DEVELOPING A COACHING MINDSET FOR SELLING FINANCIAL PRODUCTS AND SERVICES PRESENTED BY DR. SHAYNE TRACY CMC OCC TRUSTED ADVISOR AND MASTER COACH SENIOR FACILITATOR-BEHAVIORAL COACHING INSTITUTE WWW.1TO1COACHINGSCHOOL.COM DIRECTOR-ODYSSEY CONSULTING INSTITUTE (WWW.ODYSSEYCONSULTINGINSTITUTE.COM)
Coaching skills can be very effective when providing financial planning advice for clients
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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
“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.”
(Self-Esteem, Personal Vision, Intrinsic Valuing, Solution-Finding)
Self-
Conc
ept
Clie
nt R
isk
Taki
ng
Low
High
Preliminary, Innocuous
Probing , Exploratory
Clarifying, Confirming
Que
stion
ing
Proc
ess
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
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
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”
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
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
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?”
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
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
Feelings
Coach: “ How do you feel about your current funding situation……….silence is golden in coaching
Principle: You cannot problem-solve without emotional clarity
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”
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
Leve
l of C
oach
Invo
lvem
ent
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