Advisors Do Better with a Coach
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Advisors who use a coach not only see their goals implemented but earn more money.
According to a survey by Advisor Practice Management, advisors who met two or more times a year with a coach generated, on average, $595,479 of annual revenue, while those meeting just once a year averaged $452,392. Advisors not using a coach averaged $473,666 in annual revenue.
We have worked with hundreds of advisors over the years. We see firsthand the effects of having someone hold you accountable and help you implement your strategy.
Scaling success: Why top financial advisors always have a coach in their corner
Picture this: You're standing at the base of a steep mountain, one you're determined to conquer. But have you ever seen an accomplished mountaineer summit without a trusted guide? No, right? This concept isn't unique to mountaineering; it's ubiquitous in every sphere where high performance is demanded – be it adrenaline-charged sports, the tough grind of losing weight, or the high-stakes world of running a business.
Financial advising. Isn't it like scaling that steep mountain? You're dealing with client goals, market fluctuations, portfolio management and running a business – that's a whole lot of climbing to do!
Wouldn't it be easier to traverse that mountain terrain with someone who is experienced and has faced the obstacles that you will encounter? A coach who has helped scores of other advisors overcome the very same challenges you’re facing?
Consider the bigwigs in business or sports stars. You think they got there alone? Not a chance! They know all too well the difference between good and great and that the key to making the leap from one to the other is having the right people in their corner.
High-performing advisors know the chasm that lies between the neat lines of a strategy and the rough-and-tumble of execution, the leap from a concept to a hands-on experience, and the wide gulf that separates mere busywork from real, quantifiable results.
If they bank on a coach to bridge those gaps, why shouldn't you? Why not leverage the power of coaching to accelerated the growth of your financial advisory firm? The best financial advisory businesses aren't going it alone; they have a coach.
Advisors with a coach earn more than those without
The bottom-line reason any professional hires a coach is to make more money by improving performance and results, and it is no different for financial advisors. According to a study by Advisor Practice Management, when advisors were asked if they use a coach, 26% said they met at least twice a year with one, 6% said they meet once a year, and 68% said they don’t.
How do financial advisors benefit from working with a coach?
Goal setting and implementation
Most advisors set goals for themselves. But often they’re unrealistic or unmeasurable, making them unattainable or difficult to track. A coach can work with you to set achievable performance goals, break them down into manageable pieces, and develop action plans and timelines for achieving them. They can also help you manage your time more efficiently with advice on delegating tasks and structuring your operation.
Accountability and motivation
One of the main reasons why people fail to achieve their goals is a lack of accountability. Most people have difficulty holding themselves accountable and making sure they’re on task in working on their plan. But they are more likely to stick to their goals and plans when someone holds them accountable, providing feedback and direction to help them stay on track. That oversight is also a critical source of motivation, keeping advisors focused on their goals and how they will benefit by achieving them.
A sounding board
When you feel like you’re in a rut, a coach helps you gain a clear perspective on what’s happening in your business. They help you navigate challenges, manage stress, and brainstorm solutions. They help you build resilience and deal with difficult situations.
An objective perspective
Coaches offer an objective viewpoint in assessing your strengths, weaknesses and any blind spots. By providing constructive feedback and observations, they help you identify areas for improvement and refine your approach. Good coaches will challenge existing beliefs and perspectives and encourage you to explore new strategies.
Personal and career growth
Many financial advisors are so focused on finding prospects and providing their existing clients with the best possible service they neglect their own need for personal and career growth. It isn’t easy to grow your practice and differentiate yourself when you aren’t continuously learning and developing new skills. A coach helps you identify opportunities for growth and develop strategies for reaching higher levels of success. They facilitate continuous learning and help you adapt to the changing demands of the profession by recommending relevant resources, training programs, or industry events.
The closing bell: Why coaching is your ladder to success
The evidence is indisputable – those financial advisors who embrace coaching as part of their success strategy significantly out-earn their peers. They gain a partner in goal setting, a catalyst for efficiency, an accountability buddy, and an objective sounding board. Moreover, a coach serves as a growth strategist, carving out a path towards continuous learning and development in this ever-evolving field.
To those 68% of advisors who've yet to take the leap, consider this: isn't it time to reassess? As the world of financial advising grows more complex and competitive, can you afford not to have a coach in your corner? It's an investment in yourself and your future – an investment that pays dividends in the form of greater satisfaction, growth, and yes, increased revenue.
A coach is more than just a mentor or a trainer. They are your secret weapon, helping you unlock potential you might not even know you had. They're the difference between being good and being great. Why settle for anything less than the best version of you?
Just like the mountaineer with their trusted guide, the best financial advisors aren't going it alone – they're choosing to rise with a coach. Are you ready to climb higher?
Ginny Hudgens is the chairman and Brian Luper is the president of The Strategic Implementer, a provider of consulting services to advisors.