Would it surprise you to learn that Roger Federer and Tiger Woods have personal coaches? I mean, after all, we are talking about the pre-eminent athletes in their respective sports. In fact, we may be talking about the pre-eminent athletes in the history of their sports. I’ll have to admit that my first, knee-jerk reaction when someone pointed this out to me a few years ago was “Why would these guys need anyone to tell them how to perform? And besides, who knows enough to tell Federer and Woods how to play tennis or golf better than they already do?”
But after some reflection on what I’ve observed about the role of an effective coach, I realize now that it makes perfect sense for these two remarkably talented competitors to pay someone to coach them. It’s a popular misconception that a good coach must be more skilled at whatever sport or activity he is coaching than the individuals he coaches. The truth is that it’s far more important for a coach to be skilled at the craft of coaching.
What does that mean? I’m glad you asked, because I’ve given it a good deal of thought over the last couple of years. I believe that a coach who is skilled at his craft is willing to take the time to gain a clear understanding of the strengths, weaknesses and key objectives of those he is coaching; is able to inspire and motivate them to positive actions; is not just knowledgeable about his subject of expertise, but skilled at sharing that knowledge in a way that fits each individual’s needs; and, perhaps most importantly, is willing and able to hold those he coaches accountable.
As you’ve probably guessed by now, my keen interest in coaching is not incidental to my responsibilities at First Command. In fact, effective coaching has become central to much that we do at First Command. We invest significant time and resources in “coaching” our Advisors to master the diverse skills they need to, in turn, serve as effective financial coaches to their clients.
We have embraced this approach because experience has taught us that helping people effectively pursue their financial goals cannot be consistently accomplished simply by selling them investment or insurance products – or even by providing them with a financial plan. It can only be accomplished by forming the kind of trusting, long-term relationship that allows an Advisor to continuously coach the productive financial behaviors that enable a client to successfully execute their plan.
I suspect a typical advisor-client relationship is not altogether different from the relationship that Roger Federer and Tiger Woods have with their coaches. By necessity, both must be based on a foundation of mutual respect and trust, collaboration and accountability. And though coaching a famous athlete may be a more glamorous assignment, you’d have trouble convincing any First Command Financial Advisor that it’s more important than the work they do daily for their clients.
A few months ago, a team of First Command leaders met to update our mission statement. It’s a great exercise because it forces us to concisely state exactly how we propose to add value and make a positive difference in the lives of our clients. Not surprisingly, the words “coach” and “coaching” came up early and often in the discussion. It was apparent that we had crossed a threshold from simply appreciating the coaching analogy to wholeheartedly adopting the mission of “Coaching those who serve in their pursuit of financial security.”
First Command Financial Services, Inc., is the parent of First Command Financial Planning, Inc. (Member SIPC, FINRA), First Command Insurance Services, Inc. and First Command Bank. Financial planning services and investment products, including securities, are offered by First Command Financial Planning, Inc. Insurance products and services are offered by First Command Insurance Services, Inc. Banking products and services are offered by First Command Bank. In certain states, as required by law, First Command Insurance Services, Inc. does business as a separate domestic corporation. Securities products are not FDIC insured, have no bank guarantee and may lose value. A financial plan, by itself, cannot assure that retirement or other financial goals will be met.