Two Heads Are Better Than One
There are many benefits we will discuss that you will get from having a coach and a financial advisor but essentially, two heads can be better than one – if you have the right partner. When we are trying to solve problems, we usually put our heads together in teams, calling on each other’s opinions. Yet, the question is, “How much this would improve their performance?”
In an article “Two (or More) Heads Are Better than One for Reasoning and Perceptual Decision-Making”, it states, “The expression ‘two heads are better than one’ reflects the intuition that people working in groups are more likely to come to a correct decision than they would if working alone.” They conclude, “studies confirm the intuition that two heads are better than one, and, reassuringly, this effect is driven by sound argumentation, statistical averaging, and social motivation, not the influence of strong personalities in a group.”
Results suggest that joint decisions are even better than the decision made by the better-performing individual – so, in many cases, two heads are definitely better than one. To me, that’s about more brainpower and experiences.
Coaching Financial Advisors is similar to being a Financial Advisor
Coaching Financial Advisors is similar in many ways to being a Financial Advisor. We both work for clients who seek tangible results such as growth in AUM or growth in revenues or income and new clients. These are the obvious goals and of course a focus of our work.
While we both look to improve the state of our businesses, other benefits accrue that positively impact our business results. These are very meaningful benefits like improved client satisfaction, a more manageable business, motivation to keep going and focus, a focus on what’s most important to result in the desired business goals whether those goals are monetary or for a better balance between work and life goals.
A well-done partnership with a coach or Financial Advisor will result in peace of mind that comes from knowing they and you have a well thought out plan and strategy. Having a detailed view of your situation as a result of having a plan that can be monitored, reviewed and changed to fit changes in your and your client’s lives and situations is a great benefit for both the advisor and her or his clients. Having a plan and process for working with clients designed to reach specified goals is in itself comforting and of value. What are the plans worth in terms of making sure you are taking the right actions?
Having that plan and knowing you are taking the right actions will simplify your life, save both the advisor and client much time and is a huge benefit that results from of being more organized and better prepared for the future and any problems that may arise.
In summary, there are benefits in all three categories, business growth, client satisfaction and so-called intangibles.
Having someone in your corner is another huge benefit. The truth is that’s why I have a coach. When we work as solo-preneurs (and even if you are on a team) we don’t have an independent source to bounce ideas off of, get other ideas, tell you that’s dumb, talk about tricky situations, get help with writing, and be encouraging. I can also hear my coach Josh even when he’s not with me saying don’t say that, or don’t do that, it’s not professional and won’t get the results you want.
So, a coach helps you:
Essentially a coach can move you from alone to a partnership with a person who cares about your success. At least these are things coaching does for me.
David I. Leo
Practice Optimization Coach for Financial Advisors
David Leo is Founder of Street Smart Research Group LLC. He is an author, speaker, coach, consultant and trainer to financial professionals. David is an experienced business manager who works solely with Financial Advisors, Planners and firms who want to organize, structure and grow their businesses by attracting, servicing, and retaining affluent clients.
If you would like additional details or have any questions about his articles or an interest in coaching schedule a free 45 Minute Strategy Session @ https://calendly.com/davidileo or contact him @ David@CoachDavidLeo.com. Call 212-598-4229 (Office) or 917-379-1249 (Cell) and visit @ www.CoachDavidLeo.com
 Two (or More) Heads Are Better Than One for Reasoning and Perceptual Decision-Making, https://www.apa.org/pubs/highlights/peeps/issue-36.aspx
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