A good Coach for independent advisors

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Jan 10, 2010 4:11 pm

I am independent advisor. I am contemplating hiring a coach. To help me stay focused, Raise assets, new ideas, keep me on the cutting edge, planning ideas for clients etc.

 
Of course price is an issue. I am looking to spend some money, but I would like a really good deal for it.
Jan 10, 2010 4:18 pm

I am a white guy in middle America. I ate Cheerios for breakfast. I drive a Saab, my favorite color is green.

Jan 10, 2010 5:17 pm
SometimesNowhere:

I am a white guy in middle America. I ate Cheerios for breakfast. I drive a Saab, my favorite color is green.

 Good answer. Very appropriate response for the question asked. Actually there was no question. Whats your question Jf? From your post you sound like if you were a prospect i would politely end the conversation when you ask about my fee. Do you care only about getting a good deal, or getting value from a coach for whatever it is he/she charges.
 
Seriously, maybe you should rephrase your post/question. You might get a serious response.
Jan 10, 2010 5:36 pm

I guess like a good advisor, though, a good coach might not be out cold calling, rather, would be working mainly by referral.

 
When you had an initial consultation, though, the coach would ask a few questions that immediately demonstrated the value of the coaching service and showed a little value, maybe like ( I'm asking myself these questions):
 
1. At the end of 2010, what single number reflects your success for the year? Example, you brought in 4.7m new AUM.
 
2. What three things could drive those results?
 
Example,
 
A. Proactively service upper decile clients, ask for names of their friends and family that you can just mail out an invitation. Hold an appreciation event where those clients and friends could meet you informally.
 
B. Hold one meeting in the office with every lower decile client, include and insurance review.
 
C. Spend $6,000 on lunches (existing clients, can bring a friend near their work) and greens fees ( joing random threesomes at the public and private course, and invite existing HNW golfer clients to bring friends, focus on Thursday and Friday afternoons).
 
It comes down to specifics, and is a process, like financial planning.
 
Also, a lot of coaching and external programs (like, spending time with wholesaler "coaches" and going to b/d functions) can sap your time and money.
 
In other words, what is your unique vision for your balance of work/personal life? Do you like to  live ten minutes from the office and sleep in mornings like Yogi bear, and work five hours a day, and go coach your kids sports games after school?
 
If so, you will need to cut out almost everything that is not: servicing existing clients, and spending some time developing a relationship with prospects.
 
A coach might help you develop a "paradigm" that gives you the focus and energy to execute a unique ( lonely?) strategy that gives you time to become very, very efficient at your work, leaving more time for the rest of your life.
 
That is why some people say, " Success can be scary, almost as frightening as potential failure."
 
What other professions can be as efficient and lucrative as FA? (If you can control your platform?). Maybe something like online game design, where you annuitize ad revenues and make money while you sleep.
 
January is a good time to be asking these questions. Maybe you should consider coaching yourself. Maybe not - it depends on who you are and what you want for yourself.
 
I'm not knocking external coaching, go for it. I'm trying to sell a few (other) folks here on the idea of sharing a little this year on the 2010 growth thread, if you're interested, let's see if we can motivate a little here this year ( just for fun).
 
My problem is, I'm not willing to take a chance on some random coach. People say, you shouldn't be your own FA either. I manage my own money because I have a lot of knowledge and experience, and have already made most of the common mistakes.
 
I like this work, that's why I got into the business. The other question is, are you coachable?  For many of us, the answer is probably, "no".
Jan 10, 2010 7:39 pm

Good post milyun

Jan 10, 2010 8:39 pm

Oechsli.  The best IMO.

Jan 10, 2010 9:59 pm

Thank you Milyunair! I agree with almost all of your points. Especially the questions you pointed out about at the end of 2010. That's what I mean, I am looking for someone really good. I have had others in the past. They were good. But sometimes too expensive. And there coaching was repetitive. I am looking for someone to inspire me. Make me think of things and ways of doing things I dont know about yet. New cutting edge ideas. Also to your point, I am looking for a referal, word of mouth of someone good. Thats why I posted this.

 
Lol, Sorry sometimes and sports... I didnt word it right guys. I am tired and have alot on my plate : ) 
 
ETJ, thank you for your response. Why do you like Oeschli so much? Can  you please share more detail. Thank you!
Jan 11, 2010 12:55 am

Yes, I'd like to hear about a about a coach that has enough experience and focus to start with your vision. A lot of coaches don't really listen. Anything you do has to fit with your personality and style. It's probably just hard to find someone who is smart and successful.


