A call for coaches

"If part of your goal for hiring a coach is total self-improvement, not just business improvement," Tyrpak says, "then an outsider can often provide a broader perspective on areas to be improved."

Jason Papier prefers to use a coach from outside the industry, too. As managing partner at PWJohnson Wealth Management, a wealth and financial planning firm in Sunnyvale, Calif., Papier thinks it's important to learn from people in other industries who are more knowledgeable in certain subjects than he is. By working with coaches from outside the industry, Papier says he gets "fantastic insights" into areas such as marketing, HR and organizational modeling. He credits this approach as the reason his business functions at a much higher level than his peers' businesses.

What is Battley's answer to the question of whether a coach should be an industry insider or outsider? "It depends on your coaching goals," she says. On the side of using an industry insider, Battley argues that, often, the best coach to help you achieve your goals when it comes to managing, negotiating and sales is someone with complementary expertise. But she cautions two things. First, don't assume a successful advisor equates to a good coach. There are different skills required for each. Second, when choosing a coach inside the financial services industry, choose someone with an open mind.

"An insider coach who closely mirrors your own background may also share your same attitudes and biases," Battley says. Someone outside the industry is less likely to create these blind spots, as she calls them.

On the side of the industry outsider, remember to be practical when choosing a coach. Battley says it is crucial for the coach to understand the financial services industry and how success can be achieved.

"He or she should be familiar with trends, norms and key drivers in your field or be able to acquire a working knowledge of these quickly," she says.

How do you pick a coach?
Before delving into the quest to find the perfect coach, make sure this is something you really want to do. Battley urges you to think about why you want a coach and whether you are ready for such a commitment. (See sidebar, page 52.) You must have clear and compelling goals, she says. You must be motivated to change and open to constructive criticism and feedback.

"If you think you're already perfect, or if you're very set in your ways, coaching is probably not for you," Battley says.

Papier suggests searching for a coach the same way you approach hiring a new employee. He urges you to consider the coach's credentials, how much experience he has, what results he has produced with other clients and whether or not he has good referrals.

As far as drawing up an official contract between the two of you, Papier thinks it is vital. "You are entering a relationship that is much the same as the relationship your own clients are entering into with you. It's collaborative; it requires full disclosure and quite a bit of trust."

In order to gain the most from the relationship, he says, "there should be an agreement protecting this trust and outlining the requirements of each party." In the end, choosing a coach should come down to experience and, simply, whether you can work well together. Papier sums it up well.

"I tell prospects … there are many good planners available. It is important that they find someone they are comfortable with, they feel a good rapport with and who communicates in a manner that is effective for them. We only act on items if we are comfortable that it is a good decision. The greatest advice is no good if it goes unheeded. Working with a coach is the same. A planner should only work with a person they feel comfortable with – someone they feel they can trust. Otherwise, they won't have a productive relationship regardless of how good the coach is."