Financial advisers need advice too

Fri Jun 4, 2010 12:06pm EDT
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By John McCrank

TORONTO (Reuters) - Even the all-time greats need help to do their best.

Tiger Woods, arguably the best golfer ever, uses a coach to help improve his swing. Likewise with Roger Federer in tennis.

In the adviser world, coaching hasn't really caught on yet, but it will, says Norm Trainor, chief executive of Covenant Group, which says the advisers it works with typically see their revenue grow by half to triple over one to two years.

"What tends to happen is for advisers who are not continuously learning and growing and investing in their own development, is that they plateau and eventually that plateau leads to a decline," he said.

"It's only a matter of time and so learning is the fundamental centerpiece of professional development and the growth of a financial advisory practice."

Trainor and his group of more than 30 coaches work with advisers in areas like building their businesses, better connecting with clients and succession. They also serve as a general sounding board.

David Sung, president of Nicola Wealth Management in Vancouver, is a client of Covenant.

He said his group of advisers are very strong technically -- well educated and knowledgeable about investments.   Continued...