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The Trusted Advisor
The 20th anniversary edition of the “brilliant and practical” (Tom Peters, author of The Professional Service 50) business classic—now updated to reflect the digital world—provides essential tools and wisdom for all consultants, negotiators, and advisors.
In today’s fast-paced networked economy, professionals must work harder than ever to maintain and improve their business skills and knowledge. But technical mastery of one’s discipline is not enough, assert professional advisors David H. Maister, Charles H. Green, and Robert M. Galford. The key to professional success, they argue, is the ability to earn the trust and confidence of clients.
In this 20th anniversary edition, Maister, Green, and Galford enrich our understanding of today’s society and illustrate how to be effective communicators in a digital world. Using their model of “the trust equation” they dissect the rational and emotional components of trustworthiness. With precision and clarity, they detail five distinct steps you must take to create a trust-based relationship. Each step—engage, listen, frame, envision, and commit—is richly described in distinct chapters.
This immensely accessible book offers “an invaluable road map to all those who seek to develop truly special relationships with their clients” (Carl Stern, CEO, Boston Consulting Group). The authors weave together anecdotes, experience, and examples of both their own and others’ successes and mistakes to great effect. The Trusted Advisor is essential reading for anyone who must advise, negotiate, or manage complex relationships with others.
In today’s fast-paced networked economy, professionals must work harder than ever to maintain and improve their business skills and knowledge. But technical mastery of one’s discipline is not enough, assert professional advisors David H. Maister, Charles H. Green, and Robert M. Galford. The key to professional success, they argue, is the ability to earn the trust and confidence of clients.
In this 20th anniversary edition, Maister, Green, and Galford enrich our understanding of today’s society and illustrate how to be effective communicators in a digital world. Using their model of “the trust equation” they dissect the rational and emotional components of trustworthiness. With precision and clarity, they detail five distinct steps you must take to create a trust-based relationship. Each step—engage, listen, frame, envision, and commit—is richly described in distinct chapters.
This immensely accessible book offers “an invaluable road map to all those who seek to develop truly special relationships with their clients” (Carl Stern, CEO, Boston Consulting Group). The authors weave together anecdotes, experience, and examples of both their own and others’ successes and mistakes to great effect. The Trusted Advisor is essential reading for anyone who must advise, negotiate, or manage complex relationships with others.
336 pages, Paperback
Published February 2, 2021
1473 people are currently reading
8333 people want to read
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September 10, 2021
This should be required reading for consultants and advisors. It explains that getting hired and rehired is about earning trust, and walks through many ways to build trust. There are plenty of real-world examples from the authors, three experienced consultants.
It’s logically organized, and I like how often lists are used.
My favorite points
• Act as if you're advising your parents, not your children.
• Manipulate the client’s emotions without being manipulative.
• Socializing isn’t necessary, but being sociable is.
• Be the first one to take a personal risk (let your guard down). Don’t wait for the client.
• Ask "how do you feel about that?"
• Don't jump into solving the problem. Spend more time defining it and talking about the end state with the client.
• Respect the client’s deadline even if it's artificial or arbitrary.
• Don't blame anybody for anything anytime.
Below are my notes.
Perspectives on Trust
Traits of trusted advisors
• Help client think things through (it's client's decision)
• Don't substitute their judgment for client's
• Give client reasoning (to help them think), not just their conclusions
• Give client options, increase their understanding of those options, give them the recommendation, and let them choose
Success in client relationships is tied to the accumulation of quality experiences. Seek out (rather than avoid) client-contact experiences, and take personal risks with clients.
Clients want advisors who
• Understand their interests and will put the client’s interests first
• Can be trusted to do the right thing
• Will care
How to give advice
• Act as if you're advising your parents, not your children. You're more likely to find the right words to convey your point with respect, and to soften any critique.
• A primary task is to defuse defensiveness. Prove you're trying to help, not criticize.
• Focus less on the advice/conclusion, and more on creating a conversation to help them see that issue from a new perspective.
• Clients don't always want advice; they often just want a sympathetic ear.
You're more likely to be trusted if you say, "I'm not completely sure how to deal with this; can I talk it over with you?" Then if you say, "leave it to me; I'll solve everything!"
The client is primarily interested in having the problem understood, in all its emotional and political complexity, as a precondition to having the problem diagnosed and solved.
Manipulate the client’s emotions without being manipulative. Use trust-building techniques.
Stop serving clients who can see that you're not fully engaged. The damage to your reputation will outlast any income penalty. Reputation before revenue!
Occasional socializing can be enjoyable, but earning trust is not about sporting events and dinners. Socializing isn’t necessary, but being sociable is. It's the window into the client's needs, hopes, fears.
The Structure of Trust Building
Trust Equation: T = (C + R + I)/S, where T = trustworthiness, C = credibility, R = reliability, I = intimacy, S = self-orientation
Be expert at a variety of small touches that build familiarity. For example, stay current on client events and names. The more you can understand and relate to the unconscious norms of the client, the more reliable they’ll feel you are.
You can have a close relationship with the client without having anything to do with their life outside of work. It's about emotional closeness concerning the issues at hand.
Be the first one to take a personal risk (let your guard down), to share something of what you see, feel, or think. Don’t wait for the client.
Take most of the responsibility for failed communications.
Talk to your client as if he is a friend. We're concerned about our friends and their well-being, and it shows in our conversational style.
Five stages of building trust
1. Engage: use language of interest and concern. "I’ve been thinking about your competitors, and …" "Your people have been telling me about …"
2. Listen: use language of understanding and empathy. "Tell me more about …" "What’s behind that?" "That must feel …"
3. Frame: use language of perspective and candor. "I see three key themes emerging here …" "You know, what’s tough to do here is …"
4. Vision: use language of possibility. "Wouldn't it be great if …"
5. Commit: use language of joint exploration. "What would it take, for each of us, to …"
Talk about competitive, career, and personal issues. These conversations contrast with more content- or expertise-related conversations.
Don't make early interactions purely transactional. If you focus strictly on the content, you'll be paid more as a technician in as an advisor. Talk to them as if they are a new friend, not an old friend.
What good listeners do
• Ask "how do you feel about that?"
• Ask how they think you might be of help
• Ask what they've thought of before telling them what you've thought of
After stating enough responsibility-taking caveats, say the thing that must be said, even if it seems risky.
Instead of asking "why don't we …?" ask "how would things be if …" Focus on descriptive sentences. Ask questions about things like benefits, end states, outcomes.
After the problem is defined, the client will ask "what can we do about this?" Say, "hold on, we'll get there, but let's talk about where we want to go and what we're trying to achieve."
Effective counseling (reimbursed or not) can be the most effective means of generating future revenues. Would you rather be someone's counselor, or write proposals?
Putting Trust to Work
Instead of pitching, get to work immediately. Act as if the project has already started. Show the prospect what it feels like to be in a relationship. The best selling technique is to not sell, but to commence the service process. Clients don't want to buy air unless they can breathe it first. They prefer to buy based on a sample.
Professionals sell confidence, security, and ease.
Factors that increase clients' perceived value of service
• Understanding
• Sense of control
• Sense of progress
• Access and availability
• Responsiveness
• Reliability
• Appreciation
• Sense of importance
• Respect
Clients often forget the promises we keep but remember the promises we didn't fulfill.
Respect the client’s deadline even if it's artificial or arbitrary. If it's unreasonable, it's better to ask for an extension, or even argue about it, then miss it.
Don't blame anybody for anything anytime.
It’s logically organized, and I like how often lists are used.
My favorite points
• Act as if you're advising your parents, not your children.
• Manipulate the client’s emotions without being manipulative.
• Socializing isn’t necessary, but being sociable is.
• Be the first one to take a personal risk (let your guard down). Don’t wait for the client.
• Ask "how do you feel about that?"
• Don't jump into solving the problem. Spend more time defining it and talking about the end state with the client.
• Respect the client’s deadline even if it's artificial or arbitrary.
• Don't blame anybody for anything anytime.
Below are my notes.
Perspectives on Trust
Traits of trusted advisors
• Help client think things through (it's client's decision)
• Don't substitute their judgment for client's
• Give client reasoning (to help them think), not just their conclusions
• Give client options, increase their understanding of those options, give them the recommendation, and let them choose
Success in client relationships is tied to the accumulation of quality experiences. Seek out (rather than avoid) client-contact experiences, and take personal risks with clients.
Clients want advisors who
• Understand their interests and will put the client’s interests first
• Can be trusted to do the right thing
• Will care
How to give advice
• Act as if you're advising your parents, not your children. You're more likely to find the right words to convey your point with respect, and to soften any critique.
• A primary task is to defuse defensiveness. Prove you're trying to help, not criticize.
• Focus less on the advice/conclusion, and more on creating a conversation to help them see that issue from a new perspective.
• Clients don't always want advice; they often just want a sympathetic ear.
You're more likely to be trusted if you say, "I'm not completely sure how to deal with this; can I talk it over with you?" Then if you say, "leave it to me; I'll solve everything!"
The client is primarily interested in having the problem understood, in all its emotional and political complexity, as a precondition to having the problem diagnosed and solved.
Manipulate the client’s emotions without being manipulative. Use trust-building techniques.
Stop serving clients who can see that you're not fully engaged. The damage to your reputation will outlast any income penalty. Reputation before revenue!
Occasional socializing can be enjoyable, but earning trust is not about sporting events and dinners. Socializing isn’t necessary, but being sociable is. It's the window into the client's needs, hopes, fears.
The Structure of Trust Building
Trust Equation: T = (C + R + I)/S, where T = trustworthiness, C = credibility, R = reliability, I = intimacy, S = self-orientation
Be expert at a variety of small touches that build familiarity. For example, stay current on client events and names. The more you can understand and relate to the unconscious norms of the client, the more reliable they’ll feel you are.
You can have a close relationship with the client without having anything to do with their life outside of work. It's about emotional closeness concerning the issues at hand.
Be the first one to take a personal risk (let your guard down), to share something of what you see, feel, or think. Don’t wait for the client.
Take most of the responsibility for failed communications.
