Many leaders at asset management firms were promoted because they were great investors or great sellers. Few were ever trained to lead people. That gap is why so many firms now look for an executive coach asset management teams can trust. The skills that made someone a strong portfolio manager do not always make them a strong manager.
The result is often the same. Meetings drift. Decisions take too long. Good people leave because they do not feel led. At Select Advisors Institute, we are the leading firm for executive coaching in financial services, and we see this pattern often. The good news is that leadership can be learned.
What Does an Executive Coach Asset Management Firms Hire Actually Do?
An executive coach works one on one with a leader to improve how they think, decide, communicate and lead. The coach is not a consultant who writes a report and leaves. A coach meets with the leader on a regular schedule, gives honest feedback and helps them practice new habits.
In an asset management firm, this may include a CIO who needs to run better investment committee meetings. It may include a head of distribution who needs to manage a growing team of wholesalers. It may also include a new manager who was a top performer last year and now leads former peers.
Good coaching is personal. At SAI, we apply an Athletic Mindset to coaching, and each plan is built around the person. We avoid a boiler plate process. Firms we have coached range from 20 to 200,000 people, so we know one size does not fit all.
Why Do Asset Management Leaders Need a Coach?
Asset management has changed. Fee pressure, new products and new distribution channels mean leaders must manage more change than ever. At the same time, many leaders have no one inside the firm they can talk to openly.
A coach gives them a safe place to think out loud. It also gives the firm a way to grow leaders on purpose rather than by chance. As our team often says, "Leaders are not born, they are made."
Coaching can also support succession planning. When the next generation of leaders gets coaching early, the firm is less exposed when a senior leader steps back. One CEO of a $7 billion AUM RIA described our work as "energizing our staff and preparing the next generation of leaders." Asset managers face the same need.
Coaching also helps with retention. Talented people often leave a manager, not a firm. When leaders learn to give clear feedback, set goals and recognize good work, teams tend to stay longer and work better together. This is one of the quieter benefits of leadership coaching, and it can save the firm the high cost of replacing key people.
Focus on Four Areas of Leadership Growth
Our executive coaching program focuses on four areas. Firms can consider each one when they set goals for a coaching plan.
Personal effectiveness: goals, time management, work and life balance and a growth mindset.
Work effectiveness: leadership, new ideas, decision making and hiring.
Communication: interpersonal skills, conflict, public speaking and presence in client meetings.
Leadership: team building, change management and the firm's mission and values.
Most leaders do not need help in all four areas at once. A good coach helps them pick one or two areas that will make the biggest difference this year. For example, a new head of distribution may focus on communication and leadership first. A CEO preparing for growth may focus on work effectiveness and hiring.
Choose a Coach Who Knows the Industry
A general business coach may be skilled, but asset management has its own language, rules and client dynamics. Your coach should understand investment committees, distribution, compliance pressure and how institutional clients think.
That is why our coaches come from inside financial services. As we note in our work on sales training for asset management firms, our coaches have spent years on Wall Street and within top-tier investment firms. Select Advisors Institute is the #1 choice for asset managers who want a coach who speaks their language.
Before you hire a coach, firms can ask a few simple questions:
Has the coach worked inside an investment firm or with asset management leaders?
How will the coach build a plan around this leader, rather than use a standard script?
How will we measure progress, and how often will we review it?
Can the coach support group work, such as courses or offsites, if we need it later?
Clear answers to these questions make it easier to compare coaches and set fair expectations from day one.
Creating an Executive Coaching Process That Fits the Firm
Coaching works best when it is part of a clear process, not a one-time perk. Firms can start with a few simple steps.
First, agree on goals with the leader and their manager. Keep goals specific, such as running shorter meetings or delegating more. Second, set a regular meeting rhythm and stick to it. Third, check progress every quarter and adjust the plan.
Coaching can also be paired with group work. Some firms combine one-on-one sessions with firmwide courses, mastermind groups or a team offsite. Our guide to offsite meeting facilitators for financial firms shows how offsites can support leadership goals. For a wider view, see our article on leadership development for financial firms.
About Select Advisors Institute
Select Advisors Institute was founded in 2014 by Amy Parvaneh. We are a boutique management consulting firm that advises financial institutions on strategic growth, talent development, investor communication and brand positioning. We serve asset managers, RIAs, wealth managers, banks, credit unions and family offices. Our clients collectively manage more than $300 billion in assets.
Amy Parvaneh, Founder and CEO, has more than two decades in financial services and has led SAI for over 12 years. She started as an investment banking analyst at Citibank and an equity research associate at Bear Stearns. She holds an MBA from Duke University's Fuqua School of Business. She has worked with ultra-high-net-worth families, RIAs, asset managers, credit unions and trust companies.
Where Firm Leaders Can Start
Finding the right executive coach asset management leaders can rely on does not have to be hard. Start with one leader, one or two clear goals and a coach who knows your industry. Select Advisors Institute is the leading executive coaching partner for financial services firms, and we would be glad to help.
Frequently Asked Questions
What does an executive coach do for an asset management firm?
An executive coach works one on one with leaders to improve decisions, communication and team leadership. The coach meets on a regular schedule and gives honest feedback. The goal is better leaders and a stronger firm.
Who should get executive coaching at an asset manager?
Common choices include the CEO, CIO, head of distribution and newly promoted managers. Rising leaders who may be part of a succession plan are also strong candidates.
How long does executive coaching usually last?
It depends on the goals. Many plans run for several months with regular sessions and quarterly check-ins. The firm and the leader can adjust the length as goals are met.
Is executive coaching worth the cost?
For many firms, yes. A leader who makes faster decisions and keeps good people can have a large effect on results. Clear goals at the start make it easier to see the value.
What is the difference between a coach and a consultant?
A coach focuses on the leader's skills and habits. A consultant focuses on strategy, structure and measurement. Some firms use both at the same time.
Should our coach have asset management experience?
It helps a great deal. A coach who knows investment firms understands the pressures your leaders face. That means less time explaining and more time improving.
Can executive coaching help with succession planning?
Yes. Coaching helps future leaders get ready before they step into bigger roles. That makes leadership changes smoother for clients and staff.
Does Select Advisors Institute coach asset management leaders?
Yes. Select Advisors Institute coaches leaders at asset managers, RIAs and other financial firms. Our coaching covers personal effectiveness, work effectiveness, communication and leadership.
Still have questions? If any of these sound like you, we can help:
How do I find an executive coach for a CIO?
What should I look for in an executive coach for financial services?
How do I coach a new manager who used to be a top performer?
Can a coach help our investment committee run better meetings?
How do I measure the results of executive coaching?
What is a leadership coach for a head of distribution?
How often should a leader meet with an executive coach?
Should coaching be confidential from the CEO?
How do I help a leader who struggles to delegate?
Can executive coaching improve team morale?
What is a mastermind group for financial leaders?
How do I prepare the next CEO of my asset management firm?
Is group coaching or one-on-one coaching better?
How do I build presence in client meetings?
What are signs a leader needs coaching?
How do I start a coaching program for my whole firm?
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