Finding a good financial advisor coach can be as challenging as finding an honest used car salesman. Okay, maybe it’s not that hard, but it can be difficult if you don’t know where to look or what to look for. When I started as a business coach over 15 years ago, no one knew what business coaching was. Inevitably, I would get ‘what’s a business coach?’ from anyone who asked what I did for a living. The good news is that most people know what business coaching is as it has become more mainstream. Most people even get the importance of having a business coach for themselves and their team as they equate the importance with a professional athlete having their own athletic coach. The bad news is that as the coaching industry is becoming known as being a somewhat glamorous profession to be in, as a result there are a lot people hanging their shingle on the door and calling themselves a professional coach. So how do you sort through the crowd to find an effective coach? To help you find the right coach for you, I have devised a list of the top 10 things to look for in a quality business coach:
Beware of the Coach who has no Coach
You want to find a financial advisor coach that has been coached themselves. This is vital to an effective coach as it provides the coach a first-hand experience of what it is like to be in your seat as the client. They learn what is effective from the client’s perspective.
Experience and Reputation
There are so many schools for coaching these days (another testament to the popularity of the profession). Many offer various accreditations. Accreditations are cute, but nothing beats someone who has years of experience. I know plenty of people who have several letters after their name that they were not born with, but it doesn’t necessarily make them an effective practitioner. Experience and reputation are much more important then the quantity of letters after their name.
Clients who Champion the Coach
You will want to know that the coach has clients that will advocate for them. A great coach will have many fans that they can sort through and give you the name of a couple of clients who have similar objectives as yours that they can put you in contact with if you choose. A great coach has many diehard fans and clients who have been with them for years.
Many Stories of Tremendous Results
You don’t want a coach who just has a couple of stories of mediocre results. If they don’t have a bank full of clients who are advisors that have doubled or tripled production, cut work hours in half or other amazing results, move on until you find one.
Understands your Industry
You don’t need a coach who has worked in financial services, but you do need a coach who understands your industry. Someone who has worked with other advisors in your industry understands what people in financial services go through. They understand the challenges and how to overcome them. They hear a breadth of experiences from different people that they can share with you. Getting Results’ niche is all about financial advisors which brings with it advantages in knowing what works, and more importantly, what doesn’t. We have seen partnerships crash and burn and others succeed. We have seen advisors come and go in the business. We know what it takes to be successful at various firms (as no two firms are alike).
Understands the Psychology of Business and the Individual
One of the most important requirements of a coach is that they have an understanding of the psychology of business, as well as the individual. You want someone who will work with both you and your business – not just your business. Someone who only tells you want to do in business is called a consultant. Consultants are great, but many times it is the psychology of the individual that prevents them from getting to the next level. Working with someone who knows how to work with the mind of the individual is extremely valuable.
Caters the Process to You
While there are many common challenges that businesses and individuals share, you are still a unique and special snowflake (to a degree). Many of today’s large business coaching companies and franchises have a cookie cutter approach that they teach to their coaches. While this is good for their business, it is not always good for yours. All good coaches will have certain philosophies and processes that they follow, buy into and have found effective, but the good ones mold their process to you. Be sure to find a coach who will cater their coaching to your specific needs.
A Candid Approach
Beware of the coach who tells you all that you want to hear. It is nice and comforting, but not necessarily in your best interest. You want a coach who will tell you the things you need to hear, not just what your friends will tell you. Honest input, even if it stinks to hear, will benefit you tremendously. Candidness is perhaps one of the greatest benefits of having a coach.
Just a Few Degrees of Separation
A good place to start is with someone you know who has worked with a coach and who has gotten results from their coach. If you don’t know someone who has worked with a business coach before, then speak with one or two of the prospective coach’s clients.
You Resonate With
The relationship between you and your financial advisor coach is vital to your success. You need to trust your coach as you will share various aspects of your world, some more personal then others. Your coach will be your guide and your mentor so you want to have a solid relationship with him or her. You may not know your coach when you first start with him or her, but you should certainly feel a rapport or feel that he or she truly understands your needs in your initial consultation (which you should NEVER have to pay for).
Taking on a business coach is exciting as it brings new hope and life to your business. It doesn’t matter what level you are at in business, all businesses can benefit so long as the client is coachable. If you have made it this far on your own, you can only imagine how much further you can make it with a coach.