Talk to your client as if he is a friend. We're concerned about our friends and their well-being, and it shows in our conversational style.
Five stages of building trust
1. Engage: use language of interest and concern. "I’ve been thinking about your competitors, and …" "Your people have been telling me about …"
2. Listen: use language of understanding and empathy. "Tell me more about …" "What’s behind that?" "That must feel …"
3. Frame: use language of perspective and candor. "I see three key themes emerging here …" "You know, what’s tough to do here is …"
4. Vision: use language of possibility. "Wouldn't it be great if …"
5. Commit: use language of joint exploration. "What would it take, for each of us, to …"
Talk about competitive, career, and personal issues. These conversations contrast with more content- or expertise-related conversations.
Don't make early interactions purely transactional. If you focus strictly on the content, you'll be paid more as a technician in as an advisor. Talk to them as if they are a new friend, not an old friend.
What good listeners do
• Ask "how do you feel about that?"
• Ask how they think you might be of help
• Ask what they've thought of before telling them what you've thought of
After stating enough responsibility-taking caveats, say the thing that must be said, even if it seems risky.
Instead of asking "why don't we …?" ask "how would things be if …" Focus on descriptive sentences. Ask questions about things like benefits, end states, outcomes.
After the problem is defined, the client will ask "what can we do about this?" Say, "hold on, we'll get there, but let's talk about where we want to go and what we're trying to achieve."
Effective counseling (reimbursed or not) can be the most effective means of generating future revenues. Would you rather be someone's counselor, or write proposals?
Putting Trust to Work
Instead of pitching, get to work immediately. Act as if the project has already started. Show the prospect what it feels like to be in a relationship. The best selling technique is to not sell, but to commence the service process. Clients don't want to buy air unless they can breathe it first. They prefer to buy based on a sample.
Professionals sell confidence, security, and ease.
Factors that increase clients' perceived value of service
• Understanding
• Sense of control
• Sense of progress
• Access and availability
• Responsiveness
• Reliability
• Appreciation
• Sense of importance
• Respect
Clients often forget the promises we keep but remember the promises we didn't fulfill.
Respect the client’s deadline even if it's artificial or arbitrary. If it's unreasonable, it's better to ask for an extension, or even argue about it, then miss it.
Don't blame anybody for anything anytime.
November 17, 2019
I should stick these two lists to my bathroom mirror, my phone, and the inside of my eyelids.
"What do good listeners do that makes them good listeners? They:
1. Probe for clarification
2. Listen for unvoiced emotions
3. Listen for the story
4. Summarize well
5. Empathize
6. Listen for what’s different, not for what’s familiar
7. Take it all seriously (they don’t say, “You shouldn’t worry about that”)
8. Spot hidden assumptions
9. Let the client “get it out of his or her system”
10. Ask “How do you feel about that?”
11. Keep the client talking (“What else have you considered?”)
12. Keep asking for more detail that helps them understand
13. Get rid of distractions while listening
14. Focus on hearing your version first
15. Let you tell your story your way
16. Stand in your shoes, at least while they’re listening
17. Ask you how you think they might be of help
18. Ask what you’ve thought of before telling you what they’ve thought of
19. Look at (not stare at) the client as he or she speaks
20. Look for congruity (or incongruity) between what the client says and how he or she gestures and postures
21. Make it seem as if the client is the only thing that matters and that they have all the time in the world
22. Encourage by nodding head or giving a slight smile
23. Are aware of and control their body movement (no moving around, shaking legs, fiddling with a paper clip)"
"Here’s what great listeners don’t do. They don’t:
1. Interrupt
2. Respond too soon
3. Match the client’s points (“Oh, yes, I had something like that happen to me. It all started …”)
4. Editorialize in midstream (“Well, that option’s a nonstarter”)
5. Jump to conclusions (much less judgments)
6. Ask closed-end questions for no reason
7. Give you their ideas before hearing yours
8. Judge you
9. Try to solve the problem too quickly
10. Take calls or interruptions in the course of a client meeting (it seems so obvious but watch how often it happens!)"
"What do good listeners do that makes them good listeners? They:
1. Probe for clarification
2. Listen for unvoiced emotions
3. Listen for the story
4. Summarize well
5. Empathize
6. Listen for what’s different, not for what’s familiar
7. Take it all seriously (they don’t say, “You shouldn’t worry about that”)
8. Spot hidden assumptions
9. Let the client “get it out of his or her system”
10. Ask “How do you feel about that?”
11. Keep the client talking (“What else have you considered?”)
12. Keep asking for more detail that helps them understand
13. Get rid of distractions while listening
14. Focus on hearing your version first
15. Let you tell your story your way
16. Stand in your shoes, at least while they’re listening
17. Ask you how you think they might be of help
18. Ask what you’ve thought of before telling you what they’ve thought of
19. Look at (not stare at) the client as he or she speaks
20. Look for congruity (or incongruity) between what the client says and how he or she gestures and postures
21. Make it seem as if the client is the only thing that matters and that they have all the time in the world
22. Encourage by nodding head or giving a slight smile
23. Are aware of and control their body movement (no moving around, shaking legs, fiddling with a paper clip)"
"Here’s what great listeners don’t do. They don’t:
1. Interrupt
2. Respond too soon
3. Match the client’s points (“Oh, yes, I had something like that happen to me. It all started …”)
4. Editorialize in midstream (“Well, that option’s a nonstarter”)
5. Jump to conclusions (much less judgments)
6. Ask closed-end questions for no reason
7. Give you their ideas before hearing yours
8. Judge you
9. Try to solve the problem too quickly
10. Take calls or interruptions in the course of a client meeting (it seems so obvious but watch how often it happens!)"
May 28, 2024
The trusted advisor acts variously as a mirror, a sounding board, a confessor, a mentor, and even, at times, the jester or fool.
As David Maister writes, success comes to those who have chosen NOT to make success their primary goal. If any sentence could sum up my 25-year experiment in finance/insurance, that's it.
I read this maisterwork (^tm) well into the third and final act of the experiment, better known as a 'career' in some circles. I go with the same term for lack of a better one, although career sounds unnecessarily pejorative to my ears when I know that most people indeed naturally take personal pride in their vocations and avocations, even if they feel their days are spent making marginal at best improvements, if not likely facilitating negative impact overall on human society and the planet.
Reading Maister's humanistic and Zen-like approach to building trust-based relationships not to exploit and make money but out of sincere interest and care for the individual client's best interests, several things clicked for me.
By the time of initial reading--I have reread most of the book a few times since--I had recognized the irrationality of hoping to personally affect substantive positive change in the big things through for-profit corpo work. And I had sufficient evidence well before then that the insurance industry is after all full of kind, sensitive, earnest, real people; many of whom either believe they are doing well by doing good, or are not entirely self-deluded and drink heavily to get through the week. There are also of course a few real pencil neck sociopathic dickheads. The earnestly teetotal like me (until mid 40s) are relatively few, and we are left to brood soberly on our careers and wonder why we haven't done much of any good despite best intentions.
The following lines are from my mormonism-seeped childhood:
Young earnest me took this catchy ditty seriously--I always listen carefully to lyrics, seeking to discern deeper artist intention--and that earnestness and the sentiment of the song still resonates. While I also tried earnestly to believe the fantastically absurd claims in which mormonism demands unwavering faith, I finally stopped the entire charade and my association with that particular cult of hypocrisy a few years ago. I let go of any need for a higher power or purpose and graduated to my own brand of humanistic atheism that recognizes that doing good and being kind are themselves the only worthwhile rewards of life.
In my career I was a 'leader' of teams, departments, and finally entire small companies within larger wholes. A true middle managing junior exec, labelled variously Managing or Executive Director and the like--all simply signifying that my role had evolved from doing the work and producing value to capturing a maximum of that value for the shareholders and gently screwing the real thinkers and workers out of their fair share.
I've loved my work for two unordered and unrelated reasons: the interest of regularly dealing with and solving complex, difficult problems, and mentoring younger people in their careers and lives as a slightly older, more rough around the edges friend who tells the truth as kindly and persuasively as possible while helping mentees build worthwhile vocations and satisfying adult lives. My favorite outcomes have always been when my mentees leave business for something more in-line with their interests and personalities.
My own experiment started after I took the first goddamned job offer after a certain government agency showed me how fucked up and inefficient it was by running over budget despite making a firm offer to me contingent only upon completion of grad school. After three years of applications, background checks--they sent people all over the world to interview people who once knew me, I learned over the course of the decade following--and even a lie detector test, I was ready to pour myself into public service for a lifetime of mediocre economic rewards and deep personal satisfaction and interest. Alas. I could have reapplied, but disillusionment is a powerful motivator to move on.
So, the corporate route after all. I soon learned how things are done behind the grossly out-sized legal protections of incorporation, not only in NYC, but also in London, Tokyo, Beijing, Hong Kong, Bangkok, Jakarta, Hanoi, KL, Singapore, Manila, Taipei, Sydney - I lived and worked in each of these finance hubs for over two decades while traveling throughout the northern hemisphere, dragging my family with. We enjoyed much of it, while wondering where home may be once we jump or fall out of the Rat Race. At present, it's quiet and leafy SW London.
A few of Maister's admonitions and observations:
- the advisor places a higher value on maintaining and preserving the relationship itself than on the outcomes of specific/current transactions.
- the advisor has enough curiosity to inquire without supposing an answer.
- continued focus on problem definition and resolution is greater than any technical mastery.
- the advisor is motivated more by a drive to do the right thing than by rewards.
- the advisor will answer the prospective client's questions directly and truthfully even if it means losing a chance at winning profitable business.
- it's not enough to be right. I must be helpful too. Must earn the right to be constructively critical.
- focus less on the advice, more on a conversation that helps clients see the issue from a new, helpful, perspective.
- turn assertions into questions.
- illustrate, don't tell; demonstrate, don't assert.
- listen for what's different, not what's familiar.
- be sure your advice is being sought before you offer it.
- earn the right to give advice by showing that you understand the situation.
- keep asking questions. Clarify any ambiguity.
