The 3 C's (actually, 2 C's & 1H) of professional services
What do you look for when it comes to selecting your professional adviser(s)? e.g. consultant, accountant, financial adviser, solicitor, IT, broker etc.
I have been thinking about the core characteristics of a "good" adviser, and I am not talking about "what it takes to succeed in business". I think there are a lot more factors at play - marketing, pricing, supply, HR, partnerships etc - in that discussion.
3 things stand out for me. I was hoping they would all start with the same letter, but I could only get 2! Each element builds on the previous.
Competence. Technical ability. Domain knowledge. Professional expertise. Tools of the trade. Currency. Whatever you call it. If you are working with a financial adviser, do they know the relevant concepts, products, regulations, technologies that relate to financial services? They can't teach/advise what they don't know. Subject matter knowledge and ability to apply.
Communication. OK, so your adviser knows their stuff, but can they tell it to you...in a way that you understand and where value can be appreciated? If competence is the drink inside the bottle, then communication is the ability to take off the lid and pour the drink into a glass. Without the communication skills, all of the "competence" may stay trapped inside the bottle, untasted and unappreciated.
Honesty. So your adviser knows their stuff AND can communicate it to you in a way that you understand. But are they honest? The adviser is the expert, so you expect your adviser to look out for your best interests as you navigate the complexity. Consider a builder. During the construction of a home, the homeowner may only see the cosmetic outcome of what is being done. It looks good, so it must be good, right?? But what if the builder has used cheap finishing materials, so they can maximise their short-term profits? You may not see the outcome of those cheap materials for 5 years or more. By then, your builder will be long-gone and you will be left with the problem. Without honesty, an adviser may not deliver in accordance with what they know (competency) and what they told you (communication).