While a financial advisor might provide advice that is tough to hear, like a coach, the best financial advisors also enable their clients to have a voice and choice in the process, Demmssie and De Freitas added. This, collaboration drives engagement, and cultivates the financial habits that investors need to realize the promise of their long-term financial plan. After all, a good financial plan, just like a good training plan laid out by an athletic coach, is one that is used.
The Rewards Of Good Coaching
In so many ways, financial advisors are more than just financial coaches to their clients. As in other facets of life, good coaching can make the critical difference that helps someone to achieve an important goal. The focus and dedication required helping clients achieve financial security and to live the lifestyle that aligns with their wishes and dreams is certainly worth the effort.
The advisors who do this successfully will reap the financial rewards of client loyalty over the long-term, as well as the personal satisfaction of helping clients achieve their goals. By taking the time to get to know clients—beyond the numbers—advisors can engage, motivate and coach their clients to success.
For more practice management, differentiation and growth advice from 40 industry thought leaders read Exploring Advice: What You Need to Know About Good Financial Advice, a Quality Financial Plan and the Role of a Fiduciary available on Amazon.com.
Bob Curtis is the founder and CEO of PIEtech—the creator of MoneyGuidePro, the industry’s leading financial planning software. He has over 30 years of experience as an innovator in the software industry and is a leader in developing easy-to-use, interactive financial planning software.