- say what you mean and what you think. Be clear and unequivocal, with tact when necessary.
The Trust Equation:
T = Credibility (words) + Reliability (actions) + Intimacy (emotions) / Self-orientation (motives)
As David Maister writes, success comes to those who have chosen NOT to make success their primary goal. If any sentence could sum up my 25-year experiment in finance/insurance, that's it.
I read this maisterwork (^tm) well into the third and final act of the experiment, better known as a 'career' in some circles. I go with the same term for lack of a better one, although career sounds unnecessarily pejorative to my ears when I know that most people indeed naturally take personal pride in their vocations and avocations, even if they feel their days are spent making marginal at best improvements, if not likely facilitating negative impact overall on human society and the planet.
Reading Maister's humanistic and Zen-like approach to building trust-based relationships not to exploit and make money but out of sincere interest and care for the individual client's best interests, several things clicked for me.
By the time of initial reading--I have reread most of the book a few times since--I had recognized the irrationality of hoping to personally affect substantive positive change in the big things through for-profit corpo work. And I had sufficient evidence well before then that the insurance industry is after all full of kind, sensitive, earnest, real people; many of whom either believe they are doing well by doing good, or are not entirely self-deluded and drink heavily to get through the week. There are also of course a few real pencil neck sociopathic dickheads. The earnestly teetotal like me (until mid 40s) are relatively few, and we are left to brood soberly on our careers and wonder why we haven't done much of any good despite best intentions.
The following lines are from my mormonism-seeped childhood:
Have I done any good in the world today?
Have I helped anyone in need?
Have I cheered up the sad, and made someone feel glad?
If not, I have failed indeed.
Has anyone’s burden been lighter today, because I was willing to share?
Have the sick and the weary been helped on their way?
When they needed my help was I there?
If not, then:
Wake up! And do something more, than dream of my mansion (or whatever) above (or wherever).
Doing good is a pleasure, a joy beyond measure, a blessing of duty and love.
Young earnest me took this catchy ditty seriously--I always listen carefully to lyrics, seeking to discern deeper artist intention--and that earnestness and the sentiment of the song still resonates. While I also tried earnestly to believe the fantastically absurd claims in which mormonism demands unwavering faith, I finally stopped the entire charade and my association with that particular cult of hypocrisy a few years ago. I let go of any need for a higher power or purpose and graduated to my own brand of humanistic atheism that recognizes that doing good and being kind are themselves the only worthwhile rewards of life.
In my career I was a 'leader' of teams, departments, and finally entire small companies within larger wholes. A true middle managing junior exec, labelled variously Managing or Executive Director and the like--all simply signifying that my role had evolved from doing the work and producing value to capturing a maximum of that value for the shareholders and gently screwing the real thinkers and workers out of their fair share.
I've loved my work for two unordered and unrelated reasons: the interest of regularly dealing with and solving complex, difficult problems, and mentoring younger people in their careers and lives as a slightly older, more rough around the edges friend who tells the truth as kindly and persuasively as possible while helping mentees build worthwhile vocations and satisfying adult lives. My favorite outcomes have always been when my mentees leave business for something more in-line with their interests and personalities.
My own experiment started after I took the first goddamned job offer after a certain government agency showed me how fucked up and inefficient it was by running over budget despite making a firm offer to me contingent only upon completion of grad school. After three years of applications, background checks--they sent people all over the world to interview people who once knew me, I learned over the course of the decade following--and even a lie detector test, I was ready to pour myself into public service for a lifetime of mediocre economic rewards and deep personal satisfaction and interest. Alas. I could have reapplied, but disillusionment is a powerful motivator to move on.
So, the corporate route after all. I soon learned how things are done behind the grossly out-sized legal protections of incorporation, not only in NYC, but also in London, Tokyo, Beijing, Hong Kong, Bangkok, Jakarta, Hanoi, KL, Singapore, Manila, Taipei, Sydney - I lived and worked in each of these finance hubs for over two decades while traveling throughout the northern hemisphere, dragging my family with. We enjoyed much of it, while wondering where home may be once we jump or fall out of the Rat Race. At present, it's quiet and leafy SW London.
A few of Maister's admonitions and observations:
- the advisor places a higher value on maintaining and preserving the relationship itself than on the outcomes of specific/current transactions.
- the advisor has enough curiosity to inquire without supposing an answer.
- continued focus on problem definition and resolution is greater than any technical mastery.
- the advisor is motivated more by a drive to do the right thing than by rewards.
- the advisor will answer the prospective client's questions directly and truthfully even if it means losing a chance at winning profitable business.
- it's not enough to be right. I must be helpful too. Must earn the right to be constructively critical.
- focus less on the advice, more on a conversation that helps clients see the issue from a new, helpful, perspective.
- turn assertions into questions.
- illustrate, don't tell; demonstrate, don't assert.
- listen for what's different, not what's familiar.
- be sure your advice is being sought before you offer it.
- earn the right to give advice by showing that you understand the situation.
- keep asking questions. Clarify any ambiguity.
- say what you mean and what you think. Be clear and unequivocal, with tact when necessary.
The Trust Equation:
T = Credibility (words) + Reliability (actions) + Intimacy (emotions) / Self-orientation (motives)
August 23, 2010
I've been a devotee of "guru to the gurus" David Maister for more than a decade. And when he wrote about the finer points of advice-giving, it became required reading for my staff. Today -- years after its first publication -- this remains a "go to" book for anyone in the advice-giving business.
Remember when management consulting firms were actually hiring people? In those distant days, the New York Times reported a trend of recruiting new consultants not from leading business schools - but from the worlds of law, medicine and other professional degree (esp. PhD) programs. It was not uncommon for those new hires to be relatively unschooled in management consulting's traditional core disciplines of marketing, finance, operations and strategy - leaving "education gaps" that the new employers sought to remedy through on-the-job-training. (For some, this immersion into the world of business took the form of an intensive, multi-week "mini-MBA" program in conjunction with a local business school.) The results? To the surprise of many, longitudinal studies showed these "nontraditional" consulting recruits to be performing as well as (if not better than) many of their MBA counterparts. Among other things, this provocative research raised questions about which core skills are at the heart of successful management consulting today.
Former Harvard Business School Professor David Maister built a reputation as "the guru to the gurus" - and he conducted (now retired) a global practice in the management of professional service firms. Maister's previous books -- True Professionalism and Managing The Professional Service Firm among them - are generally regarded as classics by those in the service firm business. And The Trusted Advisor (co-authored with Charles Green and Robert Galford) enjoyed a similar reception when it was released some years ago.
"The Trusted Advisor" remains directly relevant to questions about the most important skills for consultant success today. The authors (who jointly possess more than a little knowledge about the current state of service firm management around the world) make this assertion:
"... it's probably fair to say that leading professional services firms have made (or are attempting to make) the adjustment to an approach that recognizes just how little content mastery matters if the client does not trust us. We would venture to say that truly great professional service firms haven't just made the adjustment to that approach; they are built upon it."
At its core, "The Trusted Advisor" is about the authors' assertion that "good advisors" are about more than "good advice." Not that the authors denigrate (in any way) the importance of mastering one's core subject matter. On the contrary, they see these core competencies as the absolutely critical foundation upon which a professional career is built - whether this knowledge is acquired before or after one takes a consulting position. But however necessary the "technical" skills are, Maister and his colleagues argue that these "hard" skills alone are not sufficient to ensure a consultant's success. "
There are additional skills involved, ones that no one ever teaches you, that are critical to your success," state the authors. But if these "lost" skills truly are critical to professional success, how is it that graduate schools and professional (business, law, accounting) firms are often failing to cultivate these capabilities? For one thing, these client-relations capabilities are relatively difficult to teach and test in a traditional academic setting - even in those institutions with an enlightened business curriculum. And in many professional service firm settings the culture often celebrates rainmakers who generate business from new clients - rather rewarding those who ably serve existing clients and earn additional projects from them. But "The Trusted Advisor" is less concerned with assigning blame than it is in remedying the situation. The authors offer a prescription to develop and nurture the "soft" skills of earning client trust and learning how to give good advice. Theirs is a formula that is both theoretically sound and eminently practical.
The book begins by "raising the reader's temperature" - that is, generating pathos by listing the many benefits that accrue (to an advisor) when a client trusts them. (Any serious consultant cannot look at this list without saying, "Yes, I really want these benefits; what must I do to achieve them?")
Having gained a reader's interest, the authors proceed to explore the nature of trust, the behavior of habits that can build interpersonal relationships, the finer points of advice giving - and a mathematical trust-evaluation equation that will persuade even the most rational counselor to consider addressing his/her style, as well as the content of that advice.
Truth be told, much of what's proposed in "The Trusted Advisor" also has been suggested in any of several other books about the consulting experience. (Peter Block's "Flawless Consulting," for example is probably the best-read guide to the non-technical - or "process" - consulting skills.) Anyone who has billed more than a few hours as a consultant (in any field) will recognize the common-sense appeal that underlies many of the bromides from "The Trusted Advisor." But what the book may lack in overall originality it makes up for in terms of the accessibility of its analysis and the immediate practicality of its prescriptions. Maister, Green and Galford also add value by demystifying the emotional dimensions inherent in consulting and by wrapping together the panoply of related issues under the umbrella of a central unifying concept: "trust."
It's ideas like this that plant the seeds of culture change in an organization. And by demonstrating (through their intimate, self-revealing writing) what they prescribe for others, the authors take risks and encourage us to do the same. Most notably, they risk talking about the "soft" side of consulting - that which involves emotions, uncertainty and the often-mysterious subtext that accompanies "the real work" in any given assignment. This book is powerful - since its logic is unassailable and its methods can so handily be implemented both by individuals, departments or entire firms. (This is not to underestimate the difficulty of organizational culture change, but to say that the concepts themselves are both accessible and scalable.)
Anyone interested in stretching their conception of what it means to achieve excellence in providing professional services will find a good start in "The Trusted Advisor." Next, they could invest time in the other Maister books mentioned above. Each of these texts provides what we all hope to hear from our trusted advisors: insightful, well-considered counsel that changes how we look at important issues in our professional - and personal - lives.
