Mine Yuksel Book Report: The Trusted Adviser

(D. Maister, C. Green & R. Galford)

The Trusted Advisor

The Trusted Advisor by David H. Maister, Charles H. Green and Robert M. Galford, briefly advice how to develop strong, trust-based and long term relationships with clients. The book focus three core skills of a trusted advisor: earning trust, giving effective advice and building lasting relationships with clients. The Trusted Advisor contains three parts. In part one, the authors share real individual experiences and suggestions intended to encourage thinking which can benefit a trusted advisor. Part two, builds a structure of trust in subject matter of how to define clients issues and provide them insight and an alternative way of thinking. Part Three, applies techniques to manage carefully clients expectation and solve their problem also built trust-based relationship with them.

What Is a Trusted Advisor? The authors define that the trusted advisor is the person whose client turns to them when an issue first arises, often in times of great urgency: a crisis, a change, a triumph, or a defeat. (pg, 8) This is the highest level of pinnacle in relationship with the client. An advisor makes valuable investments for their clients without guaranteed that client will buy the solution, even before the relationship generates any income, let alone any profit. The Trusted Advisor shares the example of sport agent D. Falk and basketball star M. Jordans successful, trustful and lasting relationships. Falk created one of the worlds successful brand names for his client Jordan. Falk managed to build a sustain relationship with Jordan. In Jordans early carrier, Falk invested in Jordans brand without any income, let alone being asked by Jordan. That significant sacrifice and profession built a lasting relationship and they continued working together. That also rewards Falk to collect 4% of Jordans enormous earnings.

The Trusted Adviser

In the example as a trusted advisor Falk focused on his client rather than on himself. Falk new if he did not sacrifice his first paycheck, he could lose his clients, because of the competitive market. Jordan was a raising star and Falk did the next right thing to invest on Jordan before himself. That behavior motivated Jordan to be his client along his carrier. Falk believe that success in client relationship is ties and builds profession on both side. By using that alternative methods and techniques Falk became a trusted advisor and Jordan became the owner of the worlds most successful brands. The Three Basic Skills of Trusted Advisor In part one, the authors focus on three core skills that they believe a trusted advisor emerges in their profession. A trusted advisor needs to earn trust, give effective advice and built relationship. They also question whether building trust is a matter of technique or sincerity. Earning Trust: According to the authors the key point of the trust must be both earned and deserved. The advisor must give some evidence which can base clients decision whether to trust or not. The book also gives the example of David Maiser`s relationship with his lawyer. David searches a lawyer to probate one of his relatives will. David calls several law firms. The first few lawyers tires win his business by telling him when their firm was founded, how many offices they had, how much they would charge. (pg, 18). None of them inspired confidence with David. Finally, he founds a lawyer whose in the first phone call, asks what does David knew about probating a will. David answered, nothing! The Lawyer then offers him an outline of steps and provides him free information based on their urgency in the process. The lawyer earns Davids trust and becomes his client. The lawyer shares his knowledge without any income which builds trust and earns clients business. The lawyer gave some in order to get some and he successfully did. Giving Advice: According to authors, many professionals gives their advices based on their knowledge and expertise. They believe that if the advisor cannot learn how to recognize the process and respond to their clients behavior or emotion, he/she cannot be an effective advisor. To understand the clients perspective requires interpersonal skills and profession which help the adviser to engage with the client more effectively.

The Trusted Adviser

Advising the clients can be risky for reputation, future opportunities and career issues. Because when something goes wrong as an outside provider, advisor can be blamed and can cause an expensive engagement. Therefore clients tend to carefully choose the advisor who will perform the right professions to handle their problems. The trusted advisor could be able to prove his/hers client valuable advices. During the conversation with client , finding the right words , asking the right question, helping the client understand all available options and making recommendations gives the advisor an advantage to earn the client and proves that the advisor have the knowledge, understanding and profession to do job for them. Building Relationship: The authors list eleven key principles among to build strong, relationships with your clients by trying to understand their concerns and feelings, also being supportive in their need. Here are the key principles listed in the book:

1. Go first : You need to give some to get some 2. Illustrate , dont tell: Tread them that they are all unique and special 3. Listen for whats different, not for whats familiar: First understand what is in their mind. 4. Be sure advice is being sought: They may not want to take your advice; they often just want a
sympathetic ear.

5. Earn the right to offer advice: First understand the client, then understand the how client feels
about it, later convince the client that you understand both previous items.

6. Keep asking: Make sure you understand their issues. 7. Say what you mean: Communication is important, dont hint around. If you dont understand ask
again.

8. When you need help, ask for it.

9. Show an interest in the person

10. Use compliments 11. Show appreciation.

The Structure of Building Trust

The Trusted Adviser

In his chapter authors approach to explain how to earn and maintain trust. They also offer a formula that show how different trust elements interrelate in order to answer the question why doesnt my client trust me? The formula is T=(C+R+I)/S Where: T=trustworthiness, C=credibility, R=reliability, I=intimacy, S=self-orientation Trust is an important key element that we need to increase the level of it with our clients, According to authors trust doesnt develops instantly unless you have a firm that has an extraordinary experienced. Trust can be rational and emotional in two way relationship. Advisor can not force the trust neither the client. Building a trusted relationship involves give some -get some relationships. Trust entails risk; if you are brave enough to take risk you have a high percentage of earning the client.

