For maximum returns, use a financial ‘coach’ to train your cash to grow

Six months ago I was invited to "A Dinner of Exceptional People" event. The dinner was invite-only and the room was full of the most successful people I've ever had the privilege of meeting.

The group ranged from New York Times bestselling authors, to business owners, to top thought leaders in both the financial and health industries.

One of the guests was a well-known financial coach who happened to coach many of the guests in the room.

One of the guests stood and said he hoped to have enough wealth one day that he could hire this financial coach.

As soon as he sat down, the next gentleman stood up and said, "You hire the coach to help you become wealthy and continue to increase your wealth, not after you've made it. Start your coaching today, not down the road, or you'll have less than you could. That would be like hiring a personal trainer after you've lost all of your excess weight."

The word “coach” comes from an old Hungarian town by the name of Kocs that was famous for having the highest quality carriages for transporting people. The brand gained popularity and people soon started calling them coaches after the name of the town.

Today, a coach is an antiquated word for a vehicle that takes passengers from point A to point B. Nowadays the word coach has taken on a new meaning. It is an expensive handbag or a person who helps take you from where you are now to where you want to be.

Every professional athlete and top CEO has a coach. In fact, most sports athletes have multiple coaches for each aspect of their game. The wealthy even have coaches for their money, their time and their skills.

So if a coach is so important in sports and business, why isn't it important to hard working Americans who desire wealth and to live out their American dream?

Unfortunately, most people simply aren't aware of this type of mentoring and how impactful it could be.

The traditional financial world has trained us not to look for a coach that will guide, educate and support us, but rather an adviser that will sell us products.

Wall Street, big banks and the insurance industry are in the sales business, not the coaching business. For maximum results you should have a financial coach and an adviser on your team.

Primary difference between a coach and an adviser

"There are many incredible financial advisers out there and most have good intentions when it comes to clients' money", says financial coach Greg Kesten, president of Financial Freedom. “But they are restricted by time and limited on how much they can teach.

“Most advisors have been trained to sell, not educate and mentor. In most cases, you don't need a salesman, you need someone with greater insight and time to guide you and support you. This is what a coach does."

A coach is hired to tell you the truth, not sell you a product! Most can't sell you a product even if they want to. Instead they will introduce you to key contacts that can help you with a specific strategy or product.

Think of your coach as a general that sees the whole financial battle field. If you need tax help, they can introduce you to a well vetted CPA. If you need better insurance, they can connect you with someone that fully understands insurance and builds plans the way the coach likes.

If you want to be in the stock market, they can help you understand the potential gains and the pitfalls to avoid. Your financial education is at the core of their practice.

I'll give you an example a coach shared with me. He had a cattle ranching client that did very well but he wanted to learn about other areas of investing. The coach and client discussed risk vs. reward, his time frame, his expectations, what the money would be used for and how much time he had to dedicate to watching the money.

After fully understanding his goals, it made the most sense for this rancher to buy more cattle. A stock broker who makes his living selling stocks wouldn't likely make this same recommendation because he or she is too biased to his own products.

As a financial adviser, it is easy to become biased to the products you sell. As they say, when you have a hammer, everything looks like a nail. Comparably, a financial coach doesn't have a hammer, but a whole toolbox of ideas and network connections.

A coach is also important for helping you understand your emotional relationship with money and is excellent at holding you accountable with your goals and commitments.

An adviser is great for the money you already have. A coach is great for the money you still want to earn, keep and grow. Make sure the person you trust with your money is focused on your wealth plan and not your product plan.

A coach will take you from point A of sharing information to point Z of transformation. A coach will also work with your current adviser to help you make decisions.

As someone who offers financial products, why am I sharing this with you? It may come across as shooting myself in the foot. However, I've been around the financial industry for 13 years and I know how important it is to have an unbiased and educated opinion on a program.

Too many times agents demonize each other in an attempt to get new business. Most advisors are very good at a few key strategies or investments. They don't have time to be excellent at everything and are only compensated when you move money.

A coach offers a full financial planning experience with more detailed insight, will hold you accountable and will continually guide you for as long as you desire their services.

Stephen Gardner (www.yourbridgeplan.com) is the best-selling author of "A Bridge Over Troubled Wall Street" and two other books. He is also a speaker and trainer in the financial industry. He consults clients all over the country.