Trust, Transformation and Technology: Coaching in the Financial and Professional Services Sectors

The Global Growth Blog Series | Part 3

ICF’s Global Growth blog series is a deep dive into coaching’s growth around the world across a variety of industries and cultures. As ICF fosters global relationships, ICF members, credential-holders, and stakeholders can benefit from these connections and opportunities.

Read the previous installment of the Global Growth series.

Coaching in Action Across Financial and Professional Services

From banks supporting customers to insurance companies providing protection, the financial and professional sectors reach across the global economy. As these industries navigate upheaval, meet new risks, and adapt to new technologies to protect and meet the needs of consumers, they must maintain trust while transforming the industry.

Perhaps it is no surprise that, increasingly, navigating these challenges has prompted financial sector and professional services leaders to turn to coaching.

Examples of coaching in action within financial and professional services include:

• At EY, coaching culture is deeply woven into the company, providing professional development opportunities that have had ripple effects across the entire organization. Its coaching offerings include support for individuals based on where they are in their lives, from taking on a promotion to tackling parenthood. A survey of promoted leaders highlighted that 89% of those who had experienced coaching saw their leadership brands improve.
• Deloitte’s internal coaching program fosters a holistic culture that focuses on well-being and relationships. Its one-on-one executive coaching, originally focused on the company’s top leadership, was so successful it has expanded the program to support managers and senior managers. According to Deloitte employees via self-reported surveys, the executive coaching program is one of the most beneficial and impactful opportunities Deloitte offers.
• At Edward Jones, the coaching program supports financial advisors in their work with communities and clients. Coaching can individually meet the needs of these advisors as they foster resilience and trust.
• PriceWaterhouseCoopers deeply believes in the impact of coaching and offers a Coaching Academy, which provides training to support individuals as they learn coaching skills and strategies.

These are only a few examples of what coaching cultures are helping organizations achieve in financial services and beyond.

Meeting the Challenges of the Financial Sector with Coaching’s Transformational Power

Why have so many industry leaders turned to coaching to navigate the challenges of today’s landscape? Coaching is a proven way to address the specific challenges of this sector’s needs, and coaches should take steps like the following to be prepared to meet the industry’s changes.

Develop Resilience in an Ever-Changing Market

As the market and the businesses that operate in it are constantly changing, coaches are uniquely situated to help leaders adapt. Being able to swiftly respond to significant changes, whether they be technological advances or events impacting the economy, is critical, and coaching strengthens a leader’s ability to react while also being proactive.

Build Trust in Uncertain Times

Financial and professional services must maintain a unique level of trust with consumers because of the importance of stability for consumers’ everyday lives. In these uncertain times, coaching helps leaders to move forward with clarity of thought, as well as to communicate about decisions and challenges with openness, empathy, and clarity.

Empower Leaders to Empower Teams

Coaches unlock potential and enable professionals to tap into their best thinking. As leaders, managers, and other employees reap these benefits, the power of strategic thinking, collaboration, clear communication, and adaptability provides a ripple effect across the organization.

Create Safe Spaces to Explore New Ideas

Financial services can be a high-pressure environment and typically have a more conservative, risk-averse mindset — and understandably so, with the regulations and risks involved. However, this can have the effect of stifling creative problem-solving, even in a time of upheaval where this creativity holds great value. Coaching can help teams create a safe space to share and explore new ideas and thoughtfully engage with potential outcomes.

Coaches seeking to support financial sector clients have great opportunity ahead. While coaches do not need to be experts in a given industry to specialize in it, since they are not providing counsel but rather unlocking the client’s wisdom, it can be advantageous to update your coaching toolbox to understand how coaching cultures can provide both stability and agility for teams working in the financial and professional services sectors.

 Coaches should also always stay up to date on their understanding of coaching competencies. Given the importance of building trust and creating a safe space for financial services organizations, coaches can also give themselves a competitive edge with an Advanced Certification in Team Coaching.

Investing in a Strong Financial Sector with Coaching

Throughout the world, leadership in financial and professional services faces challenges of emerging technologies, a quickly changing landscape, and other uncertainties. As they navigate these challenges, these leaders are increasingly turning to coaching to build resilience, think strategically, and find creative solutions to set a path forward.