Does Business Coaching for Financial Advisors Work?

My phone rang while I was waiting for a new client to phone in today. The caller was researching coaches for his financial planning firm and after a few minutes he stated in a confused tone “Does business coaching really work?”

You bet it does!

Business coaching for financial advisors is THE most effective way to make changes and be more successful in your practice and your life. Financial planners can benefit from business coaching while financial firm executives can benefit from leadership coaching. When functioning in a team environment, having a coach assist in strategy development can be extremely helpful in moving participants to action.

Think about the last time you attended a conference. You were one of thousands and you learned some great strategies but when you returned to the office, was anything implemented?

Think about the last time you took a class. You were one of thirty or more participants and you learned some good tactics, but once again, not much was implemented.

With business coaching, financial advisors get concentrated one-on-one coaching that is focused on their success. You are not one of thousands. You are not one of hundreds in a crowded room. You are in a relationship that at its core is positive, inquisitive, and growth-focused.

But WHY does coaching work?

Many years ago when I was a consultant I was hired to go into a firm, analyze productivity and provide recommendations for change. Do you know that 75% of my recommendations where NEVER IMPLEMENTED? Why not? Because the client DIDN’T WANT TO DO IT. Because the recommendations were not based on the client’s values, passions, and capabilities.

What use are recommendations when they are not matched up with your life purpose?

Each coach has a different focus. Some help you figure out your life’s purpose. Some help you with lifestyle changes. Some coaches work with you to develop a new career. My advisor clients already know they love wealth management so they hire me to help them maximize their potential as financial planners.

The video below talks about Financial Advisor Coaching with 3 quick tips on how you can grow your firm.

Here’s a partial transcript:

  1. Goals – Do you have personal and business goals that motivate you and encourage you to grow? I find that unless you are willing to grow YOU it’s difficult to grow your firm. How can you become the best financial planner you can possibly be? What skills do you need to develop? What connections do you need to leverage? How many new clients do you want in the coming year? What’s your revenue goal?
  2. Brand – Do you have a distinctive brand that helps you compete in a crowded market place where there are so many people calling themselves financial advisors? What you need is a Value Proposition focused on the needs of affluent clients.
  3. Affluent Marketing Plan – Once you have your Value Proposition and your Brand, you need a Marketing Plan targeted to affluent clients – those who appreciate your work and want to hire you. The way to create this type of marketing plan is to use your website as a prospecting tool using Inbound Marketing to direct ideal clients in your direction.

Those are the 3 things you need to implement. Coaching is the most effective way to make changes in your practice and your life. It’s not information that’s the key to success. There’s plenty of information out there. The key to success is having someone like me to partner with you so that you are making the right changes and making progress in your practice.

To learn more about coaching for Financial Advisors, request a consultation.


About Suzanne Muusers

2 Responses to “Does Business Coaching for Financial Advisors Work?”

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  1. Amy, you are right on target – getting your husband “fired up” makes all the difference. A person will do more and go further when they have someone on their side helping them achieve more.

  2. Thanks for stopping by Aayna!