What is required from a trusted advisor in the business world of the year 2018? Often trust is build during years of acquaintance, but once in a while you come across people that are trustworthy in an early phase. The foundation of Birn+Partners is trust. We work with the fact, that the trust of our customers is an uncompromised necessity and we proudly continue having this as highest priority, when serving our customers. Read more about the roots of the Birn+Partners mentality here. Written by Knut Skare, Birn+Partners Norway.
What does it mean to be a Trusted Advisor to your clients?
Trust is the human perception of whether another person’s personality and skill is to rely on. Trust often results in a transfer of “qualitative power” to a person or a system. A “qualitative power” to act on behalf of an organization or leader, to the best of the body which has transferred this power.
Some argue that it is not possible to give a good definition of trust, as this depends on the situation and the relationship between the parties, but certain characteristic features or descriptions of the trust can be found through research:
You need to possess it to get it.
Is about trusting each other.
Always based on values.
Following the psychologists Kaufmann and Kaufmann’s research, there are five main elements in a relationship of trust:
Integrity – The most important thing
for an Advisor is to show integrity.
Competence – without knowledge,
trust will also disappear.
Consistency – means that the Advisor follows an established pattern of action.
Loyalty and openness – The Advisor must not hold back important information and must be loyal to those who have given him/her trust.
Confucius, the Chinese philosopher who lived between years 351 and 479 B.C, once said to a student:
“There are three things that are necessary to rule a state: weapons, food and trust. If a ruler is about to lose any of these, he should first give up the weapons and the food. He should guard the trust until the end, because no trust breaks everything.”
Psychologists Kaufmann and Kaufmann also have the following thesis about management, which a Trusted Advisor may also relate to:
“If we lack the trust to our leader, we will not let us influence by the manager’s change attempts ”. In other words, trust will be the foundation of a
leader’s ability to perform his duties in an efficient and comfortable manner.
The same thesis will also apply to an Advisor being evaluated for an assignment.
It is also correct and important to briefly indicate what features trust, purely organizational, as Prof. Carson has come up with in his research:
Reduced transaction costs
Reduced need for control
Easier information transfer
The above are synergy effects that can be created when trust between the client and the Trusted Advisor is established and exists.
Applying above Trust Principles to all your actions will develop the fullest possible kind of trusting relationships.
Everyone in Birn+Partners strives to be a Trusted Advisor to our clients – every day in all assignments. We have shown it for years and will show it in the future!