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Using Coaching in Financial Advisory

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Using Coaching in Financial Advisory

  2. 2. 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
  3. 3. 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
  4. 4. 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
  5. 5. “If you want to help people to change, you must be prepared to make the first qualifying step by successfully changing yourself.”
  6. 6. The Role of Coaching Consulting Training Mentoring Counselling Coaching Knowledge Competencies Practices Learning Processes Behavioral Models
  7. 7. 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
  8. 8. 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
  9. 9. The Coach’s Arena of Influence Emotions Feelings Physiology The Brain Beliefs Values Attitudes Behavior What We Do and Say Issue Opportunity Needs Learning
  10. 10. Self-Esteem — Intrinsic Valuing Self-Awareness + Self-Acceptance = Self-Concept (Self-Esteem, Personal Vision, Intrinsic Valuing, Solution-Finding) Self-Concept ClientRiskTaking Low High Preliminary, Innocuous Probing , Exploratory Clarifying, Confirming QuestioningProcess
  11. 11. Point A Current State Inner Dialogue Point B Future State? Possibilities Empowerment Ownership Start With the End in View
  12. 12. • 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
  13. 13. 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
  14. 14. The Four Dimensions of Coaching 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
  15. 15. 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”
  16. 16. The Four Dimensions of Coaching 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
  17. 17. The Four Dimensions of Coaching 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
  18. 18. 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?”
  19. 19. The Four Dimensions of Coaching 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
  20. 20. The Four Dimensions of Coaching 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
  21. 21. Feelings Coach: “ How do you feel about your current funding situation……….silence is golden in coaching Principle: You cannot problem-solve without emotional clarity
  22. 22. The Four Dimensions of Coaching 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”
  23. 23. 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?
  24. 24. Client Level of Maturity LevelofCoachInvolvement
  25. 25. 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
  26. 26. • 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
  27. 27. 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.
  28. 28. Advanced Listening Skills • Listening without filters • Listening and observing • Presence to time • Rapport • Silence
  29. 29. Coach/Client Conversation Dialogue Non-Directive Directive Reflection Reflection Self-Limiting Beliefs, Blind Spots, Fears Options Choices Actions The Coach The Coach Questioning Listening Timing
  30. 30. Coaching Means Congruence
  31. 31. Trust = Credibility + Reliability + Intimacy Self-interest *Mel Nelson
  32. 32. 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
  33. 33. © 2012 Odyssey Consulting Institute TM Physical Hand Doing Unconscious Incompetence Good Soldier LEARNING RESPONSE CONSULTANT APPROACH HUMAN Intellectual Head Thinking Conscious Incompetence Competent Warrior Emotional Heart Feeling Conscious Competence Trusted Advisor Spiritual Soul Being Unconscious Competence Master Practitioner The Four Parallel Process Levels 34 Coaching Telling and Selling Get Attention Asking and Listening Pay Attention
  34. 34. 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