A good Coach for independent advisors
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.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.I am a white guy in middle America. I ate Cheerios for breakfast. I drive a Saab, my favorite color is green.
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".Good post milyun
Oechsli. The best IMO.
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!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.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...Oechsli. The best IMO.
[quote=chief123]
That guy is full of crap and theories.. Oechsli, was never in the business, he is an author at best...[/quote] Those theories have worked very well for us over the last year.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.Oh so you found high net worth investors??? See it’s all crap… Is there anything specific?
Positioning is everything. Care to share one or two top positioning concepts? Maybe I can reciprocate the favor.
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,.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.
[quote=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,.[/quote] They specifically state in their literature that they are looking for "Rainmakers" that are averaging at least 10 new $1mm+ clients per year.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.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.[quote=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.[/quote] Exactly.. They run a ponzi scheme[quote=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.[/quote] 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.[quote=jfadvisor]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. [/quote] This might be a good fit for you. It wasn't a good fit for me. The head guy is Ron Carson, LPL's top producer. http://www.joinpeak.com/Thanks anonymous, I heard of them, why do you feel it was not a fit for you?
They are just a better fit for someone looking to build a practice focusing more on high net worth individuals. I’m more of a low hanging fruit kind of practice with a strong insurance emphasis.
[quote=B24] 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.
[/quote] To each his own, but I can't agree with that. I wish I would have known about Oechsli 10 years ago... I would be retiring today. What he teaches, in essence, is how to get rid of the awkwardness in meeting new propects, asking for the business, asking to meet friends of your current clients, etc.. All of this, without coming off as a "sleezy salesperson". It's all really common sense, but our fears and inhibitions trip us up all the time. What Oechsli provides you is a "framework" of how to think about yourself. Once you have this framework internalized, you know what to say in every situation. You know when to be aggressive and when to lay back. You learn what affluent people are looking for and what their hot-buttons are. Case in point: We all know that the best new prospects come from existing client referrals. Yet Oechsli doesn't think that a referral is the best way. You should want an introduction to the prospect. That one little point - introduction, not referral - has made a huge impact on our business. We are now getting our current clients to introduce us to their friends, family, co-workers, golfing buddies, etc.. I guess if you are a natural "schmoozer" you don't need this kind of training or insight, but we did, and its made a big difference.[quote=etj4588][quote=B24] 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.
[/quote] To each his own, but I can't agree with that. I wish I would have known about Oechsli 10 years ago... I would be retiring today. What he teaches, in essence, is how to get rid of the awkwardness in meeting new propects, asking for the business, asking to meet friends of your current clients, etc.. All of this, without coming off as a "sleezy salesperson". It's all really common sense, but our fears and inhibitions trip us up all the time. What Oechsli provides you is a "framework" of how to think about yourself. Once you have this framework internalized, you know what to say in every situation. You know when to be aggressive and when to lay back. You learn what affluent people are looking for and what their hot-buttons are. Case in point: We all know that the best new prospects come from existing client referrals. Yet Oechsli doesn't think that a referral is the best way. You should want an introduction to the prospect. That one little point - introduction, not referral - has made a huge impact on our business. We are now getting our current clients to introduce us to their friends, family, co-workers, golfing buddies, etc.. I guess if you are a natural "schmoozer" you don't need this kind of training or insight, but we did, and its made a big difference. [/quote] Yeah your paragraphs read like his books do.. Some nice jargon of "introduce" instead of refer.. "internalize framework"... His whole book reads like that... "Find your zen" "harmonize your process" "SUCK MY d***"... He is selling you on reasons to use him and buy his book...Like I said, to each his own. But, the proof is in the numbers… we’ve added quite a bit of HNW clients using his zen.
Seriously though can you site a specific example that isn’t “well he told us to have our clients introduce us to people”
I’m with Squash on this. Coaching seems like a lot of hocuspocus.
Now I don’t feel so lonely.
It’s really simple stuff, and many people might not need it, but here’s an example.
