Do You Need a Business Development Coach?

Let's face it, the last two years have not been a lot of fun for financial advisors and advisor teams. The markets have been all over the place and there is considerable concern about a possible double-dip recession. During this stressful time many advisors have chosen to retire and leave the business. Others have hunkered down hoping to outlast the current mess and the proposed regulatory changes coming out of Washington. However, a few of the top advisors / teams have chosen to move forward in this best of all possible prospecting environments and build their businesses. One such team with whom I have been working is on track to bring in additional net new money in excess of $35 million this year after adding $26 million net new last year. They have chosen to move forward with enthusiasm. So can you.

What's all this have to do with whether or not you need a business development coach? Think about your business, your practice management, your clientele, your team, etc. Is everything going the way you wish? If so, great! However, if not, you may benefit from a business development coach if:
-- there is infighting within your team over money or responsibilities
-- you feel that your practice management is overwhelming you or your team
-- you have difficulty prospecting, asking for referrals, etc.
-- with the market so unstable you have difficulty asking clients for more assets
-- you have difficulty communicating your added value to clients and prospects, or
-- you don't feel that you are making the progress you should

If you answered "Yes" to any of these questions and are prepared to invest in your business, you may benefit from a good business development coach. Over the next series of blogs we'll discuss how to find the best coach for your / your team's needs.

For an article on how to find the best coach, go to Selecting the Right Business Development Coach.