Many financial professionals view a personal cheerleader as a necessary investment on their way to achieving their goals. But before you embrace the idea that coaching is indispensable to success, think carefully about whether it's the best approach for you. To start, consider whether any of these descriptions apply to you.
I Know What I Want
Successful people who envision future professional goals, or who recognize short-term motivation can enhance their careers, may be ripe for coaching.
Kyle Jacques, an independent financial representative with Northwestern Mutual Financial Network in Wakefield, Mass., knew it was time to reassess his professional goals and strategies after his first three years in business. After developing as many contacts as he thought was possible, he worked with a sales coach for one year to invigorate sales and marketing ideas and focus on a business plan.
"As a sole proprietor, no one holds me accountable. It's not as if my boss is telling me to kick it up a notch," says Jacques. Working with a coach provided a motivational dose of accountability and follow-up. He says he earned more money and maintained a positive, focused perspective on his work.
In contrast, someone engaged in an ongoing quest for the meaning of life often is not an appropriate coaching candidate. "People have to know what they want," explains Deborah Brown-Volkman, president of Surpass Your Dreams, a career coaching firm in East Moriches, N.Y. "Coaching is for healthy, successful individuals who are not moving forward at that particular moment in their lives. They need someone to brainstorm with, accountability and a plan."
I Have a Specific Career-Related Problem
Acknowledging your professional shortcomings is painful, but it's also the first step toward fixing them. Maybe you're indecisive when giving clients financial advice, or perhaps you can't speak up during company meetings. Coaching may address these problems through weekly assignments and counseling on interpersonal skills. "Coaching is not a Swiss Army knife of change. But it's good for the range of issues that, in fact, make a difference," says John Lazar, a coach based in Forest Park, Ill.
My Job Is Boring
After ten years of number crunching, you face the workweek with dread. Daily tasks seem stultifying and you regret not having pursued a degree in fine arts. "People suffer in so many ways," says Brown-Volkman. While you may require therapy to address your mental health, additional guidance from a career coach can help you transition to a new job, or even a new field.
They Didn't Teach Me That in Management School
You thought an MBA would provide the leadership skills needed to successfully manage your department. But theory and practice are entirely different. An executive coach - particularly one with management experience that's relative to financial services - may provide realistic insights.
Just Like the Light Bulb, You Want to Change
Coaching won't work unless you're receptive to the process. "A good coaching client is ready to embrace change," says Phillipa Kennealy, founder of Oya Consulting in Los Angeles. Before retaining a coach, ask yourself whether you're more likely to just listen or to act. With coaching fees in major cities ranging anywhere from $150 for a 50-minute telephone session to over $1,000 per month, answer honestly.
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