Coaching skills can be very effective when providing financial planning advice for clients

1. 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)

2. 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
• Senior Facilitator- Behavioral Coaching Institute
www.behavioralconsultinginstitute.com
• Certified Master Coach- www.executivecoachworx.com
• Shareholder - www.hyperstreet.com , www.rapidweb.com
• LinkedIn http://ca.linkedin.com/in/drshaynetracy

3. Who Cares!
“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

4. 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

5. “If you want to help people to
change, you must be prepared to
make the first qualifying step by
successfully changing yourself.”

6. The Role of Coaching
Consulting
Training
Mentoring
Counselling
Coaching
Knowledge
Competencies
Practices
Learning Processes
Behavioral Models

7. 80/20 Rule
Consulting 80% -telling, advising, directing
20%- questioning, reflecting
Coaching 80%- questioning, reflecting
20%- telling, advising, directing
Keys for the Master Practitioner is versatility,
flexibility, timing and trust

8. What Is Coaching?
• Coaching is creating a safe, supportive, trust
based environment for the “client” to have
their “internal conversation” out loud
• Coaching lives in language—language of
change—change language, reframe, refocus
• Coaching is creating a context for planned, self
directed action and focused results

9. The Coach’s Arena of Influence
Emotions
Feelings
Physiology
The Brain Beliefs Values Attitudes
Behavior
What We Do and Say
Issue
Opportunity
Needs
Learning

10. Self-Esteem — Intrinsic Valuing
Self-Awareness + Self-Acceptance = Self-Concept
(Self-Esteem, Personal Vision, Intrinsic Valuing, Solution-Finding)
Self-Concept
ClientRiskTaking
Low
High
Preliminary, Innocuous
Probing , Exploratory
Clarifying, Confirming
QuestioningProcess

11. Point A
Current State
Inner Dialogue
Point B
Future
State?
Possibilities
Empowerment
Ownership
Start With the End in View

12. • 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

13. 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

14. 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

15. 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”

16. 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

17. 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

18. 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?”

19. 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

20. 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

21. Feelings
Coach: “ How do you feel about your current
funding situation……….silence is golden in
coaching
Principle: You cannot problem-solve without
emotional clarity

22. 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”

24. 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?

25. Client Level of Maturity
LevelofCoachInvolvement

26. 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

27. • 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

28. 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.

29. Advanced Listening Skills
• Listening without filters
• Listening and observing
• Presence to time
• Rapport
• Silence

30. Coach/Client Conversation Dialogue
Non-Directive
Directive
Reflection Reflection
Self-Limiting
Beliefs, Blind Spots,
Fears
Options Choices Actions
The
Coach
The
Coach
Questioning
Listening
Timing

31. Coaching Means Congruence

32. Trust =
Credibility + Reliability + Intimacy
Self-interest
*Mel Nelson

33. Coaching Behaviors That Build Trust
Talk Straight
Respect
Openness
Right
Wrongs
Loyalty
Deliver Results
Improve
Confront
Reality
Clarify
Expectations
Accountability
Listen First
Keep
Promises
Extend
Trust
Confidentiality
Admit
Mistakes

34. © 2012 Odyssey Consulting Institute TM
Physical
Hand
Doing
Unconscious
Incompetence
Good Soldier
LEARNING
RESPONSE
CONSULTANT
APPROACH
HUMAN
Intellectual
Head
Thinking
Conscious
Incompetence
Competent
Warrior
Emotional
Heart
Feeling
Conscious
Competence
Trusted Advisor
Spiritual
Soul
Being
Unconscious
Competence
Master
Practitioner
The Four Parallel Process Levels
34
Coaching
Telling and Selling
Get Attention
Asking and Listening
Pay Attention

35. NOW OPEN QUESTION AND ANSWER TIME
For More Information on the Certified Master Coach Online Course
drtracy@behavioral-coaching-institute.com
Odyssey: The Business of Consulting- www.odysseyconsultinginstitute.com
1.416.737.0407