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BEST PRACTICE ACTION

for advisers and leaders in financial advice

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  • Writer's pictureGreg Zimbulis

WHY COACHING YOUR TEAM IS CRITICAL - THE BENEFITS OF COACHING




Organisations and businesses are infinitely better places when leaders and managers coach. And this is particularly important in financial advice businesses.


Coaching is about improving performance and turning potential into performance.


People who are coached by their leaders and managers perform better than those who are not coached. And, interestingly, simply taking a genuine interest in your people can generally improve their performance.


There are plenty of significant benefits to be gained by developing as an effective coach. Here are just some of them:

  • Improves the level of performance of your advisers and other team members.

  • Improves motivation, relationships and communication across your practice and business.

  • Gives you more time as a manager/leader.

  • Encourages greater flexibility and adaptability to change.

  • Makes team members’ work more interesting.

  • Increases confidence.

  • Empowers team members – people like to have a direct say in what’s happening.

  • Encourages people to take responsibility for their own development.

  • Builds a foundation for new skills development.

  • Provides ways of solving problems and exploring new opportunities

People at all levels who are appropriately coached feel appreciated, more valued, and care about their contribution.


And a person who feels appreciated will always do more than is expected.


Before we take a look at an effective coaching process, in my next article, let’s begin with a discussion with each of your team members. Try this exercise with your team.


Ask each of your team members, individually, to answer these 4 questions:

  1. What part of your job do you enjoy most?

  2. What part of your job do you enjoy least?

  3. What part of your job would you like to see change?

  4. What part of your job would you like to see stay the same?

And then have a (non-judgemental, open) one-on-one discussion with each and discuss their responses.


The GROW Adviser and Leadership Capability programs cover this topic in more detail and help build a robust understanding and exceptional leadership and engagement skills.


In my next article we will look at the GROW Leadership Capability best-practice coaching model – a simple 4-step method to coach for change and results.








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