Technical specialist vs financial adviser

A great financial adviser needs to be perceived as a key strategist who supports and helps the business achieve its goals and avoid risk. In his webinar, The skills of the rounded business adviser, part of ICAEW's 2018 virtual conference on digital disruption, Paul Richmond, explained that there are several differences between a great financial adviser and a traditional technical specialist.

“Great advisers continually work on and practice their behavioural skills, are humble and driven by curiosity," he said. "Most importantly, they see themselves as business people first and accountants second.”

A technical specialist, he explained, will typically interact with a company’s finance director, the financial controller and the head of finance, focus on key projects and how they have been influenced by past events.

However, great advisers approach things differently. They cultivate relationships beyond the client’s finance team and forge meaningful connections with the company's chief executive, sales director, managing director and the board as well as external contacts who are potential sources of business insight for the client.

Top tips on how to become a great adviser:

1. Explore ways to build more meaningful and long-lasting client relationships.
2. Be driven by business challenges rather than solely accounting challenges.
3. Ask perceptive questions and listen to what is being said and how it is being said.
4. Discuss the past in the context of the future, bearing in mind your client’s overarching business strategy.
5. Offer advice on marketplace conditions along with opportunities for future growth.
6. Use analytics to identify new opportunities and deliver business insights to clients. 

Opportunities offered by digital transformation

Matt Flanagan, Managing Director of Bluehub, highlighted how the adviser role is becoming increasingly important in supporting clients' as they explore digital technologies. In his webinar, "Digital Accounting Systems: An overview and roadmap for adoption" he offered offered the following suggestions as to how accountants can provide advisory services to clients undergoing digital transformations.

Outline a clear process

Following a clear, easy-to-understand process can ensure that accountants are best placed to facilitate a smooth and efficient transition for clients as they adopt new technologies.

Understand client needs

Flanagan argued that accountancy firms often do not understand their client base well enough.

This approach will ensure clients view you as proactive and in tune with their potential requirements, rather than as merely reactive to their short-term needs.

Ensure that technology is fully optimised

Advise clients on how to optimise the technologies they have already Ensure that they fully understand the latest features and how they can be used to improve efficiencies and workflow.

Narrow down the best options

Clients are at risk of being overwhelmed by the amount of apps available and are likely to postpone important decisions.

Research the market thoroughly and narrow down recommendations to six apps that meet client requirements as much as possible.

Ensure that clients fully engage staff

It is crucial that staff are fully informed during the implementation of new technologies.

Provide clear and strategic advice to clients on how they can engage and motivate staff.