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Do Financial Advisors Need to Work With a Coach?


Achieving your goals as a financial advisor may be easier when you have someone to guide you along the path. That’s where financial advisor coaching comes in. A coach can help you to fine-tune your strategy for growth and become a better advisor. Considering the potential benefits and return on investment can help you decide if hiring a coach makes sense.

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What Is Financial Advisor Coaching?

Coaching for financial advisors encompasses different strategies and solutions for professionals who may need help realizing their goals. A coach can offer personalized advice to help you develop systems and routines for your business, enhance your professional skills and hold yourself accountable for the actions you take.

Coaches may specialize in certain niches, such as marketing, or take a more comprehensive approach in assisting advisors. For example, your coach might help with business development while also offering advice on how to improve work-life balance.

They may deliver their advice through one-on-one coaching sessions, on-demand courses or live classes that bring you together with other advisors. Every coach is different with regard to their approach, the services they offer and the fees they charge.

Why Would Financial Advisors Need Coaching?

As an advisor, you might work independently and see no reason to seek outside advice on how to run your firm. There are, however, some advantages to working with a coach regardless of the level of success you may already have achieved.

Here are five common reasons why you might consider coaching:

  • You’re in a rut. If you find yourself feeling stuck or get a sense that your business has settled into an all-too-comfortable routine, a coach could help you to break out of it. Getting an outside perspective could help you pinpoint where change is most needed to elevate your business and brand.
  • You struggle with goal setting and time management. Without clear goals, you may feel directionless or lack a clear idea of where you want your business to go. Even if you have some goals in place, you may struggle to achieve them if you’re disorganized or don’t use your time wisely. A coach could help you develop concrete goals and create a timeline for achieving them so that you can move forward.
  • You need someone to share ideas with. If you’re running your firm solo, you might appreciate having someone to bounce ideas off of. A coach can be a sounding board for your ideas and help you to organize them so that you’re able to pick out the ones that are viable and make the most sense for your practice.
  • You lack motivation. Growing an advisory firm can be a test of your patience and willpower. If you find yourself feeling demotivated along the way, or you simply need a nudge to take action in your business, a coach can help with that. A coach could also offer encouragement to step outside your comfort zone and try new things that can set your firm apart from the competition.
  • You’re in a transition phase of your career. Being an advisor doesn’t always mean charting a smooth course. You might be moving out of a larger firm to establish your own boutique agency, for instance. Or maybe you’ve had several advisors leave your firm and you’re at a loss for how to recruit new members to your team. Working with a coach can help you navigate those types of changes with less stress.

Does every advisor need to work with a coach? Not necessarily. Whether coaching is something you should consider can depend on where you are in your career, where you want to go and what type of plan you have in place for getting there. However, there are some undeniable benefits that go along with having a reputable coach on your side.

How to Choose a Financial Advisor Coach

A coach reviewing professional solutions with financial advisors.

Searching ‘financial advisor coaching’ online turns up numerous results but it’s important to dig deeper and find the right one to work with. Identifying your needs and reasons for hiring a coach is a good place to start.

For example, it may help to ask yourself the following questions:

  • What do you feel you’re struggling with most in your business right now?
  • If you’ve set goals for your business, how satisfied are you with the progress that you’ve made so far?
  • If you haven’t set any goals for your advisory business, what’s holding you back?
  • Where do you see yourself and your business one year from now? Five years? Ten?
  • If you could flip a switch and change one thing about your business right now, what would it be?

It’s also a good idea to consider what type of coaching format you’re looking for and the kind of personality traits you’d most (or least) desire a coach to have. The best coach in the world won’t be able to help you if your personalities are a mismatch.

Once you’ve put some thought into what you hope to get out of coaching and the characteristics you’d prefer a coach to have, you can take the next step. This is where you’ll want to research different coaches and coaching firms to see how they compare.

As you look at the options, consider:

  • What type of coaching services are offered
  • How those services are delivered (i.e., in-person, virtual meetings, courses, etc.)
  • Who they primarily serve
  • How they structure their coaching fees
  • What kind of reputation they have and what others are saying about them

The goal is to find a coach that aligns with your needs. If you’re running a one-person firm, for instance, it might not make sense to consider a coach whose client list mainly consists of Fortune 500 companies.

With regard to fees, it’s not uncommon for coaches to charge an initial fee along with a monthly or yearly fee. It’s important to consider how long you plan to use their services to get a better sense of what coaching may cost. Also, keep in mind that some coaches may require you to sign a contract that locks you into using their services for a specified time period.

Bottom Line

A coach working with a team of financial advisors.

Financial advisor coaching isn’t a requirement to be successful, but it’s something you might consider if you need help getting from Point A to Point B in growing your business. The more time you spend researching different coaching options, the better your odds of connecting with someone who understands your unique needs.

Tips for Growing Your Advisory Business

  • SmartAsset AMP (Advisor Marketing Platform) is a holistic marketing service financial advisors can use for client lead generation and automated marketing. Sign up for a free demo to explore how SmartAsset AMP can help you expand your practice’s marketing operation. Get started today.
  • If you’re interested in connecting with a coach, you might consider tapping your network for suggestions. Networking and building relationships with other financial professionals can be vital to growing your business. Another advisor may be willing to refer you to the coach they’ve used to take their firm to the next level.

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