Choosing a Wealth Manager Coach

March 12, 2021 by

Advisor Wealth Mastery Team

Money makes the world go-’round, but it also causes big problems.

To be more clear, money itself doesn’t cause problems. Problems are created when people aren’t sure how to handle their money. This is why so many people seek out financial advice. 

Because so many people are seeking out financial advice, there’s a growing need for wealth managers. It can be a bit hard to cut through the static as a wealth manager. You’ll have to find an edge that makes you more appealing to customers. 

Define your edge by hiring a wealth manager coach. A coach will teach you how to improve your skills and how to market yourself to potential clients. Below is more important information and 8 questions you should be asking when choosing a coach for your business. 

What Makes a Wealth Manager So Important?

Before you select a wealth manager coach, it’s crucial you understand why what you do is so important. You have to believe in the benefits you offer before you offer them. 

The most important thing you can offer is the ability to help someone achieve their financial goals. Some people are wanting to get out of debt, and other people are wanting to buy a big new house. Whatever their goals are, you help them. 

You also help them create goals. Some people have no idea what they’re working towards, but you can bring in their focus. 

Since you’re a person who’s helping set goals for someone else, don’t you think it’s important you have someone help you define yours? It’s important to be a goal-driven goal-setter. 

This is exactly why someone offering wealth advisor services should have a coach. 

What Can a Coach Do For You?

If you’re someone offering wealth advisor services, you’ll need to discover ways to advertise your services. You’ll also eventually want to expand your services. This is where a coach can step in. 

An ideal coach will help you evaluate your current working systems and will then work with you to come up with an even better plan. There’s no need in throwing out everything that’s already there. They just make it better. 

A tailored plan created by a coach gives you something unique to offer as a wealth manager. People will want to work with you more because they know you won’t offer the same advice they can just quickly google online. 

You’ll also discover a greater drive to succeed when working with a coach. Your coach will hold you accountable as you follow your created plan, and they’ll help you troubleshoot any problems you may come across. 

Lastly, they’ll help you better market your services. Your coach will give you advertisement tips, giving you a leg up on the competition. 

What Questions Should I Be Asking?

As you start searching for your own personal coach, there are certain questions you should be asking. These questions will help sift through your options. At the end of the day, it’s important to remember to trust your gut. 

1. What Experience Do You Have?

In wealth advisor consulting, you know experience has a huge impact on the quality of services someone can offer. This also applies to coaches. The more experience they have, the more wisdom they can offer. 

Ask them about their experience. You can ask them the average number of clients they’ve worked with, how long they worked with them, and where they’ve worked. Location can play a big role in the experience. 

It is true that years of experience doesn’t always equal quality coaching. Some people have a natural knack for it even if they’ve only been doing it for a couple of years. 

2. Do You Have Any Referrals?

If a wealth manager coach is confident in their practice, they should have no problem giving you referrals from past clients. Once you get the referrals, use them. 

Send people emails asking how their experience was with the coach. Ask them if they felt like their services improved and if they found the plans developed by the coach reasonable and effective. 

While you’re not always going to have a 100% success rate, you want to hear a majority of the referrals had a positive experience with the coach. 

Is a coach refusing to provide solid referrals? It’s probably best you continue your search. 

3. What’s Your System of Working?

Understand their system before they start messing with yours. Have a consultation meeting with your potential coach to discuss how they typically approach each client. 

Ask them what are some of the main key points they evaluate and discuss how long it typically takes for them to create and implement new plans with their clients.

Be wary if a coach advertises their plans as incredibly quick or fast-action. Good things take some time. 

Once you understand how their plan works, you’ll want to ask them how they approach potential problems. It’s important to have a coach with effective problem-solving skills. 

4. What Will Our Relationship Look Like?

By asking this question, you’re getting a feel of how much access you’ll have to your coach. You’re also seeing how dedicated they are to building open communication with you. Anyone who offers financial management services knows how important honest, open communication is. 

Are they meeting with you once a week or only once a month? Will you be able to call them if you have any problems, or do you have to wait for them to reach out first? 

You want a coach that will be available to you when you need it.

5. How Would You Track My Progress?

If you’re hiring a coach, you’ll obviously want to notice positive results in your business. These results won’t happen overnight, but it’s important to know you have a coach that’s evaluating your progress and keeping you accountable. 

Once they help you develop plans for your approach, what do they do next? They might track how many clients you gain or ask about your customer satisfaction rates. 

Giving your client’s space to offer their own feedback is also extremely important. They may notice things from their end that you haven’t picked up on. Client feedback is crucial when becoming a better wealth manager. 

6. What Advertisement Strategies Do You Suggest to Clients?

Avoid a coach with no plan to help you advertise your services as a wealth manager. You might also want to steer clear of any coach that’s still solely relying on newspaper ads. 

Ideal coaches will understand the power behind things such as website blogs and social media. You can still create mail flyers or billboard ads, but you can’t afford to forget your online audience. 

Ask them if they have much experience in social media advertisement or SEO. They should know how to not only increase views but how to get clicks. You want clicks that lead people to your site. 

7. What Are Your Rates?

You might have your dream coach in mind, but if you can’t afford their services, there’s no use in bothering them too much. If anyone knows the importance of understanding the numbers, it’s you. 

Inquire about their rates, and clarify with them what their rates include. They might offer different rates depending on their levels of service. Be honest with yourself about what you need. 

Some coaches may charge more than you expected. Decide if it’s an investment you’re willing to make. If they have high success rates and happy clients, the investment is worth it. 

8. Do You Have Any Experience With Niche Clientele?

If you’re a wealth manager working in a niche market, you could greatly benefit from a coach with experience working with a niche clientele. Having a coach that understands your clients is key. 

For example, you may work specifically with young money. Not a lot of wealth coaches work with young people, but you know it comes with a special set of skills. By having a coach that understands young money or is young themselves, you could be heading down the road of success. 

It’s not going to greatly damage your business if your coach has no knowledge of your specific market, but it will hurt your services if they have no regard for your market. 

Trust Your Gut

Overall, it’s important to go with your gut. You’ll know when you find someone who fits your needs and cares to see your services grow. You’ll also know when you’ve stumbled upon someone who’s going to do more harm than good.

Don’t be afraid to do online digging after any initial consultations with potential coaches. Look at their site, and ask fellow wealth managers if they’ve had any experience with them. 

Finding a Wealth Manager Coach for Your Financial Management Services 

You know as a wealth manager that it’s your duty to lead people in the right direction with their finances. If you seem a bit lost in your business, you might be the one needing the redirection. Ask the above questions when searching for a wealth manager coach. 

Guarantee your coach has adequate experience, and always ask for referrals. Ask what their approach is when helping managers develop plans. Go with your gut when deciding on a coach. 

Are you in need of a coach? Don’t waste any more time, and contact us today. 

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