What’s missing from your lineup?

(April 5, 2004) The best team in the league can tell you, the right players might not be enough to win the cup — sometimes it takes a pair of eyes off the ice to really see the whole picture. This month’s Advisor’s Edge cover story looks at the notion of hiring a coach to help you guide your practice to the top of the table.

“No matter what you have achieved in your business, whether you’re just starting out, have been around for five years, or 25 years, you can always learn something new from a coach,” says Deanne Gage, managing editor of Advisor’s Edge. They can teach you how to take your business to the next level.”

Some people might be reluctant to hire a coach, thinking it a sign of weakness, but advisors who have sought their help appear to benefit from the detachment they can bring to decision-making process.

“It could be something small that you’ve always wanted to achieve, but you haven’t been able to do it on your own for whatever reason — you’re a procrastinator, you’re not focused — coaches can help you with that,” says Gage.

The article examines what advisors should look for in a coach, as there are different types of coach for different scenarios. Of course, few teams keep the same coach forever and the article looks at how to say goodbye to yours when the time comes.

There’s also an article by Scot Blythe on group insurance, exploring its history and how an advisor can break into the area. But it’s not a market for everyone.

“The article emphasizes is that this really is a niche area that requires a lot of attention to detail. It requires you to be more technical,” says Gage. “It’s not something you can maybe add one client to, it just requires so much more work than that, so the most successful advisors in this area tend to make it a significant focus for their business.”

Our legal expert, Ellen Bessner of Gowling, Lafleur, Henderson, examines the role of the oft-maligned compliance officer.

“Ellen does a really good job in this article of outlining things from the compliance officer’s point of view,” says Gage. “And hopefully advisors will understand that the compliance officer really is your friend and they’re there to help you.”

Filed by Steven Lamb, Advisor.ca, steven.lamb@advisor.rogers.com