" A trusted advisor is above all someone who is capable of totally and completely devoting himself, his caring, and his attention to the client. The biggest obstacle to doing that is the tendency to devote our caring and attention to ourselves. And the root reason for that is self-centered fear; fear of losing what we have or not getting what we want..."
Remember when management consulting firms were actually hiring people? In those distant days, the New York Times reported a trend of recruiting new consultants not from leading business schools - but from the worlds of law, medicine and other professional degree (esp. PhD) programs. It was not uncommon for those new hires to be relatively unschooled in management consulting's traditional core disciplines of marketing, finance, operations and strategy - leaving "education gaps" that the new employers sought to remedy through on-the-job-training. (For some, this immersion into the world of business took the form of an intensive, multi-week "mini-MBA" program in conjunction with a local business school.) The results? To the surprise of many, longitudinal studies showed these "nontraditional" consulting recruits to be performing as well as (if not better than) many of their MBA counterparts. Among other things, this provocative research raised questions about which core skills are at the heart of successful management consulting today.
Former Harvard Business School Professor David Maister built a reputation as "the guru to the gurus" - and he conducted (now retired) a global practice in the management of professional service firms. Maister's previous books -- True Professionalism and Managing The Professional Service Firm among them - are generally regarded as classics by those in the service firm business. And The Trusted Advisor (co-authored with Charles Green and Robert Galford) enjoyed a similar reception when it was released some years ago.
"The Trusted Advisor" remains directly relevant to questions about the most important skills for consultant success today. The authors (who jointly possess more than a little knowledge about the current state of service firm management around the world) make this assertion:
"... it's probably fair to say that leading professional services firms have made (or are attempting to make) the adjustment to an approach that recognizes just how little content mastery matters if the client does not trust us. We would venture to say that truly great professional service firms haven't just made the adjustment to that approach; they are built upon it."
At its core, "The Trusted Advisor" is about the authors' assertion that "good advisors" are about more than "good advice." Not that the authors denigrate (in any way) the importance of mastering one's core subject matter. On the contrary, they see these core competencies as the absolutely critical foundation upon which a professional career is built - whether this knowledge is acquired before or after one takes a consulting position. But however necessary the "technical" skills are, Maister and his colleagues argue that these "hard" skills alone are not sufficient to ensure a consultant's success. "
There are additional skills involved, ones that no one ever teaches you, that are critical to your success," state the authors. But if these "lost" skills truly are critical to professional success, how is it that graduate schools and professional (business, law, accounting) firms are often failing to cultivate these capabilities? For one thing, these client-relations capabilities are relatively difficult to teach and test in a traditional academic setting - even in those institutions with an enlightened business curriculum. And in many professional service firm settings the culture often celebrates rainmakers who generate business from new clients - rather rewarding those who ably serve existing clients and earn additional projects from them. But "The Trusted Advisor" is less concerned with assigning blame than it is in remedying the situation. The authors offer a prescription to develop and nurture the "soft" skills of earning client trust and learning how to give good advice. Theirs is a formula that is both theoretically sound and eminently practical.
The book begins by "raising the reader's temperature" - that is, generating pathos by listing the many benefits that accrue (to an advisor) when a client trusts them. (Any serious consultant cannot look at this list without saying, "Yes, I really want these benefits; what must I do to achieve them?")
Having gained a reader's interest, the authors proceed to explore the nature of trust, the behavior of habits that can build interpersonal relationships, the finer points of advice giving - and a mathematical trust-evaluation equation that will persuade even the most rational counselor to consider addressing his/her style, as well as the content of that advice.
Truth be told, much of what's proposed in "The Trusted Advisor" also has been suggested in any of several other books about the consulting experience. (Peter Block's "Flawless Consulting," for example is probably the best-read guide to the non-technical - or "process" - consulting skills.) Anyone who has billed more than a few hours as a consultant (in any field) will recognize the common-sense appeal that underlies many of the bromides from "The Trusted Advisor." But what the book may lack in overall originality it makes up for in terms of the accessibility of its analysis and the immediate practicality of its prescriptions. Maister, Green and Galford also add value by demystifying the emotional dimensions inherent in consulting and by wrapping together the panoply of related issues under the umbrella of a central unifying concept: "trust."
It's ideas like this that plant the seeds of culture change in an organization. And by demonstrating (through their intimate, self-revealing writing) what they prescribe for others, the authors take risks and encourage us to do the same. Most notably, they risk talking about the "soft" side of consulting - that which involves emotions, uncertainty and the often-mysterious subtext that accompanies "the real work" in any given assignment. This book is powerful - since its logic is unassailable and its methods can so handily be implemented both by individuals, departments or entire firms. (This is not to underestimate the difficulty of organizational culture change, but to say that the concepts themselves are both accessible and scalable.)
Anyone interested in stretching their conception of what it means to achieve excellence in providing professional services will find a good start in "The Trusted Advisor." Next, they could invest time in the other Maister books mentioned above. Each of these texts provides what we all hope to hear from our trusted advisors: insightful, well-considered counsel that changes how we look at important issues in our professional - and personal - lives.
" A trusted advisor is above all someone who is capable of totally and completely devoting himself, his caring, and his attention to the client. The biggest obstacle to doing that is the tendency to devote our caring and attention to ourselves. And the root reason for that is self-centered fear; fear of losing what we have or not getting what we want..."
April 3, 2021
Fine book with fair points, though not very eye-opening and could probably be written more succinctly. Cannot really recommend to people who have a basic sense of how to be sociable.
Read
March 28, 2022Read this with my team at EY. The beginning of the book felt like it needed a more gendered approach as the advice felt very male oriented (example phrases were “softened” and felt like they were pulled directly out of a book describing how women should avoid speaking in order to project the confidence/knowledge we/they have). Later half of the book was very insightful for me - learned a lot more about the inter workings of the day to day of upper level management consultants. The focus on building trust in client relationships explained so many experiences I have had as an analyst on the team and not understanding why leadership could not just talk straight with the client to fix an inefficient process.
Went into the book not overly excited and maybe a little jaded, but it actually did end up being OK and there were some good take aways.
One thing that really sticks with me is that the person who takes the responsibility/blame for everything is also a self-focused individual who is not caring for others effectively. My experience growing up in the church was that I was often taught this was a virtue (selfless), but this book helps me see it from another angle. “Just as wanting all the credit and none of the blame is self-focused, so is accepting all the responsibility. Neither is client-focused, because neither is grounded in objective reality.”
Went into the book not overly excited and maybe a little jaded, but it actually did end up being OK and there were some good take aways.
One thing that really sticks with me is that the person who takes the responsibility/blame for everything is also a self-focused individual who is not caring for others effectively. My experience growing up in the church was that I was often taught this was a virtue (selfless), but this book helps me see it from another angle. “Just as wanting all the credit and none of the blame is self-focused, so is accepting all the responsibility. Neither is client-focused, because neither is grounded in objective reality.”
January 21, 2023
Autor ma wyraźne zdanie na temat tego, które elementy doradztwa są przeceniane, a które niedoceniane. Im dłużej doradzam firmom, tym bardziej moje zdanie na ten temat jest inne od autora - 4-5 lat temu moje poglądy były bliższego jego poglądom.
Książka raczej o podstawach - jeśli ich nie masz, musisz nadrobić. To nie tyle odkrywcze rzeczy - co takie, które łatwo odpuścić podczas codziennej bieżączki. Albo gdy jest się klepaczem zadań, który nie widzi kontekstu sytuacji.
Czasami gdy człowiek szuka wskazówek o tym jak więcej sprzedawać dostaje wskazówkę "po prostu sprzedawca musi być dobrym słuchaczem". Fragmentami ta książka, to właśnie taka wskazówka - tyle, że o konsultingu.
Książka raczej o podstawach - jeśli ich nie masz, musisz nadrobić. To nie tyle odkrywcze rzeczy - co takie, które łatwo odpuścić podczas codziennej bieżączki. Albo gdy jest się klepaczem zadań, który nie widzi kontekstu sytuacji.
Czasami gdy człowiek szuka wskazówek o tym jak więcej sprzedawać dostaje wskazówkę "po prostu sprzedawca musi być dobrym słuchaczem". Fragmentami ta książka, to właśnie taka wskazówka - tyle, że o konsultingu.
November 19, 2019
OK-ish. I sense this is a starting point for everyone who had no actual client communication experience or knows more oldschool and pushy/sales approach. Nice ideas but very general, with too little to get for someone with more experience and edgecases to handle.
September 13, 2020
Must read for every professional especially, if you're starting up and not working in firms with set practices of engagement with clients. Took my practice of law to a whole new level. Glad to have stumbled upon this Book!
August 22, 2024
How-to-deal-with-petty-consultants-and/or-clients-101 🛠️🛠️🛠️ Solid 3.5
January 21, 2025
Really great intro to consulting. There’s lots of detail and big picture ideas, my favorite of which is active listening strategies. Great book to help putting your client first
July 4, 2023
This was another recommendation from a friend about consulting. It is well-written (although one tends to start skimming after the fourth chapter) and poses some good questions. I think it is one I will have to reread almost every year for how to build trust with both friends, colleagues, and customers because that is the core here. It asks lots and lots of questions and therefore one needs time to digest, reflect, and evolve as one is reading it to get the full benefits. A pretty essential book for consulting.
September 26, 2025
Very very good book! It’s already quite old and I am sure it laid the foundation for many other books! It’s not only about client relationship it’s also about just being a good human. Highly recommended.
June 25, 2020
This book is alright from the content side. It's got few pieces of tactical, actionable advice but does offer good insight on the qualities of a trusted advisor, tips to relationship building, trust-building, and on how to be a good listener.
