Using Coaching in Financial Advisory

transcript

DEVELOPING A COACHING MINDSET FOR SELLING FINANCIAL PRODUCTS AND

SERVICES

PRESENTED BY DR. SHAYNE TRACY CMC OCC

TRUSTED ADVISOR AND MASTER COACHSENIOR FACILITATOR-BEHAVIORAL COACHING INSTITUTE

WWW.1TO1COACHINGSCHOOL.COMDIRECTOR-ODYSSEY CONSULTING INSTITUTE

(WWW.ODYSSEYCONSULTINGINSTITUTE.COM)

About Dr. Shayne Tracy• Educator: Teacher, Principal, Assistant Superintendent Human Resources

• Business founder: HR Technologies Inc.

• Organizational Development Specialist

• Certified Behavioral, Values, Competencies Assessment Professional

• Director- Odyssey: The Business of Consulting www.odysseyconsultinginstitute.com

• Senior Facilitator- Behavioral Coaching Institute www.behavioralconsultinginstitute.com• Certified Master Coach- www.executivecoachworx.com

• Shareholder - www.hyperstreet.com , www.rapidweb.com

• LinkedIn http://ca.linkedin.com/in/drshaynetracy

Who Cares!

“As a leader in wealth management and retirement in the U.S. and as an asset manager with an increasingly global business, Ameriprise Financial has earned top 10 positions in each of its main businesses, including mutual funds, life insurance and annuities.” Financial Planner

Who Cares!!

“Ameriprise Financial is the largest financial planning company in the United States and is among the 25 largest asset managers in the world. It is ranked 246 in the 2011 Fortune 500”

Financial Planner

“If you want to help people to change, you must be prepared to make the first qualifying step by successfully changing yourself.”

The Role of Coaching

Consulting

Training

Mentoring

Counselling

CoachingKnowledge

CompetenciesPractices

Learning ProcessesBehavioral Models

80/20 Rule

Consulting 80% -telling, advising, directing 20%- questioning, reflecting

Coaching 80%- questioning, reflecting 20%- telling, advising, directing

Keys for the Master Practitioner is versatility, flexibility, timing and trust

What Is Coaching?

• Coaching is creating a safe, supportive, trust based environment for the “client” to have their “internal conversation” out loud

• Coaching lives in language—language of change—change language, reframe, refocus

• Coaching is creating a context for planned, self directed action and focused results

The Coach’s Arena of Influence

Emotions

Feelings

Physiology The Brain

Beliefs Values Attitude

BehaviorWhat We Do and

Opportunity

Learning

Change

Self-Esteem — Intrinsic ValuingSelf-Awareness + Self-Acceptance = Self-Concept

(Self-Esteem, Personal Vision, Intrinsic Valuing, Solution-Finding)

Preliminary, Innocuous

Probing , Exploratory

Clarifying, Confirming

Point A

Current StateInner

Dialogue

Point B

Future

State?Possibilities

EmpowermentOwnership

Start With the End in View

• In coaching dialogue, the client speaks while coach attentively listens, giving the client space for expression and validating the meaning conveyed by the client

Professional Coaching is Dialogue

The Four Dimensions of Coaching

1. The Client’s Story• Coaches recognize the significance of the

“story” to the client• The coach encourages the client to share their

“story” which provides context that may range from simple to complex issues and challenges

• Coaches must never underestimate the value of simply exhaustive and non-judgmental listening

1. The Client’s Story• Experienced coaches manage the client’s

story-telling, knowing that they need less information than the client may think

• Less experienced coaches may fall into the trap of believing they must understand all dimensions of the story

The Story

Coach: “Perhaps we could spend some time on appreciating your current financial situation?”……….

“Tell me from your perspective what you see as the major challenges you have with your financial well-being”

2. The Client’s Thinking (cognitive) process • This level enables the coach to get beyond the

client story to examine how and what the client thinks

• The coach may challenge the client to challenge their thinking, when the coach has identified that the client’s thinking may be flawed, limited, or negative

2. The Client’s Thinking (cognitive) process• The coach must not presume to be the arbiter

of sound and unsound thinking• Coaches must be highly vigilant in not imposing

their own world views, values and judgments on their clients

• The coach will encourage clients to retain their prerogative on choice of action in dealing with their personal/business situations

Thinking

Coach “ So you think that one key challenge is saving for retirement with a fund that is protected as much as possible from inflation?