 
It would probably be fun to coach. Coaching at your b/d is coaching your local competitors, and outside your b/d is a conflict of interest. Too bad.
Jan 11, 2010 8:41 am
etj4588:

Oechsli.  The best IMO.

 
That guy is full of crap and theories.. as are most coaches.. I would only reccomend someone who was in the business and retired because they wanted to not because they couldn't make it.. Oechsli, was never in the business, he is an author at best...
Jan 11, 2010 9:46 am
chief123:
 
That guy is full of crap and theories.. Oechsli, was never in the business, he is an author at best...
 
Those theories have worked very well for us over the last year.
Jan 11, 2010 11:20 am

Oh so you found high net worth investors??? See it's all crap.. Is there anything specific?

Jan 11, 2010 12:07 pm
chief123:

Oh so you found high net worth investors??? See it's all crap.. Is there anything specific?

 
Yes we have.  Coming from a wirehouse background there are no accounts to inherit as an independent.  Therefore we have to consistantly find new people.  We have to network.  Oechsli's "crap", as you put it, teaches you how to position yourself in front of these types of investors and how to use what you have to make yourself attractive to them.
Jan 11, 2010 3:22 pm

Positioning is everything. Care to share one or two top positioning concepts? Maybe I can reciprocate the favor.

Jan 11, 2010 10:07 pm

A few weeks back i filled out an online form on the Oechsli website and was to hear back from them for a consultation. I got an immediate "auto-response" saying i would hear from them. Never did. I can only figure that they looked at my numbers and decided i wasnt big enough. If that was the case, i would have thoought i would have at least gotten an email back saying their model woudlnt help me or something (although there is no way they can know that). Pretty dissappointing.

If my assumption is wrong, then it tells me they are just not very responsive, especially considering all the effort they put in to market themselves.
Sorry guys just had to get that off my chest,.
Jan 11, 2010 11:02 pm

Heh, probably gave the lead to some burned out rookie. I doubt if you're too small, I would have called you back. They're too big to succeed.

Jan 12, 2010 9:33 am
Sportsfreakbob:

A few weeks back i filled out an online form on the Oechsli website and was to hear back from them for a consultation. I got an immediate "auto-response" saying i would hear from them. Never did. I can only figure that they looked at my numbers and decided i wasnt big enough. If that was the case, i would have thoought i would have at least gotten an email back saying their model woudlnt help me or something (although there is no way they can know that). Pretty dissappointing.

If my assumption is wrong, then it tells me they are just not very responsive, especially considering all the effort they put in to market themselves.
Sorry guys just had to get that off my chest,.
 
They specifically state in their literature that they are looking for "Rainmakers" that are averaging at least 10 new $1mm+ clients per year.
Jan 12, 2010 10:59 pm

If i am averaging 10 new $1mm _ clients per year, what the hell do i need to pay them for?


I dont remember seeing that comment on their website, so seems to me that for the sake of being professional, they might have simply provided a response to that effect.
Jan 12, 2010 11:02 pm

If i am averaging 10 new $1mm _ clients per year, what the hell do i need to pay them for?


I dont remember seeing that comment on their website, so seems to me that for the sake of being professional, they might have simply provided a response to that effect.
 
Jan 13, 2010 12:15 am
Sportsfreakbob:

If i am averaging 10 new $1mm _ clients per year, what the hell do i need to pay them for?


I dont remember seeing that comment on their website, so seems to me that for the sake of being professional, they might have simply provided a response to that effect.
 
Exactly.. They run a ponzi scheme
Jan 13, 2010 9:33 am
Sportsfreakbob:

If i am averaging 10 new $1mm _ clients per year, what the hell do i need to pay them for?


I dont remember seeing that comment on their website, so seems to me that for the sake of being professional, they might have simply provided a response to that effect.
 
I think they are great for the "accidental" rainmaker.  The guy/team that became real successful real quick, or became big over many years, but now really don't know how to manage a big advisory practice.  I don't think they are meant to teach someone how to become big, they are meant to help a $1mm producer become a $2mm producer and so on.
 
Never used them, but that's the impression I get from what I've read about them.