Sponsored by Sigma Financial Corporation
By Bryan Bruce
I love soccer. I have played since I was five, and enjoyed the opportunity to play at a competitive level. I continued to play into my 50s.
I attribute much of my success and appreciation for the game directly to coaching. I have always appreciated the sage advice from those with perspective and understanding of the game who share their insight.
Coaching can help answer many of life’s challenges—playing sports, learning a musical instrument, or running a business. Outside perspective from trusted individuals who have experience working alongside successful professionals can provide ideas and advice to help business owners, including financial advisors, achieve their goals.
Studies show that professionals who seek coaching have increased levels of self-confidence and benefit from improved work performance.1 Coaching, applied holistically, can help financial advisors improve their level of focus, which can lead to greater efficiency and added profitability.
You have built a successful practice. With a few adjustments, you could better serve clients and drive profitability.
How can coaching help?
Work/Life Balance: Most advisors tell me they work 60 or more hours per week. Much of that time could be considered “busy work,” which does not add to the bottom line. Would you like to get some of those hours back? Spend them doing more for yourself or your family?
Work with the “top half” of your book: My research shows that advisors generate more than 90% of their revenue by serving clients in the top half of their book of business. How much time are you spending with the bottom half of your book? How much effort do you expend mining prospects in the top half—where your clients are already your advocates?
Add staff: When should you hire staff, how much should you pay, and where will you find the money? Whether you add a part-time administrative assistant, paraplanner, or new advisor to the office, more staff can help you focus, allow you to spend your time building relationships that enhance the greater good of the business, and keep you concentrated on the tasks you love.
Succession/Continuity Planning: This topic is high on the lists of “to do’s” for most financial practices. Succession and continuity are issues advisors want to address but never find the time. Do you recognize how important this can be to your clients? They want to know what happens to them if something were to happen to you. Family and business partners need to understand what will happen to the business in the event you become incapacitated for an extended period, or worse.
A professional coach can address each of these topics and more. You may find making minor “tweaks,” or a change in direction, can bring a stronger appreciation for your business…and reward you with an even greater love of the profession.
Bryan Bruce, Practice Management Consultant, has 30 years’ experience working with and coaching advisors in the Wirehouse, Bank, and Independent channels. He now referees soccer matches as a “Grade 8” official.
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1. https://instituteofcoaching.org/coaching-overview/coaching-benefits
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