“What makes you think that?”

3. The Client’s Feelings (affective/attitude response)• When the client identifies their key issues there will

always be an emotional response • Coaches may miss this or are unsure how to react to this

reality• One aspect of this confusion is that “feelings work” may

appear more like “counseling” • Coaches may be unclear or uncomfortable as to

boundaries and emotional expression, and may consciously or unconsciously try to shut it down

3. The Client’s Feelings (affective response)• A key coaching skill is the ability to appropriately

facilitate “emotional expression” • Sometimes it is the very breakthrough that is urgently

needed for the client to get unstuck • Clients may often bring heightened feelings into the

room, whether the coach expects or appreciates it

Feelings

Coach: “ How do you feel about your current funding situation……….silence is golden in coaching

Principle: You cannot problem-solve without emotional clarity

4. The Coach’s Use of Self • The coach’s use of self is a “higher order” skill

that can define the difference between good and great coaching

• The coach’s use of self may be described as the ability to put words around those intuitive moments of discrete discernment where we identify and synthesize the client’s “total messaging”

Use of Self

Coach: So what you are telling me is your current savings strategy may need a tune-up?

Client: Well……..I am not quite sure Coach: I’d like to revisit the reasons you gave

me regarding your current fund selection. I believe it’s very important that we have a clear understanding of the circumstances…. Can we have a little more discussion on this item?

PermittingParticipating

Client Level of Maturity

l of C

Persuading

Prescribing

The Seven Powers of Questions

• Questions demand answers• Questions stimulate thought• Questions give us information• Questions encourage people to talk• People believe what they say more than what

you say• The questioner is in control• Questions show that you care

• Columbo’s “just one more thing” questions were always the ones that would eventually trip up the suspect

• Presented as almost an afterthought by Columbo, they almost always volunteered more information

• The Coach will not use “just one more thing questions” to entrap the client, but rather to engage the client in reflection and cognitive reasoning

The “Columbo” Effect

Hearing and Listening

• Hearing is an automatic, physiological process in which sound waves stimulate nerve impulses to the brain.

• Listening is a voluntary, psychological process that is far more complex than reacting to sound waves.

Advanced Listening Skills

• Listening without filters • Listening and observing• Presence to time• Rapport• Silence

Coach/Client Conversation Dialogue

Non-Directive

Directive

Reflection Reflection

Self-Limiting Beliefs, Blind Spots,

Options Choices Actions

The Coach

Questioning

Listening

Timing

Coaching Means Congruence

Trust?*

Trust =Credibility + Reliability + Intimacy

Self-interest

*Mel Nelson

Coaching Behaviors That Build Trust

Talk Straight

Respect

Openness

Right Wrongs

Loyalty

Deliver Results

Improve

Confront Reality

Clarify Expectations

Accountability

Listen First

Keep Promises

Extend Trust

Confidentiality

Admit Mistakes

Physical

LEVEL 1Hand

UnconsciousIncompetence

Good Soldier

LEARNING

RESPONSE

CONSULTANT

APPROACH

Intellectual

LEVEL 2Head

Thinking

Conscious Incompetence

Competent Warrior

Emotional

LEVEL 3Heart

Feeling

Conscious Competence

Trusted Advisor

Spiritual

LEVEL 4Soul

UnconsciousCompetence

Master Practitioner

The Four Parallel Process Levels

34Coaching

Telling and Selling Get Attention

Asking and Listening

Pay Attention

NOW OPEN QUESTION AND ANSWER TIME

For More Information on the Certified Master Coach Online Course drtracy@behavioral-coaching-institute.com

Odyssey: The Business of Consulting- www.odysseyconsultinginstitute.com 1.416.737.0407

Using Coaching in Financial Advisory

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