Advisors and other professionals, such as accountants and lawyers, increasingly recognize the need to refine and expand their knowledge, perspectives and skills. They sorely need to stay at the top of their game to compete and succeed in today’s hyper-competitive environment effectively. This is even more so when it comes to those advisors seeking to work with the wealthy and ultra-wealthy. The need for advisors to better themselves translates into a very pronounced need for lifelong learning.
A growing array of coaches, and educational organizations, including business schools and training institutions, are assisting advisors and other professionals. While demand for top-quality advisor coaching is increasing, so is the number of firms and individuals stepping up to provide solutions. For instance, the number of online platforms is burgeoning.
This proliferation of advisor coaches can produce confusion among advisors. Deciding which programs and whose curriculum is best for them can be somewhat off-putting, if not out and out, daunting. Because of the financial costs involved and a serious commitment of time and energy, advisors need to know they’re getting the education they need. An education that meets their requirements and goals, an education that will enable them to meaningfully better themselves and result in more successful careers and consequently greater personal wealth.
A solid business objective of all individual coaches and coaching firms is to stand out and garner a substantial, if not disproportionate share of the monies being invested by advisors. While the opportunities are considerable and swelling, some individual coaches and coaching firms can effectively differentiate themselves. This gives them a meaningful and sometimes daunting edge resulting in more advisors for their services. Moreover, their students are often also willing to pay a premium.
There are several ways for individual coaches and coaching organizations to differentiate themselves and gain a significant edge effectively. Often a critical starting point is recognizing what advisors are seeking. Let’s remember that the premise is to learn to be more successful. Hence, the advisors require highly actionable insights, methodologies and strategies. They need information and processes that will empower them to contribute to the success of their companies more meaningfully. This, in turn, will, in many situations, make them more personally wealthier.
One of the most powerful and proven ways for individual coaches and coaching organizations to gain this edge is by being thought leaders. Coaches and coaching organizations that are thought leaders, by definition, possess the cutting-edge knowledge and insights sought by advisors.
By comparison, the executive education programs of the major business schools, for instance, attract students because their professors’ research is supported by the institutes and research centers they establish. For example, some of the most successful small training boutiques are founded on the insights codified in a bestselling book.
What’s important to stress is that the intellectual content that underpins the thought leadership materials has to be applicable. The viability and practicality of the coach’s services are critical to advisors more than ever before. The guidance produced by a thought leader should be immediately impactful.
While many advisor coaches and coaching organizations will be moderately successful, those that are thought leaders, thereby standing out with exceptional content, will be the ones to garner a substantial share of the advisors looking to excel.
Russ Alan Prince is the executive director of Private Wealth magazine and chief content officer for High-Net-Worth Genius. He consults with family offices, the wealthy, fast-tracking entrepreneurs and select professionals.
