questions about their current and past clientele. Your family has worked tirelessly to build your portfolio. It’s of the utmost importance that the next generation continues to benefit from your hard work. Choose an advisor that you can trust to craft a strategy that secures your financial future.

4) Reliability
Trust is the critical component that forms this unique relationship. In order to trust your trusted advisor, you need to be confident that they will do what they say, and that they will be available to you in your time of need.

Unlike a consultant, who is hired for a set term or contract, a trusted advisor will grow the relationship with you over several years. During that time, you’ll share many triumphs and defeats. Knowing that you will be able to reach out to them throughout these accumulated experiences will create a solid foundation of trust.

5) Innovation
It’s your trusted advisor’s job to listen to your concerns, and then provide you with insight. Rather than just supplying general information, they should give you a wealth of new options. The value they bring to the table lies in their ability to produce new thoughts, and to suggest paths of action that you haven’t yet considered.

They are a third-party perspective, and as such, it’s critical that they deliver fresh ideas, based on new and exciting opportunities. Look for a trusted advisor who favours creative pathways that lead into the future over stale, repetitive action.

The team at Zeifmans presents clients with a number of innovative options within the bounds of the current regulatory environment. From there, we work with you to choose the strategy that will best accomplish your end goals for your estate.

Zeifmans trusted advisors

Over the last 60 years, the team at Zeifmans has acted as trusted advisors to countless clients across the industry spectrum. Our clients turn to us because we place the relationship first. We carefully consider the unique details of each client’s situation, and produce innovative, creative, and aggressive new strategies that consistently lead to enhanced growth and success.

If you’re looking to connect with a trusted advisor, reach out to our team to get the conversation started today.