Team Coaching Process

To fully understand how team coaching can help you and your team, you must first understand the “Team Coaching Process”. Advisor Solutions believes that to have truly effective teams, each team member needs to understand the vision of the team, team goals, team expectations, individual roles within the team as well as be able to quantify each team members expectations of the others in the team. In order to accomplish this we must first identify and determine the following:

Define Team Vision—What is the overall business vision for the team? What is each individual team member’s business vision? Is each team member on the same page or does each team member have a different vision for the team?

Determine Team Goals—What are the specific annual team goals? Compartmentalize this to determine what the quarterly, monthly and weekly team goals are. Are they a combination of assets found, assets gathered, new accounts and gross commission goals or is their another barometer for success?

Define Team Roles—Each team member needs to understand the Optimum Practice Model (OPM) to determine their individual roles within the team. In addition it is important that they understand all sub-facets of those roles or “Best Practices Activities”.

Assess “Best Practices Activities”—It is important that each financial advisor assess where they are now (at the beginning of the coaching process) in terms of their “Best Practices” by ranking themselves in each area from a scale of 1 to 10. Then, determining what the next milestone would look like and what the number one challenge is in getting there. This will help determine individual awareness, action and accountability.

Quantify Individual Goals with “Best Practices Activities”Once each team member understands their “Best Practice Business Wheel”-a tool to determine how balanced they are in their “Best Practice Activities”, it is important to qualify what individual goals are closely aligned to what “Best Practice Activities” need to be focused on initially. An example of this would be the financial advisor who has a Business Development Role determining that the individual goal is to have $4,000,000 in the pipeline at any give time and to close $1,000,000 a month. However, after determining that their Client Acquisition Process—a “Best Practice Activity” which is the ability to add people to and flow people through the pipeline is a very low rating (say a 3 out of 10) it has become clear that they have no written pipeline, no systematic way to prospect and no strategic process for moving people to the next stage of the pipeline. Thus, there is a real need for understanding and applying the solutions to these challenges a quantifiable individual goal.

Prioritizing “Best Practice Activities”—Once each team member understands how to quantify individual goals with “Best Practices Activities” it is important to prioritize which activities need the most attention. That way the advisor can start working on the most important and urgent activities that will make the most impact on their individual goals. They can then report back to the team during Team Coaching Sessions their progress. That way they are accountable to the team as well as the other team members being accountable to them.

Understanding the Advisor Solutions Toolbox: At Advisor Solutions we have created twenty-six tools and six hours of mp3 audio to help financial advisors become more effective. The advisor’s coach will help you to understand Fundamental Tools which all team members will use. This is merely a fraction of the tools available but they do help in one of the most universal areas of challenge for advisors which is time management.

Identifying and Determining Individual Tools: Each team member is unique and as such each team member will not be using ALL of the tools that other team members may be utilizing. An example of this is the financial advisor in step #5 using the New Business Strategy List which is an Advisor Solutions pipeline management tool designed so that advisors know where each prospect/client is in their pipeline.  An advisor in a Business Development Role would find this tool vital whereas an advisor in a Service and Administration role would not need this tool because their role is not to prospect.

Implement, Access & Deploy: Once we have reached this step, it is important to implement the individual tools, assess how they are working or how they are not working, discuss individual challenges as well as solutions and deploy continued or new behaviors so that we can ensure success!

Combining Team & Individual Coaching: Team Coaching will continue to occur with individual coaching on non-team coaching days which will enhance team members progress overall. A common example of this happens in baseball when the team practices together but the pitcher also has a pitching coach to help him with his specific role within team. In our case, combining team and individual coaching promotes the greater effectiveness and success of the team.