There is much rhetoric about the term ‘trusted adviser’. After all, who do you really trust? Family, friends, your accountant, your lawyer, the government; Ok, scratch the latter as that is just being silly. The question remains, who can you trust?I trust my oldest brother. He has always given me sound advice but on some occasions that advice has not necessarily been the best advice. He will also acknowledge that following his own advice has led to some errors of judgement along the way. That’s Ok as we all make mistakes and he has learnt from his, as I have from mine. And I believe we should make new mistakes so we can gain insights from the experience (as long as it is not too costly or damaging). There is an adage about taking advice from family or friends; similar to working with them. If things go pear-shape, what happens to the relationship? In the case of my brother, I have been very fortunate and in recent years, I have been in a position to reciprocate by providing him strategic counsel on a number of business ventures. Research studies such as that of Deakin University and CCH indicate that from a professions basis, small business trusts their accountant above all others including their financial planner, business partner or lawyer. Recently, I have had to place a fair amount of trust in my lawyer but then again I have also paid a considerable amount of money for the privilege. Yet, when my lawyer’s adversary has had a different interpretation over a point of law and a stale-mate position emerges and the cash register bell continues to ring; one’s trust soon wanes. My wife and I have a financial planner and we have taken his advice and have invested into our future. Of course some of the advice is hard to swallow when he tells me I have decades still to work before retirement. However, there is a level of trust but my wife and I would describe that trust as tenuous or at least, cautious in nature. Then again, if we had come to the same investment decision by ourselves without a third party’s involvement, it would still be one of caution and tenuousness. Personally, I back the small business research findings in that I trust my accountant. I must confess I have known her for more than 40 years; we went to school together; we studied together and had friendly rivalry over accounting and economics. However, that’s not why I trust her; hence, my words of caution about taking advice or working with friends. I trust her because of the advice and guidance she has given to me for the past 20 years, since we had reconnected after more than 20 years. My accountant has not just worked on my income tax returns, she has helped me set up business and making sure the right structure was in place; my self-managed superannuation; and importantly, a gentle nudge on business transactions, highlighting some useful tips and traps of business. However, the tide is turning and rapidly; the sand is shifting and the mantle of trusted adviser has to be earnt more than ever. In fact, it has to be fought for.The technology or information explosion that provides instant and, at-the-fingertips access to data and facts, places trusted advisers of all ilk at a level of risk. They are challenged by the fact that knowledge is power. More so, Gen Y (and Z quickly following) have a different takeout on what a trusted adviser represents. There is more of a tendency to view the world on the basis if there is a problem, they want a solution and want it now and it doesn’t matter where it comes from. However, if you want to be a trusted adviser then understanding that knowledge is power, comes into play. Knowing that people are demanding higher and quicker levels of service; recognizing that they may not want to shop around once they find the solution for which they seek, in itself, can open the doors of a one-stop-shop. Whether that be by you trying to provide a range of services beyond your traditional space or by coordinating the services through collaboration with others, probably doesn’t matter. The important thing is to recognise the market demand for services, then adopt a business model which addresses the demand; a business model that brings growth and prosperity and in doing so, happens to satisfy the needs of clients. Accountants are in a perfect position to not only maintain the title of trusted adviser; they are poised to make it theirs for life. However, there is a catch (yes, there’s always a catch). Accountants need to make a paradigm shift (and many are already) to move away from traditional ledger-thinking business models which has been predominantly filled with compliance-based work. The future trusted advisers are not just tech-savvy and more tech-savvy than their clients; they are actually embracing the technology and leading the way for their client’s benefit. They will continue to do I-returns while I-returns still exist but more powerfully they will be providing a holistic business advisory service. This will include being at the centre of the ring of trusted advisers; coordinating services that holistically meet the client’s needs.Yes the sands are shifting but accountants as trusted advisers can stem the tide. 往期精选（温馨提示：回复以下橙色文字即可阅读相关信息）协会简介 | 澳大利亚公共会计师协会简介会员级别 | IPA AU会员级别介绍会员权益 | IPA AU会员权益介绍申请材料 | 申请成为IPA AU会员所需材料清单公众号ID： ipaau-china To provide professional recognition and support to drive business success.
