Learn why coaching is becoming a competitive advantage for advisors and what traits it takes to become an effective coach for your clients.
With the recent widespread adoption of AI–driven financial tools, meeting client expectations today means providing value beyond selecting securities and achieving returns. We believe you should focus more of your time on addressing the emotions, perceptions, and behaviors that influence your clients’ financial decision-making. This is where the principles and practices of coaching—which are based on real and lasting behavior modification—can help you thrive. To meet these expectations, consider incorporating coaching into your practice, as well as adopting three common traits of highly effective coaches: curiosity, courage, and compassion.
Advisors often promote key success metrics like revenue, close rate, and the number of financial plans delivered. With recent advancements in technology streamlining the development process, the landscape is shifting—financial plan delivery is just the beginning. Moving forward, the gold standard of metrics may no longer just be the number of plans delivered to clients, but rather the percentage of plans implemented and achieved by clients. By taking a very hands-on approach and helping clients actually implement their financial plan, coaches can foster more meaningful relationships that improve overall client satisfaction and meet their growing expectations.
Listen first, and then ask questions. If their responses omit the information or level of detail you may need to proceed, or you’re unclear about a certain situation, use what should be an advisor’s three favorite words: “Tell me more.” Or, if their spouse or another family member is with them, ask them to elaborate.
