Do advisers need coaching?
The short answer is Yes! Some of the questions this response might give rise to could be - What is coaching? What's it got to do with me? Why now?
What is coaching?
Coaching is a collaboration between a coach and his/her client that is designed to help the client to develop rapidly. It is business related and focuses on performance and behaviour. Coaching is time limited, paid for, goal specific, action orientated, and is a personally tailored approach to learning. It makes use of feedback and offers objectivity.
The process of coaching is to for the coach to guide their client from where they are now to their desired future goal, ensuring they have all the resources they need to get there and helping them to overcome any blocks or barriers which might hold them back.
Most people have come across the concept of sports coaching and may at one time have had a tennis or swimming coach. If you needed a tennis coach to perfect your serve when you were 13, might you not need a business coach to help you bring your business to peak fitness now that you are a few years older?
What's it got to do with you?
RDR presents you and all adviser firms with opportunities and challenges.
- Where is your business going? Are you planning for growth? Do you have a succession plan? Do you plan to sell out and retire? Or are you just hoping things will work out OK?
- What will be the future focus of your business? Where will you concentrate your efforts - on Pensions, Protection, Investments? How will you be remunerated - fees or trail? What additional services might you offer - Will writing, Trusts, Power of Attorney, other services? Or do you plan to stick with the status quo and hope for the best?
- How will you find new clients and maintain your existing client base - what is your offering to prospective clients (e.g. will you be using the Internet to deliver impartial advice in basic advice areas at low-cost)? What service level will satisfy existing clients? How can you create lifelong client relationships? Or do you hope clients will come and go just as they have in the past?
Whatever your answer to these questions, you may benefit from coaching.
It is often said that the three main challenges a business faces are People, Time and Money .... and adviser firms are no different:
- People - How will you create, develop and maintain your relationship with clients? Is your marketing, business development and lead generation effective? How will you reconfigure the ways in which advice is delivered to your clients? How will you manage the impact of change within your firm? How can you build a powerful, winning team around you? How can you improve performance within your firm? What needs to happen for professional standards in your firm to be raised?
- Time - How balanced is your working and personal life? Do you spend enough time with clients? Is it time well spent? How do you manage your own stress and that of others? How can you develop emotional resilience? How can you be in control (so that it's you who is driving the bus)?
- Money - What is the direction and focus of your business? What are the implications of offering independent or restricted advice? What will be the impact of bringing your firm in line with the new Adviser Charging model? What additional services will you offer and how will you charge for them? How can you increase revenue / control costs?
RDR is coming. Time is short.
Are you on top of the myriad changes you will have to make if you and your business are to be in peak condition, with the right business model and appropriate mindset to benefit from, rather than be cowed by, the opportunities of RDR?
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Author: David Buswell
Posted: Thursday, May 19, 2011 | 9:38:05 AM