Three years ago, I decided to add a string to my bow and an extra skill into the business by training to be a business coach. It taught me several valuable lessons I’d like to share as tips.
It’s been a revelation in many ways. First, I quickly realised that as an adviser I was used to telling people what to do. As a coach, I had to help clients reach decisions based on their values, not mine.
Tip number one is don’t try business coaching without training. Just because you’ve run a business does not make you an expert on running businesses.
The coaching I do is hugely enjoyable, but it’s also informed how we give financial planning advice. So tip number two is that every IFA would benefit from a basic coaching course. The skills you learn will strengthen your ability to help clients understand themselves better. And clients who have gained real insight from meeting you will become very loyal clients.
I have also met lots of other coaches and this has been the final revelation. They are almost universally lovely, caring people.
One of our clients has an IFA as a close friend. Recently the client queried what we had advised (which turned out to be fine). It seemed his IFA mate had been criticising us.
You simply wouldn’t get that in coaching. So my last tip is a request. Let us IFAs close ranks and be more willing and open to share ideas.
Chris Budd is managing director at Ovation Finance and an author
