Based on the three studies of 389 advisors, about 70% of those who used coaching services reported they made them more successful. It is very telling that today, nearly nine out of 10 advisors who use or have used coaches say it has made them more successful.
The caveat is that advisor coaching makes a difference when advisors find the “right” coaches for themselves and their practices. It is important to note that more advisors have availed themselves of coaching services and reported them as more valuable. This correlates highly with advisors being more critical in selecting coaching services.
Based on a factor analysis of the advisors’ responses who reported greater professional success in a 2023 survey, three guidelines result in them advocating for coaching…
Three Guidelines For Selecting A Coach
| Guidelines | Example Questions |
| The coach’s philosophical orientation | How does the coach define “success?”Who does the coach tend to take on as clients? |
| The coach’s process | What are the responsibilities of all parties?What is the coach’s pedagogical approach? |
| The coach’s business model | How is the coach compensated?How does the coach manage his or her operation? |
N = 279 Advisors
The coach’s philosophical orientation. What you want from your coach is someone who can meet your needs and wants as they relate to your advisory practice. Advisors tend to have different definitions of success, as do coaching programs. Your description and the one used by the coach you engage must align. Another aspect of a coach’s philosophical orientation is who they accept as clients. Some coaches work much better with certain types of clients.
To ascertain a coach’s philosophical orientation, you can ask them to explain their views on coaching. Every high-quality coach can precisely delineate the benefits of their expertise and talents.
The coach’s process. You need to understand how the coach works, which is their “process.” Very importantly, what are their responsibilities, and what are yours? One reason advisors who use coaches are not as successful as they might be is that they do not put in the requisite time and effort. By clearly understanding your end of the bargain and what you are committing to, you maximize the success of your coaching experience.
Another aspect of the coach’s process you must be aware of is their pedagogical approach. Is it individually or conducted in a group setting or a combination of the two? What level of access do you have to your coach? In a nutshell, how are you going to work together?
The coach’s business model. You need to know how the coach is compensated. Understanding their business models is one of the best indicators of their current and future behaviors. For instance, if a money management firm provides coaching services, your use of their investment products is how they are compensated. This is significantly different than paying out of pocket for coaching.
You are well served if you also learn about the coach’s operation. The importance of your coach having a well-established infrastructure is a function of the interaction you will have. By having a very good idea of what you are looking for from the coach and a basic idea of their infrastructure, you can determine if the arrangement will work well for you.
If you are like many advisors, coaching is a powerful means for you to accelerate your success. However, with an influx of coaches entering the business and many less than qualified, to truly benefit from a coach’s services requires selecting a top-notch coach who can effectively work with you and provide exceptional value.
Russ Alan Prince is the executive director of Private Wealth and a strategist for family offices and the ultra-wealthy. He has co-authored 70 books in the field, including Making Smart Decisions: How Ultra-Wealthy Families Get Superior Wealth Planning Results.
