Professional coaching can help advisors achieve major breakthroughs in their businesses.
All coaches are different, but any good program should focus on three goals as suggested by Financial Planning columnist John J. Bowen Jr.
First, a quick caveat: Our contributor John Bowen is the CEO of a coaching firm. But as he says in his article, coaching isn’t right for all advisors. If you’re satisfied with your business and quality of life, you probably don’t need it. But if you think you can accomplish more, then it’s worth considering. So our goal is to help you understand how to decide and what to look for.
Now, the three goals of coaching:
First, it should dramatically enhance the client impact. Your clients should be so happy with you that they boost your marketing efforts by proactively introducing you to new prospects.
Second goal: Substantial growth in net income and equity value. Effective coaching should result in a 25% increase in both measures. Incremental growth should not be acceptable.
Final goal: A significantly higher quality of life. A coach can also help you have fewer, but more enjoyable clients, and a streamlined business model. Not to mention the ability to take off more time from work.
To ensure that you achieve those goals, a coaching program should provide specific strategies that are results-oriented, highly actionable and proven to work.