Coaching Value – Do You Have It?

  • Sales reps reporting to great managers report high levels of job satisfaction and deliver four times more revenue than those working for poor managers.
  • The manager activity most closely associated with sales rep success is coaching. However, of the skills that managers possess, an ability to coach individual sales reps is relatively the weakest.

(Source: Corporate Executive Board)

1. What is your Purpose as a leader?

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What is your Purpose as a leader?

Are you here to serve your people or are they here to serve you?

  • The best coaches we encounter are those with a clear understanding as to what they are called to do every day and why. One great coach answered this question as follows – “My Purpose is to help my advisors fulfill their potential.  If I just focus on this rather than my own success, everyone wins – my advisors are successful, my firm is successful, and I am successful.  So that is what I come to work focused on every single day.”

2. Is coaching a priority for you?

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Is coaching a priority for you?

How much time do you spend coaching?

  • The average sales manager spends less than 50% of their time engaged in coaching activities. Best-in-class managers spend 75% or more of their time in those coaching activities. (Source: Sales Executive Council)
  • Sales leaders who spend at least 3 hours per advisor per month in coaching activities, on average, achieve 107% of their sales goal. (Source: Sales Executive Council)

3. Do your advisors see value in what you do for them?

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Do your advisors see value in what you do for them?

  1. How would they rate you as a coach?
    • This is the most critical aspect of your role – shouldn’t you know? It’s worth asking!
  2. Do they actively seek you out for coaching?
  3. Can you communicate and demonstrate what “good” looks like at your firm when it comes to engaging with prospects and clients
    • Your credibility and value is certainly not where it should be if you can’t.
    • As one of our favorite clients once said, “you don’t have to be the best at it, but you definitely can’t be the worst!”

4. Do your advisors know...

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Do your advisors know…

  1. What you expect from them?
  2. What they are accountable for? (And do you HOLD them accountable?)
  3. What they should expect from you?
  4. What to expect you will ask when they meet you in the hallway?
    • Consistent in-the-moment coaching – which we refer to as Hallway Accountability – is a highly impactful practice that keeps your people on their toes, thinking, focused, engaged and motivated. Once advisors get the hang of you doing this and know to expect it, they typically recognize its value and seek you out in helping them hone their game.  (For more insight on this practice, see our blog Coaching with Efficiency)

5. Who is responsible for each advisor’s success and development – you or them?

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Who is responsible for each advisor’s success and development – you or them?

The answer should be THEM. Too many coaches own it themselves and wear themselves out trying to motivate someone to improve.  To truly help them and add value, you need to hold THEM accountable for their own development, while helping/coaching them along the way.

6. How much time do you talk in a coaching session vs. your advisor?

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How much time do you talk in a coaching session vs. your advisor?

Are you telling? Or asking?

  • Just like in sales, if you are talking more than they are, it’s likely you are not as successful as you might think.

7. When coaching, how much time and focus is spent on deal-coaching versus skills-coaching?

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When coaching, how much time and focus is spent on deal-coaching versus skills-coaching?

Both are necessary, but your greatest value comes from helping them develop their skills, which leads to more closes and less required coaching, i.e., “teach a man to fish…”

8. Do you know the skill strengths and weaknesses of each of your people?

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Do you know the skill strengths and weaknesses of each of your people?

And can you conclude from looking at their pipeline and a five-to-ten-minute conversation what skills they are good at and where they need help? Great questioning skills and having a clear point-of-view as to what “good” looks like will lead you there and be of value to your advisor.

9. Do you have a defined coaching strategy for each advisor?

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Do you have a defined coaching strategy for each advisor?

  • Have you communicated that to your advisor and do they agree?
  • Do they see it helping them, their clients and their results?

CALL TO ACTION

Take a few undistracted minutes to ask yourself these questions.  Honest and thoughtful discernment will serve to either reinforce that you truly DO add value every day or give you some ideas to consider to further strengthen your coaching value.  Just know that the value YOU provide for your advisors has a significant impact both on the experience you deliver for your clients and your company’s financial results.

At Greene Consulting, our focus is to help financial services companies and their advisors deliver engaging experiences that drive growth.  For more detail or insight on this topic or any others that may be a challenge to you, feel free to contact me at 404-324-4600 or via email to rickswygman@greeneconsults.com.

By |2017-10-10T13:58:12+00:00October 10th, 2017|Mass Affluent, Retail Banking, Wealth Management|Comments Off on Coaching Value – Do You Have It?