Did you know that getting a marketing coach can increase your profits by 46%? But more than just a boost on your bottom line, financial advisors can also benefit from business coaching in other aspects.

Even if you are the best in financial planning, you may have issues with marketing, business development, hiring, management, or productivity. The main goal is to hire someone that can improve a specific part of your business.

Whether you aspire to grow your business or feel stuck and need some help, you can benefit from hiring a financial advisor marketing coach.

Coach vs. Consultant

Many people struggle to distinguish the difference between a "consultant" and a "coach.” In this article, we will define the difference and similarities between the two, and offer a list of benefits as to why hiring a coach is a good option.

Coaches

Coaches offer help in establishing and meeting goals, resolving challenges, improving performance, and their main goal is to focus on growth. Overall, coaches help build better client relationships, boost revenue, and increase the financial advisor's client base.

Instead of teaching, coaches will help develop strategies, perform actions, and get maximum results.

Consultants

On the other hand, consultants perform more specific work based on a previously developed plan with a clear resource statement. Consultants deliver quality information and expertise besides improving your business.

Benefits of Hiring a Coach

Hiring a coach is not just spending money. Instead, consider this as an investment in your business and always focus on the performance of coaches and not their prices.

The most common benefits of hiring a marketing coach are:

• Marketing coaches enable discovering your brand, voice, and message

Marketing agencies work in many industries and might have a "templated" approach, even if the businesses have different niches. And marketing yourself as a trustworthy and credible financial advisor would need a specialized approach. You audience will want to feel valued and hear an authentic voice

Hiring a marketing coach will help you shape a unique voice and stand out from other financial marketing campaigns.

• Controlling marketing expenses and development

While outsourcing marketing efforts is gaining traction, it’s still a good idea to have someone you can trust in-house. A financial advisor marketing coach will not only help define your brand, they can also offer their expertise on defining your budget.

As a coach, they’ll let you handle most of the big decisions. They can offer advice and guidance on what marketing strategies will work best, but ultimately, you should be able to handle these in the future.

Common growth is crucial in each business. Imagine how much you can achieve if you complement as a team.

• Encounter fewer compliance headaches

Compliance is an important factor to consider when you’re in the financial industry. As such, hiring a generalist marketing agency might be a far riskier move because they might not be equipped to handle and navigate the compliance issue.

You need to ensure that you follow regulatory standards since the cost of not adhering to them can be devastating. Learning the compliance curve is a long process, so hiring an experienced marketing coach is the right step for you.

To sum up, a good financial advisor marketing coach can give you objective feedback, help set your goals, and your desired results in no time.

Some financial advisors are fine with doing the work alone; however, even professionals get to that phase where they would need help from a marketing coach.

The coach may help you in some of the following ways:

• Contribute to your confidence
• Give you objective feedback
• Keep you accountable for saving and investing money
• Brainstorm new ideas

How to Choose the Best Coach

These are the most useful tips for hiring a coach:

• Hire a coach with experience

Having knowledge in a particular field is not enough; coaches need to be able to apply the knowledge to action. Imagine facing a scenario where your coach knows everything about the problem but doesn’t have a working solution.

To get the best from your coach, hire a professional with proven financial advisor career coach experience.

• Has strong analytical skills with a critical eye

A good business or marketing coach should have good judgment, can analyze the market astutely, and offer advice on overcoming obstacles. Their keen eye and years of experience would help pinpoint areas where you’ll need the most improvement and areas where you’re doing well.

• Can do one-on-one coaching

One-on-one coaching brings more harmony. This way you get a more personalized service that is well-suited for your business.

• Get a coach with a specialty

There are plenty of available coaches, but you don't want to hire a "life coach" for your business, for example. Instead, aim for professional business coaches for financial advisors.

Join the Mastermind Community

At Magellan Mastermind, we want to help you achieve success through various programs and expert guidance. By joining our community, you can have access to like-minded professionals in the financial industry and be able to broaden your horizons.

Learn more about what we can achieve together by getting in touch with us here.