It’s not always who you think. And it’s probably not you… yet.
Let’s start with a dirty little secret:
The “most trusted advisor” to a business owner isn’t necessarily the one with the fanciest title or the longest list of credentials. It’s the one who picks up the phone, doesn’t bill in six-minute increments, understands the big picture, and doesn’t flinch.
In other words, it’s the person who shows up and connects the dots.
And if that’s not you… it could be.
The Usual Suspects
Ask a business owner who they trust most, and you’ll hear the classics:
- Their accountant – “They’ve seen everything. They know the books.”
- Their attorney – “They keep me out of trouble.”
- Their banker – “They get me money when I need it.”
- Their wealth manager – “They say I can retire if I sell for $8 million.”
- Someone internal – “My CFO is a rock. My spouse keeps me sane.”
All valid. All critical. But here’s the punchline: none of these people are truly quarterbacking the whole game. Most are playing one position, exceptionally well, while the business owner is stuck calling the plays.
The Problem with Silos
This is where it gets messy.
- The CPA is optimizing for taxes.
- The attorney is protecting against risk
- The banker is focused on collateral.
- The wealth manager is eyeing the liquidity event.
- The CFO is just trying to make payroll.
Who’s stitching it all together? Who’s asking, “Hey, does any of this actually align with what you want out of life?”
Usually, no one.
That’s not trust. That’s legacy knowledge in a vacuum.
So… Who Should Be the Most Trusted Advisor?
Simple: the one who brings clarity, connection, courage, and knows how to ask the right questions.
Let’s break that down:
- Clarity → They help the business owner understand what’s really going on across business, personal, financial, and emotional domains.
- Connection → They pull in the right players at the right time and eliminate the “Wait, who’s doing what now?” moments.
- Courage → They say what others won’t. They challenge decisions. They hold up the mirror.
- Curiosity→ They don’t just give answers. They ask better questions.
“What’s the endgame here?”
“How does this affect your family?”
“If you got hit by a bus tomorrow, who’s ready to step in?”
“Is this deal about freedom or ego?”
Most advisors wait for questions and deliver answers. The best advisors ask the questions no one else is thinking about.
That’s the difference between being helpful and being indispensable.
Why Would You Want to Be This Person?
Because it changes everything.
When business owners truly trust you, they ask your opinion before acting. They pull you into the room before the deal is signed, the will is written, the CFO is hired, and the company is sold.
You’re no longer a line item. You’re a lifeline.
That’s how you drive more revenue, more referrals, and deeper relationships. That’s how you go from “my advisor” to “my person.”
The Urgency: Why Now Is the Time
Let’s be blunt: market volatility is shaking up the status quo, and business owners are rethinking their inner circle.
A 2023 survey found that 75% of wealth clients considered leaving their advisor, and 54% actually did1. That’s not a trickle. That’s an exodus.
And during downturns, the cracks widen. Clients who received infrequent communication had only a 22% confidence level in their financial plans during potential recessions. In contrast, those contacted frequently exhibited a 71% confidence level.1
Why are clients leaving?
- Communication breakdowns are the #1 reason clients leave. According to Nitrogen Wealth, the top client complaints include advisors not returning phone calls, being slow to respond to emails, and failing to reach out proactively. All communication failures at their core.2
- 25% cite a lack of personal connection.3
- Others simply felt their advisor “didn’t show up when I needed them most.”4
But wealth isn’t the only profession at risk.
In accounting, client retention rates can range as low as 60–70% for smaller firms, while attrition rates can be as high as 25% for mid-size and large firms.5
In banking, average annual customer attrition is 15%, and churn within the first 90–180 days can be up to 200% higher than that.6 Customers leave for reasons like high fees, uncompetitive rates, and, no surprise, lack of engagement.7
In other words, when things get hard, the invisible advisor gets replaced, whether you manage portfolios, books, or lending relationships.
And yet, here’s the kicker: strong relationships are more durable than markets. During the chaos of 2020, retention hit an all-time high of 94.6%, but only for advisors who showed up, communicated clearly, and led with conviction.8
So the message is clear
If you’re not stepping up, you’re stepping out.
But if you do step up? You become irreplaceable.
The Opportunity (That Most Advisors Miss)
You don’t need to be an expert in everything. But if you want the seat at the table, you need to earn it:
- Stop thinking like a vendor. Start thinking like a guide.
- Ask better questions. Don’t just wait for tasks.
- Know your lane and know who else should be on the bus.
- Think bigger than your billable hour or AUM fees.
Business owners crave someone who sees the full picture and helps them sleep at night. Not someone who just files the paperwork and peaces out.
Bottom line:
There’s an empty chair next to the business owner; the seat of the most trusted advisor.
Want it?
Pull it up.
Author: Matt Beecher
Links
1https://go.ycharts.com/hubfs/YCharts_Advisor_Client_Communication_Survey_2024.pdf
2https://nitrogenwealth.com/blog/reasons-why-clients-leave-financial-advisors/
3https://emoneyadvisor.com/blog/4-reasons-why-clients-leave-financial-advisors-plus-4-client-retention-strategies/
4https://smartasset.com/advisor-resources/financial-advisor-client-retention
5https://www.vintti.com/blog/us-accounting-firms-a-study-on-client-retention-and-financial-health
6https://www.fiworks.com/resources/statistics
7https://www.rivel.com/newsroom/banking-research/banks-at-risk-of-invisible-attrition
8https://www.fa-mag.com/news/financial-advisors-enjoyed-record-high-client-retention-rates-in--20-62256.html?utm_source=chatgpt.com