Coaches: the new generation of financial advisers

For years, I have had the good fortunate of getting referrals from financial advisers. Bankers, attorneys, and accountants have provided me with a steady steam of introductions to their clients. I have been honored to be the “resident life insurance expert” when the topic of life insurance pops up.

One challenge has been the “transactional” nature of their consultation. These financial advisers typically excel at, well, giving advice 🙂. Their client has a need for a product or service, and the adviser solves the problem by steering them in the direction towards buying it.

This is exactly what advisers traditionally do, and the men and women with whom I work do it exceptionally well. But i think we have all had difficulty addressing the mindset of the client. Is he or she ready to buy? What is their thinking? What thought process do they have to go through to feel comfortable making a buying decision?

Too often, the client has not had the confidence to move forward; as a consequence, their finances were not sufficiently secured. And it’s all because financial advisers typcially do not address the mental aspect of financial management.

This is why I applaud the emergence of financial coaches onto the advisory scene. These men and women have the skill set and practice needed to empower their clients in financial management. Those of us who have been on sports teams know the value of a coach in both your personal development and your performance. It’s a blessing to have such an influence in the world of personal finance.