One of my best client's has a brother that is worth about $50M. This client has been with me for 10 years and our relationship couldn't be stronger. For years he told me about his brother... telling me I should call him but I never did because I was unsure about how I would come off. Would the guy be polite and just say something like "maybe sometime I'll meet with you in the future"? Would he be rude and say "I've already got an advisor" and hang up on me? If either one of these scenarios played out how would that affect my relationship with my client? All of these questions bothered me because a referral - which is what I had - wasn't the ideal mechanism. Now if the guy had a couple of hundred grand, I would just chalk it up to a "no" and move on. But this guy is liquid for $50M. I didn't want to blow it. He's a potential career changer. Every year, I take my client and his wife out for dinner. This time, I told my client that he should bring his brother and his brother's wife along too. "You talk about him all the time, and I've really never got to meet him." Very non-threatening way to meet the guy. So they come to dinner and we have a great time. No business is discussed at all. He doesn't ask me about my business. I spend the whole evening listening about how he grew and eventually sold his business. I wanted to know him on a personal level before business was discussed. So my goal for that first dinner was to just get the okay to call him sometime. On the way out of the restaurant, we had about 30 seconds alone, and I said "I don't know how much investing you do, but if I could help you in any way, I would like to earn some of your business". He pulls me aside and says "Don't be afraid to call me if you have a good idea. I'm always open to talk". From there, I was perfectly primed with this guy. It was very subtle and non-threatening. Now for full disclosure, I haven't closed him yet. But this is only because he is out of the country for 5 months a year and we haven't found an attractive investment yet. But he does take my calls and is always happy to hear from me. In hindsight it seems ridiculously easy and just common sense. But back then, the course of action wasn't clear. Oechsli's book made it clear for me. Like I said, it's not for everyone and you should do what works for you personally.[quote=etj4588][quote=B24] 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.
[/quote] To each his own, but I can't agree with that. I wish I would have known about Oechsli 10 years ago... I would be retiring today. What he teaches, in essence, is how to get rid of the awkwardness in meeting new propects, asking for the business, asking to meet friends of your current clients, etc.. All of this, without coming off as a "sleezy salesperson". It's all really common sense, but our fears and inhibitions trip us up all the time. What Oechsli provides you is a "framework" of how to think about yourself. Once you have this framework internalized, you know what to say in every situation. You know when to be aggressive and when to lay back. You learn what affluent people are looking for and what their hot-buttons are. Case in point: We all know that the best new prospects come from existing client referrals. Yet Oechsli doesn't think that a referral is the best way. You should want an introduction to the prospect. That one little point - introduction, not referral - has made a huge impact on our business. We are now getting our current clients to introduce us to their friends, family, co-workers, golfing buddies, etc.. I guess if you are a natural "schmoozer" you don't need this kind of training or insight, but we did, and its made a big difference. [/quote] I stand corrected. As I said, I have never used him, but that was the impression I got from the material I saw. Sounds like good advice....Anyone else have any experience with Peak/Ron Carsons coaching service?
I spent some time on the phone with them today talking about their Resource Center service. Seems like a lot of money for a mostly web based service. I asked if they would give me some referrals that i could speak to who were happy with their service and got results, but the answer was, the people who work with us are taught to make the best use of our time, so they would not want to spend the time on the phone with you. I thought that was a bullcrap answer, so I'm inclined to just buy his book "tested in the Trenches" which they say the program is based on, and save myself the few thousand they want me to pay.[quote=Sportsfreakbob]Anyone else have any experience with Peak/Ron Carsons coaching service?
I spent some time on the phone with them today talking about their Resource Center service. Seems like a lot of money for a mostly web based service. I asked if they would give me some referrals that i could speak to who were happy with their service and got results, but the answer was, the people who work with us are taught to make the best use of our time, so they would not want to spend the time on the phone with you. I thought that was a bullcrap answer, so I'm inclined to just buy his book "tested in the Trenches" which they say the program is based on, and save myself the few thousand they want me to pay.[/quote] I have the book and will sell it to you for a $1 plus shipping in hopes of recouping some of my losses..[quote=chief123][quote=Sportsfreakbob]Anyone else have any experience with Peak/Ron Carsons coaching service?
I spent some time on the phone with them today talking about their Resource Center service. Seems like a lot of money for a mostly web based service. I asked if they would give me some referrals that i could speak to who were happy with their service and got results, but the answer was, the people who work with us are taught to make the best use of our time, so they would not want to spend the time on the phone with you. I thought that was a bullcrap answer, so I'm inclined to just buy his book "tested in the Trenches" which they say the program is based on, and save myself the few thousand they want me to pay.[/quote] I have the book and will sell it to you for a $1 plus shipping in hopes of recouping some of my losses..[/quote] Thats what i thoguht. I'm gonna buy the book just for the helluvit, and leave it at that.http://campconnelly.com
Don Connelly This guy is awesome and no bullsh*t. His advice will help everybody not just some subset of whatever. When I was just out the door I taped a lot of his stuff and listened to it night and day.Source URL:https://www.wealthmanagement.com/forums/general/good-coach-independent-advisors