Coaching versus Advising
One of the first things to recognise is the important difference and powerful distinction between coaching and advising. Both have their place in modern life and business and the use of either, in the right context, will achieve the best outcomes. The ‘trick’ is to use the best approach.
Let’s use an analogy and imagine you are a bomb-disposal expert and head of operations.
One of your junior officers is out in the field, and they call you in a blind panic ….
“Boss, I’m sitting in front of an explosive device, the timer is down to 45 seconds, it’s about to blow, WHAT DO I DO…….”
“Cut the red wire, son.”
Now that’s advice and crisis averted.
Now imagine if a coaching approach was used.
WHAT DO I DO…….”
“What do you think? What is your training suggesting the options might be? Think it through and ask yoursel……. BOOOOOOOOOOOOMMMMMM!!!!
Whilst a coaching approach is totally inappropriate, given this context, it does outline the distinction between the two approaches.
Advising is telling people what to do.
Coaching is a journey of assisting people in achieving “continuous improvement”, taking them on a self-directed learning experience.
Coaches are trained to listen, to observe and to customise their approach to individual client needs. They seek to elicit solutions and strategies from the client; they believe the client is naturally creative and resourceful. The coach’s job is to provide support to enhance the skills, resources and creativity that the client already has.
Cash Flow coaches specifically work alongside clients to focus on behaviours and behavioural change that will help them achieve financial security and independence.
In the financial planning and finance services industries, the historical emphasis has been on advising. In fact, the term coaching (outside the sporting field) is only a recent innovation and has simply been interchanged with advising. But, as pointed out they are drastically different.
So, if you want to be a cash flow coach, first recognise the difference between coaching and advising. Take the telling hat off and put the listening one on. You may not get instant gratification, but you will be part of life-transforming changes of the clients you work with.
elevateB provides the training program as well as support and ongoing development for certified cash flow coaches. Individuals who choose to work with a certified cash flow coach are better placed to achieve financial independence and security. If you would like to make a difference and help everyday Australians be more financially prudent and savvy, consider becoming a cash flow coach today. Click here.