- Some financial advisors, finding many clients’ questions and issues are more life-oriented than financial in nature, are employing counselors and coaches or referring clients to them.
- Many such counselors focus on clients’ psychological challenges around money rather than broader issues.
- In-house counselors can also help advisory firms with internal issues, such asreduced turnover, increased productivity and greater accountability.
Financial advisors are finding it beneficial, in various ways, to include life coaches and counselors into their operations. Some advisory practices are referring out or contracting with these professionals, while others are developing them from within.
“So much of my job includes conversations that are more life-oriented than financial,” said Doug Kobak, certified financial planner and principal and CEO of Main Line Group Wealth Management. When someone is at a senior level or running an organization, their personal and professional lives can become very blurred, he said.
“Clients sometimes need to step back and assess what their true goals are and to understand that not working 24/7 doesn’t mean they don’t care about their businesses,” Kobak added.