Many successful financial advisors have found that using the services of a professional business coach can help them increase their revenue and create a more profitable, sustainable practice. In fact, a recent poll at the 2010 Summit National Convention showed that over 40% of the Firm’s Chairman’s and President’s Club members currently utilize a business coach.
A coach assumes the role of your business advisor, your mentor, and your partner, yet doesn’t share in your business profits. Finding the business coach that’s right for you takes research and a little intuition.
Coaching differs from Consulting
If you want the help of an expert in your industry, you go to a consultant. If you want someone who will teach you to think for yourself, find your hidden strengths, and create a profitable business path, you go to a coach. A professionally-trained coach will want to know a lot about you and your background. A coach will help you to realize your true values, your needs, and your wants, and will help you co-create a plan to build a business based upon your authentic self. A coach will step in with advice when you are lost and need guidance. Through training, a coach knows that the client usually has the answers, and through questioning, a coach is able to draw out possible solutions that work for the client, not the coach.
Does the coach have business experience?
Visit coach websites, read their bios, their qualifications and testimonials, to see if they have the business experience necessary to guide you. A coach who specializes in work-life balance may not be the right coach for you if you need help with marketing, sales, or time management. You can ask for references from clients who were in a similar situation that you face today.
Give the coach a test drive
Most coaches offer a complimentary interview session. During the sample session, try to get a feel for the coach’s style. Some may be more inclined to push you and hold you accountable for your actions, while others may prefer to allow you to gain ground according to your own timeframe.
What is included in the coaching package?
Most coaching professionals offer various packages to choose from with telephone coaching being the most common option. In-person coaching tends to be more expensive due to commuting and other variables. Coaching via telephone is usually offered in 30-minute or 45-minute options carried out three times per month, usually with a time commitment. Fees range from $150 to $700 per month for experienced, credentialed coaches. Find out what else is included, such as sample business plans, exercises, and recaps after each call.
Summit Brokerage Services offers preferred pricing with many of the coaches our President’s and Chairman’s Club members are using right now.
Remember, successful financial professionals who are determined to play a bigger game and be the best in their industry usually hire a coach. They understand the true value of coaching and realize that athletes have coaches, so why not business owners? Just think of the possibilities you could achieve with your own coach.