Why Financial Advisors Need a Coach

Why Financial Advisors Need a CoachFor challenging endeavors in which people seek to achieve a level of performance beyond their current capacity – such as sports, weight loss, or running a business – they have a better chance of getting over the top by working with a coach. Even successful business executives and sports figures recognize the significant gap that separates a plan from action, theory from practice, and activity from results.

For most people, it often takes an external force to push them beyond their comfort level. That’s what a coach does. The top athletes in the world hire a team of coaches because they know they can’t get to the next level without them. In complex and vital endeavors, we could all use a coach to keep us detached from our emotions and accountable to our goals when our discipline fails.

Ask any professional athlete, corporate executive, or entrepreneur why they hire a coach, and they’ll tell you they want to increase their earnings by improving their performance. It’s no different for financial advisors.

Listen to the 4-CD set or the 4.5-hour mp3 recording, How to Excel in the Securities Industry, to tap into the 90+ years of experience Don Connelly & Richard Capalbo share and learn what Elite Advisors do that average Advisors don’t do.

What exactly is coaching?

Coaching is the facilitation of the learning process for an individual who is performing a job. Where a job description defines the job, coaching lets the learner know when they hit the target and provides instruction on what can be done better.

The “job” can be hitting a pitch or conducting a discovery interview with a client. If there is a job that needs doing better, there is probably a coach for it. When the goal is improving performance and results, coaching is the preferred learning method because it is up close and personal and obviates learning by the painful hunt, guess, and cuss method.

So, how specifically can a coach help improve the performance of financial advisors?

#1. Goal setting and time management

Most advisors are taught early on that goal setting is crucial to achieving success. The problem is that often, the goals are not realistic or measurable, making them unachievable or difficult to track. One of the first things a coach does is help you set challenging but achievable goals with timeframes and milestones to make them more manageable. For every goal, they will help you develop strategies and action plans for achieving them.

Equally important, a good coach can help you become an effective time manager, helping you to prioritize your workload, delegate tasks when necessary, and create efficient workflows to maximize productivity.

#2. Accountability and motivation

Setting achievable goals is relatively easy. Staying accountable to them is the challenge. The primary reason people need help achieving their goals is their inability to hold themselves accountable. It’s too easy to let ourselves off the hook with rationales and excuses. But when we say our goals out loud and have someone else hold us accountable, we suddenly find the motivation to stick with the plan and fight to achieve the goal.

A coach can be an accountability partner, ensuring financial advisors stay on track with their goals and objectives. Regular check-ins and assessments can help advisors measure their progress and adjust as needed.

#3. A sounding board and emotional support

How often do you find yourself in a rut—like you’re spinning your wheels and not moving forward? It happens to every advisor at some point. A coach with a vested interest in your success can be the source of a clear perspective on what’s going on in your business. They’re there to maneuver through roadblocks, deal with stress, and brainstorm ideas and strategies. A good coach can be vital for building resilience and developing coping mechanisms to navigate challenging situations.

Listen to the mp3, A Blueprint for Success: What They Don’t Teach You in Training, for ideas on what basics you need to focus on to succeed in our business, and how to go about mastering them.

#4. An objective viewpoint

Coaches can help you overcome your own biases about what’s working and not working in your business. They can provide an objective perspective in assessing your strengths and weaknesses and identifying blind spots. A good coach knows how to formulate and provide constructive feedback and identify areas that need improvement. You need someone willing to challenge your beliefs and perspectives and force you to think outside the box.

#5. Personal and career growth

For many financial advisors, their biggest area of neglect is their own personal and career growth. It’s about understanding your life ambitions, setting goals, and developing strategies for achieving higher levels of success. A good coach asks you where you want to be personally and professionally and helps you map out a plan for getting there.

They help you identify growth opportunities and facilitate career development by recommending industry resources and training opportunities. More importantly, they counsel you on achieving a work-life balance and other factors contributing to your overall well-being.

The bottom line is that a good coach can be a muse, trainer, mentor, and drill sergeant, helping you optimize your talents, skills, and tools while discovering new methods and strategies to improve your performance for better results.

Watch this 3-minute video to learn how our training program can help you become brilliant at the basics and take your business to the next level.

See program details and enroll today!

Available as a self-paced program (always open) or as a 12-week coaching program (open only a couple of times a year), this training will change the way you view your practice and will give you an enormous advantage over your competition. Select your format and enroll now!


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