I give the book such a low rating because it was very clearly written by a straight white man, assuming an audience of straight white men. Most of the quotes as well as the made-up examples are of male leaders/businesspeople. When speaking in hypotheticals, leaders, CEOs, bosses, etc are almost always referred to as 'he'. Women are seldom referenced as professionals; more often in this book they are referred to when speaking about marriage and relationships. One of the few times a woman is used as an example is in a chapter about framing, and the context is the wife asking her dear beloved husband (his words not mine) asking for help with their dinner party, and how because she listed it all out and put together all the steps and put together a time estimate and didn't ask for help but instead said "I just don't see how I can get all of this done before the party", this was the right framing and prevented her from coming across as naggy or annoying.
A lot of the content also focuses on being likable. For me, this harkens back to the Old Boys Club. You want to be a trusted advisor? Just be likable! Again, it felt like this book was really centered around the straight white male experience in business, written from the perspective of a straight white man to his assumed audience of other straight white men, presuming that the business world is full of straight white men.
This book was written in the early 2000s. If you are someone who is not a straight white man, you may want to skip this one and find a more modern book written by someone who has a broader perspective of who makes up the business world. A lot of the useful list content is listed in this PDF as well, to save you the full read. https://davidmaister.com/wp-content/t...
I give the book such a low rating because it was very clearly written by a straight white man, assuming an audience of straight white men. Most of the quotes as well as the made-up examples are of male leaders/businesspeople. When speaking in hypotheticals, leaders, CEOs, bosses, etc are almost always referred to as 'he'. Women are seldom referenced as professionals; more often in this book they are referred to when speaking about marriage and relationships. One of the few times a woman is used as an example is in a chapter about framing, and the context is the wife asking her dear beloved husband (his words not mine) asking for help with their dinner party, and how because she listed it all out and put together all the steps and put together a time estimate and didn't ask for help but instead said "I just don't see how I can get all of this done before the party", this was the right framing and prevented her from coming across as naggy or annoying.
A lot of the content also focuses on being likable. For me, this harkens back to the Old Boys Club. You want to be a trusted advisor? Just be likable! Again, it felt like this book was really centered around the straight white male experience in business, written from the perspective of a straight white man to his assumed audience of other straight white men, presuming that the business world is full of straight white men.
This book was written in the early 2000s. If you are someone who is not a straight white man, you may want to skip this one and find a more modern book written by someone who has a broader perspective of who makes up the business world. A lot of the useful list content is listed in this PDF as well, to save you the full read. https://davidmaister.com/wp-content/t...
Read
June 15, 2016The Trusted Advisor by David H. Maister outlines the attributes necessary in order to be a successful and trustworthy advisor to the clients. In the novel, Maiser constructs orderly lists of characteristics that are required in maintaining a strong reputation and relationship. Throughout these lists, Maister discusses tactics such as gaining trust, giving advice, building relationships, ensuring a good experience, and more. The author outlined ways in which advisors are able to accomplish these aspects. Maiser writes of ways to develop trust such as engaging, listening, conversing, etc. The author's tone is one of experience and sentimentalism. Maister speaks as if he has spent a big portion of his life working with clients and as if he cares strongly about them. Maister establishes trends that he has noticed from working with clients, therefore he pays strong attention to his clients. Personally, I enjoyed this book because of the way in which the author cares about his clients. My mother is a real estate agent, and she recommended this book to me. She told me that many of these tactics are applicable to maintaining her relationships with her clients. I enjoy the psychology in this book in the fact that developing trust early on will allow a healthy relationship to be maintained because of the wa the clients perceive their advisors.
July 10, 2016
As a management consultant, this book had some great takeaways for me. It is vital to be seen as a partner and an advisor, rather than only as a subject matter expert, in a client situation. That's the easiest and most sustainable way to build a lasting relationship with a client.
While following the advice in this book may not lead to your client putting your phone on speed dial, it'll get you close... :)
While following the advice in this book may not lead to your client putting your phone on speed dial, it'll get you close... :)
February 1, 2018
This was required reading for my grad school course in Consulting.
It’s packed with practical, yet insightful advice on building solid, trusting relationships with clients of any temperament. I was skeptical of some of the advice because as a black woman I am aware that I can not employ the same tactics as white men in most professional situations and get the same outcome, but I still enjoyed reading it. I plan to proceed with caution when applying these lessons to my own career.
It’s packed with practical, yet insightful advice on building solid, trusting relationships with clients of any temperament. I was skeptical of some of the advice because as a black woman I am aware that I can not employ the same tactics as white men in most professional situations and get the same outcome, but I still enjoyed reading it. I plan to proceed with caution when applying these lessons to my own career.
October 17, 2016
Very helpful. The book helps me understand the reasons behind why clients behave the way they behave. By understanding all the rationals behind their actions, it helps me better on how to approach certains aspects and different characteristics.
I would recommend any who work as consultants / advisors to various clients read this. It's pretty enlightening.
I would recommend any who work as consultants / advisors to various clients read this. It's pretty enlightening.
January 30, 2017
Language felt a bit dated and patriarchal for my tastes, but there are some valuable perspectives on building trust, in particular around personal risk taking, building empathy, and cultivating awareness around damage that can happen when you are too self-oriented. Lots of basics but presented in easy to reference lists for future application
March 31, 2018
It's simply an okay book. Way to driven for layman's eyes although it possesses a simple yet effective message : listen. I feel the author made it imperative to sort of invent these common sensical rules and scenarios by overanalysing situations. The premise of the book however remains true, but the way in which it is presented reads more like a comic than a serious piece of literature.
May 25, 2010
I can't believe I purchased an infomercial. I hate it when I do this. I am going to talk to you about ALL the perks that come with being a trusted advisor...without telling you how to become a trusted advisor...but feel free to visit our website.
January 16, 2023
Very male-focused and not a ton of useful information if you've worked in any form of consulting at least once in your life. And the useful information took a lot of work to get to because you had to sift through so much other fluff that was around it.
January 31, 2017
Save your time and just read Carnegie instead; same old truths written all over again.
May 27, 2019
I was mandated to read this for work. It's okay. Basically, don't be a self centered douche that wants to make a sale at all costs and people will be more inclined to work with you.
April 30, 2020
Another business book that could have been a pamphlet. Good points, but an article would have sufficed.
August 17, 2021
A bit dated but useful to read
April 3, 2021
Give advice like the client is your parent, maybe also like they're psychologist. Ask questions about how they think/feel about a solution you're proposing. Problems client has, how they feel about those problems. Politics broadly within the client but also around this project and the areas of enhancement it focusses on.
Being trusted by their clients separates successful advisors and consultants from the corporate consigliores. But how does a qualified advisor become trusted?
Takeaways:
Trusted advisors have strong professional and personal relationships with clients.
To become trusted, advisors must be credible and reliable, show their emotions and have the right motivation.
To create trust, follow five steps on each issue: "engagement, listening, framing the problem, sketching an alternative solution and formulating an acceptable plan."
Advisors should not assume that they can solve every problem.
Not all professional advice givers will become trusted advisors.
To give advisory counsel, use the Socratic teaching method: ask many questions.
Clients want advisors to understand the technical and emotional aspects of problems or questions.
When companies make complex, expensive purchases, the buying process becomes emotional as well as rational.
Professionals only like their clients 20% to 30% of the time.
Basketball star Michael Jordan’s agent, David Falk, sold his agency for $100 million and continues to collect 4% of Jordan’s earnings. He is a trusted advisor.
Summary:
Trust and Confidence
Times have changed. At one time, being a professional automatically carried a certain prestige and clients could assume that almost any professional was solid. However, things have changed. The notion of embedded trust has been damaged. These days, professionals often find that they need more client access, more ways to cross-sell and more opportunities to show the quality of their work (beyond price considerations). Many clients treat professionals as untrustworthy, because they question the advisors’ motives or do not see them as experts.
A trusted advisor is above all someone who is capable of totally and completely devoting himself, his caring and his attention to the client.
To break out of these boundaries, you must become a "trusted advisor." This requires developing an ever-deepening relationship with each client. As such a relationship evolves, the client will involve you in a broader range of business issues. Along the way, you can progress from being a subject-matter expert, to being an associate with expert knowledge and additional valuable specialties. Moving from one level to the next is an evolutionary process, but once you become a trusted advisor, your client will openly discuss both personal and professional issues with you.
Since clients are often anxious and uncertain, they are, above all, looking for someone who will provide reassurance, calm their fears and inspire confidence.
At this level, you will often be the first person your clients call when they face a challenge or a crisis. Once you demonstrate that you can meet a client’s needs by covering a "breadth of issues" within the context of a "depth of personal relationship," the client will seek and respect your advice.
In the deepest and most complete trusted advisor relationships, there are few boundaries within the relationship.
For an example of a "trust-based relationship," turn to sports agent David Falk and basketball star Michael Jordan. In 1977, Falk helped negotiate Jordan’s $2.5 million endorsement deal with Nike. As Jordan’s career progressed, Falk negotiated more endorsements. Eventually, Falk sold his agency for $100 million, but he still collects 4% of Jordan’s earnings. Falk earned Jordan’s trust and friendship by knowing what his client wanted, including Jordan’s opinions about his fees. A few times, Falk waived his fee without any discussion with Jordan because Falk knew Jordan might object to the cost. He continues to work with Jordan today.
Trust must be earned and deserved.
Trusted advisors form this kind of strong professional and personal bond with their clients. They focus on their clients’ needs and believe that doing the right thing has long-term benefits. Trusted advisors place the client relationship first and foremost, even if a current project fails. This often means that the professional makes a substantial commitment to the client even when there is no immediate prospect of a profit. Successful trusted advisors are client-focused and consider each client’s individual merits. They continually explore new ways to help, define problems and work on solutions.
Trust Me
Most professional advisors consider themselves trustworthy, even if others do not share that opinion, but realistically, not all professionals will become trusted advisors. Earning another person’s trust is a crucial, but complex, challenge, particularly if the prospective client is a stranger.
Many people assume they are better at winning trust than they really are.
To be trusted, you must give clients evidence as to why they should trust you. This is a quid pro quo. A prospective legal client in search of probate information met with several attorneys who told him about their firms. He was not impressed because those lawyers never asked what he wanted.
