Coaching doesn’t just benefit new advisors — it’s something that can pay off significantly for any advisor who is willing to invest in themselves and their practice. At Ameriprise Financial, after just a single semester coaching program, their advisors’ practices average 20%+ growth in client acquisition, advice and net flows.*
“We think of our business development team as personal trainers for your practice,” says Scott Wilkins, CFP®, CRPC®, BFATM, Vice President, Advisor Business Development Group, Ameriprise Financial. “By working with you and helping you hold yourself accountable, we keep you moving down the road to success.”
When looking for an effective coaching program, look for one that’s concise enough to help you create intention and focus, but still detailed enough to help you shape how you run your practice. A program that offers support the way you want and need it — with options to learn from your peers or via 1:1 coaching plus integrated technology to better translate the learnings into practice efficiencies.
3 Keys to Get the Most from Coaching
1. Learn from your peers
Many advisors benefit from coaching that can help them tap into peer-tested methodologies. Use peer groups to get the best practices, tips and advice firsthand from those who’ve gone through the challenges you might be facing now. Plus, you’ll have an opportunity to practice what you learn and get productive feedback from your peers.
Advisors often make significant progress quicker when learning from one another, and a coaching program that includes both field leaders and sales consultants can help you apply the concepts you’re learning to your practice.
2. Seek 1:1 coaching
The best coaches act like a trusted partner, virtually embedded in your practice, to help you work on the things you might miss while you’re busy serving clients — strategic planning, marketing, human resources, finance, operations and service model.
Keep these considerations in mind when looking for the right coach:
- Frequency – Find a coach who offers bi-weekly success coaching. Frequency of coaching is critical to implement change, build sustainable habits and quickly correct course, if needed.
- Accountability – The most effective coaches hold you accountable to execute the actions you’ve agreed to – this can make the difference between achieving results and a seemingly brilliant plan that doesn’t deliver change.
- Fit – Opt for a coach who you respect and can develop a strong working relationship with – one who’s focused on your success. It takes an open, honest dialogue between both of you to objectively evaluate your practice, build on your strengths and address areas where you can improve. The right coach can help you refine your service model, create efficiencies and capitalize on your value.
Whether you need repeatable systems to provide an efficient, referable client experience or are looking for ongoing advice to drive growth, 1:1 coaching is often the difference between being a good advisor and becoming a great one.
3. Get coaching that leverages integrated technology
Integrated, best-in-class technology is mission-critical to every advisor’s practice. It can quickly elevate the client experience, accelerate practice growth and deepen relationships. Technology platforms, like the PracticeTech® platform at Ameriprise, enable advisors to implement best practices, create new processes and deliver an enhanced, secure and compliant client experience. It can also provide important insights for coaches.
“Advisors who want to embrace technology, leverage new systems and use them as an opportunity to grow should be able to do just that.”, says Wilkins. “Seamless technology that allows advisors to track the effectiveness of meetings and marketing campaigns also enables coaches to see where you’re finding the most success and where you might need to improve your capabilities.”
Jump start your growth with coaching
If you’re looking to grow or to run your practice more efficiently, coaching can make a real difference. Whether it’s peer learning or 1:1 coaching, both can help deliver the results you need the way you choose, provided they’re backed by technology that works for you. Learn more about the unmatched coaching, support and technology that Ameriprise offers at ameriprise.com/careers or call 1.866.806.9984.
*Company data, Jan. 1 – Dec. 31, 2019
Ameriprise Financial Services, LLC, is an Equal Opportunity Employer.
Ameriprise Financial Services, LLC. Member FINRA and SIPC.
© 2021 Ameriprise Financial, Inc. All rights reserved.
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As our second lead editor, Cindy Hamilton covers health, fitness and other wellness topics. She is also instrumental in making sure the content on the site is clear and accurate for our readers. Cindy received a BA and an MA from NYU.