Ep 050: The Value Of Hiring A Financial Advisor Coach To Maintain Your Business Focus With Tracy Beckes
Financial Advisor Success
Michael Kitces
4.8 • 696 Ratings
🗓️ 12 December 2017
⏱️ 96 minutes
🧾️ Download transcript
Summary
Our guest today is one of the very first coaches to specialize in working with financial advisors. For nearly 20 years, Tracy Beckes has helped her clients navigate the common challenges of trying to run what she calls an “effortless, outrageous advisory practice.” What’s even more impressive about Tracy is the way she has been able to systematize her coaching strategies into concrete tools and templates.
In this episode, Tracy shares these coaching tools and how she sets up engagement standards with clients in order to set the terms of the client/advisor relationship. She also talks about the importance of regular meetings within an advisory firm, as well as how to set up these meetings to target the most important issues. Listen in to hear her valuable insight and what she says is the real secret to advisory firm growth.
For show notes and more visit: https://www.kitces.com/50
Transcript
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| 0:00.0 | Welcome to the Financial Advisor Success Podcast, where you go behind the scenes with financial planner, |
| 0:08.4 | speaker and consultant Michael Kitsis to hear stories of how leading financial advisors |
| 0:13.6 | navigated the inevitable challenges that arise on the path to success and get insight from leading |
| 0:19.2 | industry consultants about how to break through to the next |
| 0:22.3 | level in your advisory business. And now here's your host, Michael Kitsis. Welcome, everyone. Welcome to |
| 0:29.7 | the 50th episode of the Financial Advisor Success Podcast. My guest on today's podcast is Tracy Beckas. |
| 0:37.2 | Tracy runs an eponymous financial advisor coaching firm, and in fact was one of the very first coaches to specialize in working with financial advisors nearly 20 years ago. |
| 0:46.7 | What's fascinating about Tracy, though, is not merely her history as a coach for financial advisors, but the way that she's been able to systematize her coaching strategies |
| 0:55.0 | into concrete tools and templates that she uses with her coaching clients to help them navigate |
| 0:59.7 | the common challenges of trying to run what she calls an effortless, outrageous advisory practice. |
| 1:06.5 | In this episode, we talk in depth about some of Tracy's coaching tools from the value of creating |
| 1:11.5 | engagement standards with clients that set the terms of both what the advisor commits to doing |
| 1:16.4 | for the client and what the client is expected to do to be a productive part of the |
| 1:20.6 | advisor client relationship, to why it's so important to create a cadence of accountability |
| 1:25.6 | within an advisory firm with a regular series |
| 1:28.6 | of scheduled daily, weekly, and quarterly meetings to the benefits of creating a one-page |
| 1:33.6 | strategic business plan that sets forth businesses' core values, its purpose, its big stretch |
| 1:38.6 | goal, and a series of three-year, 12-month, and 90-day objectives, all built to help the firm create better |
| 1:46.1 | focus in what it does, and how establishing a clear target market or niche can actually bring |
| 1:51.3 | tremendous efficiency to an advisory firm and an advisor's own time. We also talk about what |
| 1:57.6 | financial advisor coaching itself really is, how it differs from training or |
| 2:02.1 | consulting, why successful financial advisors so often seek out coaches, even if they're already |
... |
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