Why Advisory Is Better as a Team Sport

One of the reasons I believe so strongly in advisory teams is actually quite simple: One person doesn't know everything. The traditional advisory model often puts one trusted advisor at the centre of the client relationship. They're expected to understand the numbers, know what's happening in the business, spot the opportunities and come up with the answers. But when you think about the knowledge that already exists across an accounting or bookkeeping team, that doesn't really make sense. Your bookkeeper might notice what's happening with cash because they're seeing the transactions regularly. Your accountant might spot a change in profitability or margins. Another team member might know the client incredibly well and remember that six months ago they talked about recruiting, buying equipment or expanding. Everybody sees something slightly different. In this episode of Advisory Secrets, I talk about why I believe advisory really is a team sport. When those different observations are brought together, you start to get a much fuller picture of what's actually happening in the client's business. But that only works if people talk to each other. If everyone works in their own little silo, valuable information gets lost. The bookkeeper notices something but assumes it isn't their place to mention it. The accountant sees something else. The lead advisor has a conversation with the client that nobody else knows about. Individually, everyone has a piece of the puzzle. Nobody has the whole picture. That's why building an advisory team isn't simply about training more people to have client meetings. It's also about creating a culture where people share what they're seeing, ask questions and contribute their perspective. Because sometimes the person who spots the thing that leads to the most valuable client conversation isn't the most senior person in the room. Takeaways Advisory doesn't have to depend on one person having all the answers. Different members of an accounting or bookkeeping team see different parts of the client's business. A bookkeeper, accountant and advisor may each notice something completely different — and all of it can be valuable. The real power comes from bringing those observations together. Valuable insight can easily be lost when people work in silos. Team members need to know that it's okay to say, "I've noticed something..." Advisory teams need good communication internally as well as good communication with clients. Collaboration also creates learning — people begin developing their own advisory thinking by hearing how others interpret situations. The strongest advisory insight doesn't always come from the most senior person. When knowledge is shared across the firm, advisory becomes richer for the client and less dependent on one individual. And here's the question I'd leave you with: How much valuable information about your clients is currently sitting inside the heads of different members of your team — but never being brought together? Because you may already have far more advisory knowledge in your firm than you realise. You just need to connect it. Find Out More If you'd like to develop advisory capability across your own team, visit APX Training. You can also join our free Advisory Teams Facebook community. And for longer-form conversations about advisory, search for Advisory Conversations with Tim Seymour and Deb Halliday on your usual podcast platform.