The Development of Trust in Five Stages: The authors develop five stages to lead consistently to trusting relationships.

1. Engage: The first step to create an initial connection between the advisor and client. Both parties
stage their needs and expectations. In that stage advisor invest some time and additional effort in order to make the client open up to him/her more detailed and specific.

2. Listen: The professional and effective advisor is good listener. When the advisor listen their
clients effectively they can summarize the situation well and earn the right to engage in a mutual exploration of ideas.

3. Frame: The purpose of framing it to reveal and organize the clients issue and to help the
understanding of the problem coalesces into a common view, so that the process can move forward with greater clarity and solidarity.(pg., 87)

4. Envision: According to the authors, any problem can have more the one solution, depending upon
what the client achieve. The book asks some questions to address the Envision; i) What are we really aiming for here? ii) What will it look like when we get there?

The Trusted Adviser

iii) How will we know we are there? Answers to this questions helps to understand their true goals to achieve. Successful envision keeps out (clients and advisors) of the high risk related technical, rational and emotional problem solving methods. These new perspectives encourage freedom and more valuable productivity in the process. Then questions follows that how can be do better? What should we do to change it? What are the benefits? What can be done more differently? Once both parties had a trust-based conversation the real problems effectively pictures it-self and the client may determine the benefits to work with the advisor.

5. Commit: Agreement. When the situation framed based on both parties satisfaction and
achievement, clear and understandable, action of commitment required. Before the handshake, both parties needs to understand clearly what will or will not do, they need to define their boundaries of their performance, identify the methods, what are the deadlines, and most importantly how the success will be measure both during or at the end of the process.

Two sides have to be ready to commit with full understanding of the commitments content to eliminate future misunderstanding. They have to be aware of that the details of implementation, difficulties loom ahead also change might be required. In that stage the context of the trust process is both joint and personal.(pg130)

The Quick-Impact List to Gain Trust In part three, chapter 22, The Trusted Advisor shares a Quick-Impact list to gain trust.

1. Listen to everything: Focus on conversation, listen carefully what the client is trying to say. 2. Empathize: * Listen to find out where the client is coming from.
* Empathize; understand where they are coming from. *Acknowledge that you understand where they are coming from. When the client acknowledge whose been understood, trust will be gain with respect.

The Trusted Adviser 3. Note what theyre feeling: According to the authors when the advisor acknowledge the client
with a few word spoken from heart, can easily interact the client to realize their feeling being realized. This needs to be done with care. It is ok to ask the client you really look excited today! Whats going on?

4. Build that shared agenda: A shared agenda with client creates the attitude of we-not-me.
Whether its a formal or informal meeting ask your clients ideas. It gives you immediate data, it models for the client the truth of your we-not-me attitude (pg,198)

5. Take a point of view: It might be risky but it is still OK to go out on a limp with and idea.
Staging a point of view serves as a catalyst, a way of helping the client think.

6. Take a personal risk: Authors say to risk something personal proves that the advisor is willing
to increase the level of intimacy. It worth to attempt co crate a buy-in.

7. Ask about a related area: Naturally express you interest their business, show that it matters to
you.

8. Ask great questions: Show some respect to the client and ask their objectives. That behavior
show you care about their ideas and perspectives.

9. Give away ideas: Be generous, give away some ideas to impress them. Ideas are not limited it
gets better with share and practice.

10. Return calls unbelievably fast: It demonstrates how much valuable they are to you. 11. Relax your mind: Critical meetings need, relax, calm and stress free mind. Practice you mind
by some key precepts; who is the client? , this is a we game not me ,be responsible it will empower you, always say the truths even to yourself, know that your client needs to trust you and give yourself some credit and believe your professionalism and hard work.

Whats so Hard about All This? What are the difficulties to apply all those concepts and techniques in real life? Not all the clients are the same type neither their situations.

The Trusted Adviser

According to The Trusted Advisor- role can be difficult to fulfill. It is personally risky if advisor dont do it with careful balance. Risk is the essence of creating intimacy (pg, 136). It takes courage to speak, the unspeakable. It can be too unprofessional. Content is all. Some professional firms cultures do breed a culture of content expertise and mastery.(pg, 137). It might be hard to listen first or agree in a political comment just because you client want. In some business the process can take too long and you budget makes to worry to cover your investments, there is also a possibility that you client may not want to work with you at all. These concerns makes advisors hard work to worry about but the advices that given in the book may increase your success plan in order to be a Trusted and paid Advisor. The advisor requires having skills to built trust with the client. Advisors need to listen the client first, understand their point of view , create insight and emotional courage with them ,respect them ,be generous to share ideas with them and most importantly has to have commitment to ability to generate enthusiasm and manage over enthusiasm. The books contain generously variable ideas, real experiences and particle solutions step by step though the solution for different clients with different problems. Authors advice to the advisor to improve their skills, manage to build trust and approach with the clients, not to jump to action to fast and control their fear. The Authors: David H. Maister is a leading authority on the management of professional service forms and has a global consulting practice in North America and Western Europe. Charles H. Green is an executive educator and a business strategy consultant to the professional services industry. Robert M. Galford is currently a Managing Partner of The Center for Executive Development in Cambridge Massachusetts.