Wir hätten deinem Rat Folge leisten sollen.

English Translation

We should’ve done what you advised.

Can someone provide a bit of clarity on this?

We should have (wir hätten sollen) according to your advice (deinem Rat) accomplished the sequence (Folge leisten)?

It is easier:

We should have followed your advice.

“Folge leisten” = folgen (old fashioned, formal, originally “following a feudal lord into battle”)

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Or possibly:

We should have followed up on your advice.