Advisors should give careful consideration to certain key factors when hiring coaching services, according to Vancouver-based YouFoundation Inc., a consulting firm providing business development and marketing solutions to the financial services industry.

“It’s a matter of exercising your own ‘due diligence,’ ” says company founder, Jeff Thorsteinson. “Coaching services have been steadily gaining popularity, due in part to increased competition and to the many changes affecting the industry. It’s important that advisors not only check the credentials of a coach, but that they ensure there is a fit with their personal business process, learning style and team requirements.”

Thorsteinson sees the increase in the number of practice management coaching services as a positive return to attitudes that were once more prevalent within the industry. “We’re beginning to see a shift back to the practice of staff training on a more structured level,” he said. “Equipping advisors with a host of best practices skills is viewed now as improving a capital asset and not incurring an expense.”

Furthermore, he added that the type of coaching available now embraces far more than the sales models favored in the past. “Coaches now must address a broad range of systems, service and management needs so that advisors can distinguish themselves and achieve unprecedented success within a very competitive market.”

Thorsteinson suggests that advisors make a complete inquiry of the type of coaching they can expect to receive. “Advisors should also consider the time they need to set aside and how often, the ways that success will be measured, and what happens if things don’t work out.”

Thorsteinson adds that coaching remains a viable option for those looking to improve their businesses. “Talk to advisors who have been through any type of coaching experience, from a bit of fine-tuning to a full practice overhaul, and you hear overwhelmingly favorable comments. That’s got to tell you something.”