Then, he spoke to a lawyer who asked him what he knew about probate. When the client said he knew very little, the attorney mailed him free information about which agencies to contact and what action to take. The lawyer enclosed his contact information. This small interchange built a degree of trust and the lawyer earned a new client.
Great trusted advisors can be relied on to tell the client the bad news, along with the good.
Trust has several clear characteristics: it grows over time, it is both rational and based on emotions, it depends on a mutual understanding between both parties, it involves taking some personal risk and it also calls for a long-term commitment. People trust other people, not institutions.
Dispensing Advice
Providing advice requires a certain level of technical competency but it also requires knowledge of emotions. Professional advisors must start by being helpful. Then, you can weave in bad news about any mistake the client might have made if you must. Coming right out and presenting a client with a list of errors is counterproductive. An advisor has to consider how clients will receive bad news in light of their company’s politics, their individual interpretations of advice and their prevailing emotions.
While outstanding technical competence...is a nonnegotiable, essential ingredient for success, it is not sufficient.
This process calls for nonconfrontational language. Do not present a black-or-white decision. Instead of saying, "This is the problem and here is the solution," use "soft" language. Perhaps you can ask, "What problems are we facing?" When you propose solutions, couch your suggestions as examples of steps others have taken to address such problems. The best approach parallels the Socratic teaching method: asking many questions. This takes time and sometimes gets frustrating, but it is a key tool when providing advice. Each client and situation is unique, so you need varied approaches. Acknowledge each client’s individuality and personal communication style. To guide clients to make the right choices, follow this sequence:
Provide clients with a list of possible options.
Educate them about the options and their ramifications.
Make a recommendation.
Provide a framework so the clients can make their own informed decisions.
Separate but Equal
Building a business relationship involves some of the same elements you would use to build a personal relationship. You would be sympathetic, understanding, available, reinforcing and respectful. Learn what each client likes and dislikes; treat each one as special. For example, a professional firm that was pitching Wells Fargo bank for new business delivered its presentation in a leather saddlebag, evoking Wells Fargo’s American pioneer history. Show potential clients that your talents could benefit them and that you understand their needs. Show that you can listen to their problems, discern the unique elements and provide help.
The essence of advice giving is the ability to design a process and means of interacting that fits each unique client situation.
In most cases, trusted advisors earn the right to provide advice. They understand the clients’ business and know what a decision involves. This may include decoding what clients say. For instance, if a client says, "I’m not sure that will work," that could mean the client thinks the idea will fail, or it is too political, or it needs modification, or it is hopeless and you should move on to another subject. When you get to know a client, you often will be able to tell when your advice is being sought and when it is not. Both matter. Do not assume you can solve everything.
It is an interesting comment on the human condition that we often resent those who have done us a favor, and to whom we owe an obligation.
Advisors should state their ideas clearly. If getting information from staff creates a bottleneck, say so. If you get bogged down, admit it and ask for help. Advisors who try to appear omnipotent often end up looking foolish. The key is to ask for help, as opposed to demanding that help be provided. The difference is subtle, but powerful.
Stay Focused
Trusted advisors concentrate on their clients. This is harder than providing technical expertise. Too often, while a client is speaking, the advisor is too busy worrying about what to say next in order to look interested or intelligent. This is common because the advisor is afraid of looking dumb or failing to understand the problem. This reaction often can complicate the issue, since clients want their advisors to understand problems technically and emotionally. Use "emphatic listening" to learn what clients know and don’t know. If you work with other professionals who also counsel your clients, expand on your mutual synergies rather than emphasizing any differences. "Exclusive professionalism" can hinder collaboration. To help your clients, you must work well with their other advisors.
Do You Like Me?
Advisors who like their clients generally have stronger relationships. However, one study found that professionals only like their clients up to 20% to 30% of the time. The rest of the time, they purely conduct business, without an emotional attachment. Sometimes the advisor likes the client, but the client doesn’t like the advisor, and so does not become a friend. This is the common demarcation line between business involvement and personal knowledge, the distinction between caring about the client and just serving as a service provider or vendor.
Learning to focus on the other (person) isn’t an instantaneous decision: it’s a lifelong learning experience!
For advisors to become trusted, they must be credible, reliable, properly motivated and, sometimes, emotional. Credibility encompasses technical expertise, presentation abilities and individual experience. Credible advisors are accurate and thorough; they can anticipate needs and offer insights about future possible scenarios. To convey credibility, admit any lack of knowledge, introduce clients to one another so they can share experiences, display your credentials, show some emotion when you make a presentation and never exaggerate your claims. Reliability means linking your promises with your performance over time. To earn the trust of the clients you advise, follow a five-step process:
"Engaging" - Give your clients and prospects individual attention. Offer customization. Make personal, timely, topical connections with clients about their business challenges. Find out all you can about new prospects. Seek opportunities to discuss activities of mutual interest. Discuss more than factual content, because that can pigeonhole you as a technician, not an advisor.
"Listening" - Sometimes an advisor’s most important job is to listen, sympathize, integrate and get involved. Listening is an activity, not a passive process. When arranging a meeting, set an agenda. That can help you prioritize various decisions, prompt a conclusion and foster action. When clients share the agenda, they become involved in the meeting and gain a vested interest in its outcome.
"Framing" - Once advisors can clearly state their clients’ problems, they are more than half-way toward reaching a solution. Framing a problem is challenging, but when you do it correctly, it is very rewarding. You can frame problems in a rational or emotional context. Rational framing breaks a problem down into its component parts. It works best when it reveals a new perspective. Emotional framing uncovers any personal feelings that may be linked to a decision. This can often be uncomfortable since it involves saying things that have been left unsaid, often deliberately.
"Alternate reality" - Articulating a possible new reality opens a client’s imagination to new ways of doing things; it can spark creativity or challenge the status quo. Envisioning, which is crucial to problem solving, sets the stage for future actions.
"Commitment" - Once you frame a problem, shape a vision and determine a general course of action, explain the implementation details to your client. Covering all the pitfalls and barriers is an essential part of getting the client to agree to future action. This links the plan to the nuts-and-bolts of execution. Manage the client’s expectations about what will happen. Restrain excess anticipation by clearly stating what you plan to do and what the client should do. Give details to avoid misunderstanding.
Implementing the Plan
Why do many highly qualified professional advisors fail to become trusted? Many say it's risky or not within their professional training or their current practice. Others say it intrudes on private territory, or confuses counseling or coaching with providing professional advice. However, the more familiar you are with people, the more likely they are to trust you.
As Dale Carnegie said: ’The only way to influence someone is to find out what they want, and show them how to get it’.
The most common mistake advisors make is to head into action before gaining the client’s full trust. Advisors often focus on themselves, believe they are just technicians or offer solutions too soon. Avoid just selling solutions, even if you sense that your clients - like many - rank their advisors according to their mastery or expertise. Some clients want to pursue a broader agenda with advisors they trust. When executives make complex, expensive decisions, the process becomes emotional as well as rational. Advisors who fear doing the wrong thing can fall prey to not doing the right thing. This kind of error, usually born of arrogance or cowardice, is more serious than making an honest mistake.
Being trusted by their clients separates successful advisors and consultants from the corporate consigliores. But how does a qualified advisor become trusted?
Takeaways:
Trusted advisors have strong professional and personal relationships with clients.
To become trusted, advisors must be credible and reliable, show their emotions and have the right motivation.
To create trust, follow five steps on each issue: "engagement, listening, framing the problem, sketching an alternative solution and formulating an acceptable plan."
Advisors should not assume that they can solve every problem.
Not all professional advice givers will become trusted advisors.
To give advisory counsel, use the Socratic teaching method: ask many questions.
Clients want advisors to understand the technical and emotional aspects of problems or questions.
When companies make complex, expensive purchases, the buying process becomes emotional as well as rational.
Professionals only like their clients 20% to 30% of the time.
Basketball star Michael Jordan’s agent, David Falk, sold his agency for $100 million and continues to collect 4% of Jordan’s earnings. He is a trusted advisor.
Summary:
Trust and Confidence
Times have changed. At one time, being a professional automatically carried a certain prestige and clients could assume that almost any professional was solid. However, things have changed. The notion of embedded trust has been damaged. These days, professionals often find that they need more client access, more ways to cross-sell and more opportunities to show the quality of their work (beyond price considerations). Many clients treat professionals as untrustworthy, because they question the advisors’ motives or do not see them as experts.
A trusted advisor is above all someone who is capable of totally and completely devoting himself, his caring and his attention to the client.
To break out of these boundaries, you must become a "trusted advisor." This requires developing an ever-deepening relationship with each client. As such a relationship evolves, the client will involve you in a broader range of business issues. Along the way, you can progress from being a subject-matter expert, to being an associate with expert knowledge and additional valuable specialties. Moving from one level to the next is an evolutionary process, but once you become a trusted advisor, your client will openly discuss both personal and professional issues with you.
Since clients are often anxious and uncertain, they are, above all, looking for someone who will provide reassurance, calm their fears and inspire confidence.
At this level, you will often be the first person your clients call when they face a challenge or a crisis. Once you demonstrate that you can meet a client’s needs by covering a "breadth of issues" within the context of a "depth of personal relationship," the client will seek and respect your advice.
In the deepest and most complete trusted advisor relationships, there are few boundaries within the relationship.
For an example of a "trust-based relationship," turn to sports agent David Falk and basketball star Michael Jordan. In 1977, Falk helped negotiate Jordan’s $2.5 million endorsement deal with Nike. As Jordan’s career progressed, Falk negotiated more endorsements. Eventually, Falk sold his agency for $100 million, but he still collects 4% of Jordan’s earnings. Falk earned Jordan’s trust and friendship by knowing what his client wanted, including Jordan’s opinions about his fees. A few times, Falk waived his fee without any discussion with Jordan because Falk knew Jordan might object to the cost. He continues to work with Jordan today.
Trust must be earned and deserved.
Trusted advisors form this kind of strong professional and personal bond with their clients. They focus on their clients’ needs and believe that doing the right thing has long-term benefits. Trusted advisors place the client relationship first and foremost, even if a current project fails. This often means that the professional makes a substantial commitment to the client even when there is no immediate prospect of a profit. Successful trusted advisors are client-focused and consider each client’s individual merits. They continually explore new ways to help, define problems and work on solutions.
