|| Advisory

27. Advisory

What is advisory, having or consisting in the power to make recommendations but not to take action enforcing them.

• is personally and professionally interested in being an advisor, more than "check the box"
• genuinely listens constructively, attempting to hear all aspects of the business clients expressed problems
• attempts to understand the concerns from a client's point of view, incl. the business drivers, challenges
• knows finance principles and best practice in sufficient details to provide clients with accurate, usable information
• refers clients to other sources of information and assistance when necessary
• views long-range planning as well as immediate problem-solving as an essential part of effective advising
• continually attempts to improve both the style and substance of his/her advising role

Skills are, trustworthiness, knowledge, communication skills, compassion and optimism.

Communication Skills

To effectively communicate their advice, advisers must have strong communication skills. These communication skills should include the ability to both listen and speak. If the individual is not skilled at listening, she won't be able to obtain the information she requires to give advice to the advisee. Similarly, if the individual is not skilled in speaking, she won't be able to verbally communicate her advice with much success.

Compassion

Sometimes the topics on which advisers are giving advice are emotional in nature. When an adviser is going to speak about topics that are tied to human emotions, it is beneficial if he is compassionate. If he lacks compassion, he may not be able to effectively present the emotionally charged advice in a manner that the advisee can appreciate.

Optimism

While not entirely requisite, optimism is a useful trait for an adviser to possess. If an adviser is optimistic, she can more likely make the individuals she is advising feel good during the advice-giving process. This ability to put individuals at ease and see the bright side in potentially difficult situations can make the adviser enjoyable to be around and potentially more desirable to those seeking advice.