Trust in professional services essential to long-term success

Recent events involving some of the largest accounting and legal firms have underscored just how vital trust is for professional services. But while trust has never been more important, it’s also become increasingly challenging to define and build.

Traditionally, trust and a well-known brand name went hand in hand. But today trust is about much more than this. Trust takes time to build, but it can be lost in an instant, especially in today’s world where social media and online platforms can amplify negative news or missteps at lightning speed. Once, companies could recover from issues that damaged trust and reputation, but increasingly we are seeing cases where the damage is too great to recover from.

For firms such as ours, having a strong and respectful relationship with clients is absolutely essential. Clients need to know that our advice is shaped by what’s genuinely best for them - even when it means recommending something that isn’t the most profitable for our firm. That’s how we build trust and lasting relationships.

This might seem an old-fashioned approach, but focusing on helping clients rather than focusing on profit for partners or shareholders is at the heart of building a business that
lasts. When we put people first, success tends to follow naturally.

We have seen time and again that when organisations – whether in professional services or other industries – face crises, it’s often because they’ve chosen to prioritise what’s best for
the firm over what’s best for their clients.

Whether it’s putting shareholder returns or short-term profits ahead of client needs, the outcome is almost always the same: the bond of trust with customers is eroded, and
reputations suffer.

It’s not difficult to find examples of this. Many of the crises we have seen in recent years – including those outside our industry such as Qantas or Optus – have come about because
making profit was prioritised ahead of providing a service to clients or customers.

So how can firms build trust with their clients?

The tone that is set at the top of an organisation is important – it guides not just the philosophy but the lived experience and behaviours of everyone. The term “culture” has
been overused, but the concept of what it stands for is critical: it’s about the values and expectations leaders model every day, and how those ripple out to every team member and
client interaction.

Having the right internal culture ultimately influences how clients perceive the firm and the people they deal with – through a focus on quality, doing the right thing, and treating others with respect.

It takes time to build the right culture, and it is definitely a case of “show don’t tell”. It’s important that all staff see those at the top, such as the partners, following the same rules
and standards, and that these standards are communicated within the organisation and people are held accountable continuously.

Trust is built by consistently doing what you say you’ll do, delivering on your promises and demonstrating your expertise in a tangible way. It means providing frank, honest advice,
even when it’s not the easiest conversation, rather than simply agreeing for the sake of comfort. And ultimately, it’s about getting runs on the board over time – delivering results
and demonstrating that you can be relied on.

Building trust and culture makes good business sense. When clients know we’ll do right by them, it opens doors to new opportunities and deeper relationships. Confidence in our
judgement and integrity means clients don’t just rely on our technical expertise; they trust us to make the right calls, even in uncertain situations. That trust reduces risk, strengthens
loyalty and creates space for genuine partnership.

When clients trust us, they are more likely to be open to sharing sensitive or difficult information and concerns, which ultimately helps us deliver better advice and outcomes.

While the way we do business may have evolved, our purpose hasn’t changed. Building strong relationships on a foundation of trust is essential to success – both for our clients and
our team. It’s the cornerstone of genuine partnership and long-term results.

Steve Grivas (pictured) is managing partner at HLB Mann Judd Sydney.