Of course, there may be other reasons to seek out a coach. An advisor who is hitting his financial goals but working 100 hours a week to achieve it may look for a coach specializing in organizational skills and time management. But in most cases, advisors are seeking to boost their income first and address other issues later.
Prince and Van Bortel identify seven key factors to weigh when choosing a coach. They are:
1. A self-assessment of where you need the help;
2. Is the coach's philosophical orientation and definition of success aligned with your self-assessment?
3. How do they do coaching, in groups or one-on-one sessions?
4. What is the coach's area of expertise?
5. What is the coach's background?
6. What is the coach's business model, e.g. how do they get paid?
7. What should you expect from working with each coach, and when should you evaluate the relationship?
There is no question that the coaching business is booming in many professions, including financial planning. Inevitably, this means that the quality of coaching in general will deteriorate as less-qualified people jump on the gravy train and enter the business. Coincidentally, it also means that the bar for high-end coaching will rise and require more innovation.