I had a great conversation recently with a seasoned CFP. We talked about coaching and practice-development programs. Both support advisor success, but deliver very differently. It’s like the difference between buying a fitness DVD and hiring a personal trainer.
A good fitness DVD is filled with expert information and is appealingly concrete. You see it, you buy it, you do it. It looks so successful, it’s got to work! Some make it work, many don’t.
In contrast, hiring a personal trainer has surprising lack of pizzazz. Not so easy to “see” what you’re buying. Totally different and for many better, a personal trainer is a professional partner. A coach is like a personal-trainer. Not a product, a professional partner committed to your success.
Tip of the Day – How do I Choose?
Here’s my take on the value of each one:
Value of a Program – If you’re a ‘rookie’ you may want a basic development program. Get “fitness 101” for your business. If you prefer to accelerate your growth get yourself a coach too.
Value of a Consultant – If you need an expert tutor, find an experienced consultant. This person can be your Shaman.
Value of a Coach – If you have experience but not reached your potential, find a qualified coach who will empower you and help you achieve.
Value of a Coach & Consultant – If you’re experienced, want a coach and expert, find a coach who brings added value as a consultant.
My Two-Cents – The advisors I know have lots industry resources at their fingertips. They get practice development consulting from: professional associations, wholesalers, consultants, programs, and their organizations. My goal is to support client achievement. I don’t try to persuade clients to work with me, if they clearly need something different.
Most often, clients have all the industry tools at hand and they value expertise they can’t get in their field. We work together to utilize their resources effectively and I switch hats to consultant for the other things like: stress-management, mental focus, motivation, productivity, client relationships, life-balance, communication/conflict, time-management, behavioral-finance, team-building, leadership etc…
Resource of the Day –
Terms like coaching and consulting are used very loosely. Here are some definitions that clarify the differences:
Program (may include “coaching”) – A standardized package of information, skills and practices that is taught to participants. Often the “coaching” may simply be advice and accountability on applying the program. There are some great programs out there.
Consultant – A topic expert who provides specific skills and solutions. The consultant is the leader and teaches the client based on the consultant’s experience.
Coach – An expert in how to promote achievement. The client sets the direction and goals. The coach empowers by focusing and activating the skills and experience of the client to achieve success. (There’s much more to this than I can explain in a sentence. Feel free to reach out, if you want a fuller explanation)
Coach & Consultant – Coaches may also offer consulting. Coaches who consult will collaborate with the client, switching from coach to consultant to serve the client’s interests and goals.