Trust Me
Most professional advisors consider themselves trustworthy, even if others do not share that opinion, but realistically, not all professionals will become trusted advisors. Earning another person’s trust is a crucial, but complex, challenge, particularly if the prospective client is a stranger.
Many people assume they are better at winning trust than they really are.
To be trusted, you must give clients evidence as to why they should trust you. This is a quid pro quo. A prospective legal client in search of probate information met with several attorneys who told him about their firms. He was not impressed because those lawyers never asked what he wanted.
Then, he spoke to a lawyer who asked him what he knew about probate. When the client said he knew very little, the attorney mailed him free information about which agencies to contact and what action to take. The lawyer enclosed his contact information. This small interchange built a degree of trust and the lawyer earned a new client.
Great trusted advisors can be relied on to tell the client the bad news, along with the good.
Trust has several clear characteristics: it grows over time, it is both rational and based on emotions, it depends on a mutual understanding between both parties, it involves taking some personal risk and it also calls for a long-term commitment. People trust other people, not institutions.
Dispensing Advice
Providing advice requires a certain level of technical competency but it also requires knowledge of emotions. Professional advisors must start by being helpful. Then, you can weave in bad news about any mistake the client might have made if you must. Coming right out and presenting a client with a list of errors is counterproductive. An advisor has to consider how clients will receive bad news in light of their company’s politics, their individual interpretations of advice and their prevailing emotions.
While outstanding technical competence...is a nonnegotiable, essential ingredient for success, it is not sufficient.
This process calls for nonconfrontational language. Do not present a black-or-white decision. Instead of saying, "This is the problem and here is the solution," use "soft" language. Perhaps you can ask, "What problems are we facing?" When you propose solutions, couch your suggestions as examples of steps others have taken to address such problems. The best approach parallels the Socratic teaching method: asking many questions. This takes time and sometimes gets frustrating, but it is a key tool when providing advice. Each client and situation is unique, so you need varied approaches. Acknowledge each client’s individuality and personal communication style. To guide clients to make the right choices, follow this sequence:
Provide clients with a list of possible options.
Educate them about the options and their ramifications.
Make a recommendation.
Provide a framework so the clients can make their own informed decisions.
Separate but Equal
Building a business relationship involves some of the same elements you would use to build a personal relationship. You would be sympathetic, understanding, available, reinforcing and respectful. Learn what each client likes and dislikes; treat each one as special. For example, a professional firm that was pitching Wells Fargo bank for new business delivered its presentation in a leather saddlebag, evoking Wells Fargo’s American pioneer history. Show potential clients that your talents could benefit them and that you understand their needs. Show that you can listen to their problems, discern the unique elements and provide help.
The essence of advice giving is the ability to design a process and means of interacting that fits each unique client situation.
In most cases, trusted advisors earn the right to provide advice. They understand the clients’ business and know what a decision involves. This may include decoding what clients say. For instance, if a client says, "I’m not sure that will work," that could mean the client thinks the idea will fail, or it is too political, or it needs modification, or it is hopeless and you should move on to another subject. When you get to know a client, you often will be able to tell when your advice is being sought and when it is not. Both matter. Do not assume you can solve everything.
It is an interesting comment on the human condition that we often resent those who have done us a favor, and to whom we owe an obligation.
Advisors should state their ideas clearly. If getting information from staff creates a bottleneck, say so. If you get bogged down, admit it and ask for help. Advisors who try to appear omnipotent often end up looking foolish. The key is to ask for help, as opposed to demanding that help be provided. The difference is subtle, but powerful.
Stay Focused
Trusted advisors concentrate on their clients. This is harder than providing technical expertise. Too often, while a client is speaking, the advisor is too busy worrying about what to say next in order to look interested or intelligent. This is common because the advisor is afraid of looking dumb or failing to understand the problem. This reaction often can complicate the issue, since clients want their advisors to understand problems technically and emotionally. Use "emphatic listening" to learn what clients know and don’t know. If you work with other professionals who also counsel your clients, expand on your mutual synergies rather than emphasizing any differences. "Exclusive professionalism" can hinder collaboration. To help your clients, you must work well with their other advisors.
Do You Like Me?
Advisors who like their clients generally have stronger relationships. However, one study found that professionals only like their clients up to 20% to 30% of the time. The rest of the time, they purely conduct business, without an emotional attachment. Sometimes the advisor likes the client, but the client doesn’t like the advisor, and so does not become a friend. This is the common demarcation line between business involvement and personal knowledge, the distinction between caring about the client and just serving as a service provider or vendor.
Learning to focus on the other (person) isn’t an instantaneous decision: it’s a lifelong learning experience!
For advisors to become trusted, they must be credible, reliable, properly motivated and, sometimes, emotional. Credibility encompasses technical expertise, presentation abilities and individual experience. Credible advisors are accurate and thorough; they can anticipate needs and offer insights about future possible scenarios. To convey credibility, admit any lack of knowledge, introduce clients to one another so they can share experiences, display your credentials, show some emotion when you make a presentation and never exaggerate your claims. Reliability means linking your promises with your performance over time. To earn the trust of the clients you advise, follow a five-step process:
"Engaging" - Give your clients and prospects individual attention. Offer customization. Make personal, timely, topical connections with clients about their business challenges. Find out all you can about new prospects. Seek opportunities to discuss activities of mutual interest. Discuss more than factual content, because that can pigeonhole you as a technician, not an advisor.
"Listening" - Sometimes an advisor’s most important job is to listen, sympathize, integrate and get involved. Listening is an activity, not a passive process. When arranging a meeting, set an agenda. That can help you prioritize various decisions, prompt a conclusion and foster action. When clients share the agenda, they become involved in the meeting and gain a vested interest in its outcome.
"Framing" - Once advisors can clearly state their clients’ problems, they are more than half-way toward reaching a solution. Framing a problem is challenging, but when you do it correctly, it is very rewarding. You can frame problems in a rational or emotional context. Rational framing breaks a problem down into its component parts. It works best when it reveals a new perspective. Emotional framing uncovers any personal feelings that may be linked to a decision. This can often be uncomfortable since it involves saying things that have been left unsaid, often deliberately.
"Alternate reality" - Articulating a possible new reality opens a client’s imagination to new ways of doing things; it can spark creativity or challenge the status quo. Envisioning, which is crucial to problem solving, sets the stage for future actions.
"Commitment" - Once you frame a problem, shape a vision and determine a general course of action, explain the implementation details to your client. Covering all the pitfalls and barriers is an essential part of getting the client to agree to future action. This links the plan to the nuts-and-bolts of execution. Manage the client’s expectations about what will happen. Restrain excess anticipation by clearly stating what you plan to do and what the client should do. Give details to avoid misunderstanding.
Implementing the Plan
Why do many highly qualified professional advisors fail to become trusted? Many say it's risky or not within their professional training or their current practice. Others say it intrudes on private territory, or confuses counseling or coaching with providing professional advice. However, the more familiar you are with people, the more likely they are to trust you.
As Dale Carnegie said: ’The only way to influence someone is to find out what they want, and show them how to get it’.
The most common mistake advisors make is to head into action before gaining the client’s full trust. Advisors often focus on themselves, believe they are just technicians or offer solutions too soon. Avoid just selling solutions, even if you sense that your clients - like many - rank their advisors according to their mastery or expertise. Some clients want to pursue a broader agenda with advisors they trust. When executives make complex, expensive decisions, the process becomes emotional as well as rational. Advisors who fear doing the wrong thing can fall prey to not doing the right thing. This kind of error, usually born of arrogance or cowardice, is more serious than making an honest mistake.
This entire review has been hidden because of spoilers.
August 21, 2018
The scene is a hotel bar in Hong Kong. The cast is a group of relatively seasoned portfolio managers from various Scandinavian countries - amongst them myself. The PM:s don’t really know each other but after a nice dinner the general feeling is that the other ones are quite nice guys. In this setting I get the question “Out of all the Scandi sales you have met, which is the best one?” For those not familiar with the concept Scandi sales, it’s roughly an equity broker serving Scandinavian clients. Without hesitation I answered with a name of a person who had left his job as sales a few years ago and I instantly got the reaction “Exactly!” Many can vouch for the fact that the character of Finns, Swedes, Norwegians and Danes are quite different. How come we all thought of the same person? It boils down to trust.
In general PM:s don’t trust investment banks. They can trust certain persons at banks and they value the information provided but they know that, if you’re not a giant like Fidelity, BlackRock or Capital, an investment bank will choose the shortest way to the money - if they can get away with it. As you never know if you’ll be around in one year’s time the number one motivation for a sales is the bonus that is just two months away, not the long term relationship. Then there was this one sales that seemed genuinely interested in his individual clients, who listened to what they had to say on the important stuff like investment philosophy and processes – not just whether they thought (guessed) the market would go up or down the next few months - and who in his daily morning mail thought like a PM (albeit one with a short time horizon) not just as someone who was passing on research from his own firm. As a matter of fact this guy distributed material from other sources if he felt it more relevant for the clients and, famously amongst the clients, even took it on himself to (in writing!) discuss which ones of his firm’s IPOs might turn out to be good investments and which might be a really bad deal. If you know anything about the fee structures in investment banking you realize that this last client service is totally unheard of. A sales is supposed to toot the horn of all IPOs no matter what. And yes, he got into trouble with his employers more than once but was, at least for a while, protected by the fact that the clients loved what he did and by the business he brought in. He wasn’t selling. He was working together with the clients – even at the risk of his own bonus and job - to solve their problems and naturally by doing that got more business than his competitors.
