An advisor should aim to be a client's primary contact during stress, not just trusted or strategic. The speaker illustrates four core functions through his daughter's college transfer: listening and validating emotions, leveraging your network for solutions, knowing your niche deeply, and anticipating future needs. Master these and you become indispensable.
You know, there's a lot of talk about being either a trusted advisor or a strategic advisor. And I think people go back and forth, which one's the right one. I believe it's actually neither. I think we want to be what's called the primary advisor. Now, let's analyze this. A trusted advisor simply means that you've earned the trust of your client and therefore can support them without them questioning what knowledge you're departing to them. You're already a trusted advisor. Strategic means that you can help them with strategy, that you can position their business to move forward or to achieve certain things because you have specialized knowledge that's expected of you. A primary advisor, though, is the first advisor that that client goes to when they're under stress, when they have a question, when they're facing a challenge. That's what you want to be. I think your clients have many trusted advisors. I think your client has many strategic advisors, and absolutely, you have to be those. And. But you want to be the primary advisor, the first person they go to. That's the true advantage for you. And that also proves that you're delivering the most benefit to your clients, actually. Let me share a little story. My daughter recently was going to Virginia Tech, my home armada. She started school there, and after a semester, it was very clear the school wasn't a fit for her and she wanted to transfer out. Now, I never had a child go to college, let alone transfer out and go somewhere new. So I didn't know how to handle it. What did I do? I went to Barry. Barry is my strategic advisor. He's a business coach for me. And I know he doesn't have experience or knowledge necessarily with students transferring colleges, but I wanted to go to someone that I trusted. Now, why do I go to Barry, and why is he my primary advisor? First of all, he's someone that listens to the challenge that I'm facing, and this is insignificant in the big picture of things. But he still was a shoulder to cry on, saying, you know, I didn't expect this. I don't know what the financial costs are for changing colleges, et cetera, et cetera. Embarrassing. Just listened and validated that having feelings about it is okay. That's an important role, just like a best friend would serve for you. And as a primary advisor, you can do the same things for your clients. What's important first? I need a shoulder to cry on, or at least someone to speak to and know that I'm being heard. As a primary advisor, your first and primary role is to Simply hear your clients validate their feelings. The second thing Barry did is he found the answer. Now, this is key. You don't need to have the answer, but you do need to be able to find the answer. So Barry has a network of contacts. He knows countless people that I don't know. And when I told him about this challenge I was facing, he said, you know, I know three or four parents that have their children going through college right now, and I think one of them has a student that's transferring. Let me speak with them and see if I can put you in touch. That's exactly what he did. And now I had a resource I'm going to go to and learn from. And you know, the other thing that Barry does is he knows my industry, he knows the business I'm in, he studies it. So he's very intimate with the challenges that my business faces. When I come to him with a challenge that's regarding my business, he's already intimate with what my business does. And I don't need to re educate him. That's why I always go to Barry first. He already knows me well enough. I don't have to explain anything. It's truly like acting like a best friend. So to be a primary advisor, know your client and their industry inside and out. Here's a little hint. Be a specialist in a niche. I know you've heard this before, but man, you gotta do it. That's what a primary advisor does. So do the same. And the last thing that Barry does is he anticipates the needs for my business. He knows my industry so well, he's constantly researching what's going on, that when I have a challenge, he's telling me about it before I'm even aware of the challenge. That's the power again, of being in a niche. He reads the articles, he reads the trends, and he's advising me proactively now when my daughter is transferring colleges. Of course, he didn't necessarily anticipate that, but my business needs he anticipates to the point where he's giving me knowledge before I even realize I need it. Now, the benefits to you should be pretty obvious. As a primary advisor, you now, you transcend cost. It doesn't matter what you charge anymore. You are clearly a value based provider. You're the most important, strategic trusted because you're the primary relationship they have. And that's the important part. As a primary advisor, you're automatically trusted. You're automatically strategic. You are the gateway for your clients to getting the answers they need. You are the gateway, and that's a critical relationship that every client needs. That should be you.