The Trusted Advisor is the book that this guy didn’t have to read, but for most persons who are in the business of giving advice it could do wonders. Building trust is less about technical expertise as this is something that most competitors deliver – it’s more about things like listening more and talking less, about loving your area and actually liking the client, to help the client to reach a solution instead of showing off your own brilliance, to never lie in order to gain a quick buck and much, much more. The authors are management consultants and so is the target audience, but it’s obviously equally useful for investment bankers, research analysts or equity sales representatives. The authors have written a book on the interpersonal aspects of delivering an advisory service, on how to build trust. Buying a service is more of an emotional decision than an objective one. The authors present an obviously unscientific but still very useful “Trust Equation” where trustworthiness is the function of high scores regarding credibility (i.e. functional expertise), reliability and intimacy and a low score on self-orientation from the advisors point of view. The bulk of the book then presents a five step process for building trust with a client. There are techniques involved but they aren’t manipulative. To build trust you must be genuinely interested in the client and take a “we-not-me approach”.
If your profession is about giving advice read this book before too many of your competitors do.
In general PM:s don’t trust investment banks. They can trust certain persons at banks and they value the information provided but they know that, if you’re not a giant like Fidelity, BlackRock or Capital, an investment bank will choose the shortest way to the money - if they can get away with it. As you never know if you’ll be around in one year’s time the number one motivation for a sales is the bonus that is just two months away, not the long term relationship. Then there was this one sales that seemed genuinely interested in his individual clients, who listened to what they had to say on the important stuff like investment philosophy and processes – not just whether they thought (guessed) the market would go up or down the next few months - and who in his daily morning mail thought like a PM (albeit one with a short time horizon) not just as someone who was passing on research from his own firm. As a matter of fact this guy distributed material from other sources if he felt it more relevant for the clients and, famously amongst the clients, even took it on himself to (in writing!) discuss which ones of his firm’s IPOs might turn out to be good investments and which might be a really bad deal. If you know anything about the fee structures in investment banking you realize that this last client service is totally unheard of. A sales is supposed to toot the horn of all IPOs no matter what. And yes, he got into trouble with his employers more than once but was, at least for a while, protected by the fact that the clients loved what he did and by the business he brought in. He wasn’t selling. He was working together with the clients – even at the risk of his own bonus and job - to solve their problems and naturally by doing that got more business than his competitors.
The Trusted Advisor is the book that this guy didn’t have to read, but for most persons who are in the business of giving advice it could do wonders. Building trust is less about technical expertise as this is something that most competitors deliver – it’s more about things like listening more and talking less, about loving your area and actually liking the client, to help the client to reach a solution instead of showing off your own brilliance, to never lie in order to gain a quick buck and much, much more. The authors are management consultants and so is the target audience, but it’s obviously equally useful for investment bankers, research analysts or equity sales representatives. The authors have written a book on the interpersonal aspects of delivering an advisory service, on how to build trust. Buying a service is more of an emotional decision than an objective one. The authors present an obviously unscientific but still very useful “Trust Equation” where trustworthiness is the function of high scores regarding credibility (i.e. functional expertise), reliability and intimacy and a low score on self-orientation from the advisors point of view. The bulk of the book then presents a five step process for building trust with a client. There are techniques involved but they aren’t manipulative. To build trust you must be genuinely interested in the client and take a “we-not-me approach”.
If your profession is about giving advice read this book before too many of your competitors do.
October 27, 2017
Overview:
This book is good for those aspiring for a career in the services industry, particularly, consulting. This book primarily talks about the importance of creating a relationship with clients and how this helps drive repeat sales and cross-selling.
A little disclaimer before I highlight the pros and cons of this book: I read this book to do a book review for an elective in my B-School and owing to time constraints, I ended up speed-reading the book. My opinions stated below are based on that. Also, I will not go into the specifics/key pointers of the books to retain an environment of a spoiler-free review. If you like the broad gist of what the book has to offer, read the book.
Now, coming to the pros and cons.
Pros:
1) The authors have rich consulting experience and this adds credibility to the book. They have incorporated a lot of examples that highlight what they did right/wrong in their careers and how it helped them in their professional career.
2) The book provides an end-to-end framework for becoming a trusted advisor. That is basically a list of dos and donts and the various stages of developing trust (a basic 101 on steps to take to become a trusted advisor).
3) The authors have split the book into three sections and that helps make the content more streamlined and easy to access.
4) Since establishing relationships is essential for the services industry, this will give an industry perspective on the softer aspects of work that are very crucial and often end up being the differentiator.
Cons:
1) The book is dated. It was written more than 15 years back and a lot of things have changed since then (financial crisis, the advent of automation, etc). So, the major points highlighted in this book are to be taken as a foundation to work on and not as a complete package. It would have been better had there been more revisions to this book to keep up with modern times owing to the ever-changing industry landscape.
2) The contents in this book tend to get very repetitive. While it is important to establish that something as basic as following up on a client post the completion of a project goes a long way in building relationships (for instance), emphasising the point over and over tends to frustrate the reader. We get it.
3) The examples given in the book are too specific to one geography (the Americas). It would have been nice if we got a glimpse of how clients react in different geographies where different cultural factors play a role.
Final Verdict:
This book is good and is a must-read for those starting their careers in the services industry and although the points suggested in the book may seem basic, it is important to note how we actually forget them at the workplace and they matter. However, do not expect a sea change in your knowledge after reading this book as it just re-emphasizes these basic tenets. Finally, readers are advised to spend their time more prudently by speed-reading this book and focus on the time saved on more productive and value-adding book.
3/5
This book is good for those aspiring for a career in the services industry, particularly, consulting. This book primarily talks about the importance of creating a relationship with clients and how this helps drive repeat sales and cross-selling.
A little disclaimer before I highlight the pros and cons of this book: I read this book to do a book review for an elective in my B-School and owing to time constraints, I ended up speed-reading the book. My opinions stated below are based on that. Also, I will not go into the specifics/key pointers of the books to retain an environment of a spoiler-free review. If you like the broad gist of what the book has to offer, read the book.
Now, coming to the pros and cons.
Pros:
1) The authors have rich consulting experience and this adds credibility to the book. They have incorporated a lot of examples that highlight what they did right/wrong in their careers and how it helped them in their professional career.
2) The book provides an end-to-end framework for becoming a trusted advisor. That is basically a list of dos and donts and the various stages of developing trust (a basic 101 on steps to take to become a trusted advisor).
3) The authors have split the book into three sections and that helps make the content more streamlined and easy to access.
4) Since establishing relationships is essential for the services industry, this will give an industry perspective on the softer aspects of work that are very crucial and often end up being the differentiator.
Cons:
1) The book is dated. It was written more than 15 years back and a lot of things have changed since then (financial crisis, the advent of automation, etc). So, the major points highlighted in this book are to be taken as a foundation to work on and not as a complete package. It would have been better had there been more revisions to this book to keep up with modern times owing to the ever-changing industry landscape.
2) The contents in this book tend to get very repetitive. While it is important to establish that something as basic as following up on a client post the completion of a project goes a long way in building relationships (for instance), emphasising the point over and over tends to frustrate the reader. We get it.
3) The examples given in the book are too specific to one geography (the Americas). It would have been nice if we got a glimpse of how clients react in different geographies where different cultural factors play a role.
Final Verdict:
This book is good and is a must-read for those starting their careers in the services industry and although the points suggested in the book may seem basic, it is important to note how we actually forget them at the workplace and they matter. However, do not expect a sea change in your knowledge after reading this book as it just re-emphasizes these basic tenets. Finally, readers are advised to spend their time more prudently by speed-reading this book and focus on the time saved on more productive and value-adding book.
3/5
March 28, 2022
A must-read for those in the professional services or client-facing industries. Even those outside of those industries may find great value in this book.
Disclaimer: I have been out of the client-facing industry for a few years so my review may be biased. Yet, it doesn't mean I didn't find value in this book. I found the book serves as a useful reminder of some of the things I've learned in the past.
The Trusted Advisor is a book focused on an often-overlooked truth of business. One cannot ignore the emotional aspect of business relationships.
Most professionals, myself included, stay focused on upskilling. They often neglect the emotional side of business relationships. This book reminds us that the non-technical sides of a business matter too.
Sometimes the most effective advisors are the ones that are able to connect with others. One may be correct in their assessment, but if they cannot connect with their clients on an emotional level, then their advice will rarely be heeded.
Most of the advice here follows the same ideas as "How to Win Friends and Influence People," by Dale Carnegie. But reputation helps hammer in the conclusions.
David Maister writes in a clear and simple way. His use of lists and logical flow on the nature of trusts allows one to make effective use of this book. Trusted Advisor is written in a general enough way that lawyers, consultants, and others can find value in this book.
Sometimes I did find this book a bit dry with examples too simple. But that helped with the general aspect of this book. Anyone can pick up this book and find value from it.
This book is better suited for those starting off in the industry. I'd even go as far to say it's a must-read for those even interested in the industry. But it's also a useful reminder for those who are well experienced in the industry. The advice may be simple, but it cannot be ignored.
4/5.
Disclaimer: I have been out of the client-facing industry for a few years so my review may be biased. Yet, it doesn't mean I didn't find value in this book. I found the book serves as a useful reminder of some of the things I've learned in the past.
The Trusted Advisor is a book focused on an often-overlooked truth of business. One cannot ignore the emotional aspect of business relationships.
Most professionals, myself included, stay focused on upskilling. They often neglect the emotional side of business relationships. This book reminds us that the non-technical sides of a business matter too.
Sometimes the most effective advisors are the ones that are able to connect with others. One may be correct in their assessment, but if they cannot connect with their clients on an emotional level, then their advice will rarely be heeded.
Most of the advice here follows the same ideas as "How to Win Friends and Influence People," by Dale Carnegie. But reputation helps hammer in the conclusions.
David Maister writes in a clear and simple way. His use of lists and logical flow on the nature of trusts allows one to make effective use of this book. Trusted Advisor is written in a general enough way that lawyers, consultants, and others can find value in this book.
Sometimes I did find this book a bit dry with examples too simple. But that helped with the general aspect of this book. Anyone can pick up this book and find value from it.
This book is better suited for those starting off in the industry. I'd even go as far to say it's a must-read for those even interested in the industry. But it's also a useful reminder for those who are well experienced in the industry. The advice may be simple, but it cannot be ignored.
4/5.
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