Wealth Management and Legacy Coaching

Executives that have focused significantly on establishing their financial security often find themselves unfulfilled in other areas later in life. The need to leave a meaningful legacy is a powerful one and some planning and foresight is required to meet this need.

Many executives employ financial advisors and tax specialists to help them maximise the return on their earnings. It is commonplace for senior executives to engage wealth managers and estate planners to ensure that they and their families are provided for well into the future. Setting up offshore trusts and tax efficient investment vehicles may take care of financial assets, however the return on two additional assets executives also possess are rarely considered. These assets are time and experience and return on these are typically measured in terms of personal satisfaction and legacy.

Legacy coaching works hand-in-hand with wealth management to better plan for the mark an individual wishes to leave behind. It involves determining the kind and scale of contribution that the executive envisions making and then identifying the practical steps needed to realise that vision. This type of coaching is even more relevant for larger scale initiatives in which simply throwing money at the challenge is not enough to make it successful. For example, establishing a reputed charitable foundation and developing it into something that will substantially outlive you takes time.

Various recent studies have indicated that many high net worth individuals, or HNWIs (pronounced hun-wees) would prefer to continue working well past the traditional retirement age. In fact, according to a Ledbury Research report produced in 2010 in conjunction with Barclays Wealth, these nevertiree executives accounted for about 60% of the 2,000 global HNWI survey participants. Even if you belong to this executive segment, be aware that your needs and priorities will likely change with time.

In his book Stumbling on Happiness, Daniel Gilbert, a prominent Harvard social psychologist, makes a solid case that people are generally lousy predictors of what will make them happy in the future. His conclusion in that book is that you should speak to someone who is already experiencing what you have yet to experience and ask them what it’s like. This makes sense considering your priorities are unlikely to remain the same from when you’re a go-getter to when you’ve already gone and gotten.

So what do executives closing in on the traditional retirement age have to say?

In a coaching survey we conducted, the results were surprisingly consistent. Most indicated that contribution, a value that they had not always paid much attention to before had become an increasingly important one. This value expressed itself in various ways depending on the respondent’s nature and circumstances. For some, contribution entailed giving back to society on a large scale – using their skills, time and money to help others. Others saw it as a need to do something they really enjoyed in a much smaller context. Some felt that their legacy lay in their work or in the organisation they had set up or ran. Still others felt the need to do something meaningful but regretted that they were unable to do so because of their health or other reasons.

Need for contribution quote

Many executives in the coaching survey, when asked: “How will you know you’ve met your need to make a contribution?” indicated that the need would not necessarily be satisfied by an elaborate plan or a structure that is set up. They expected that more often than not it would be satisfied by witnessing some tangible impact their actions have had. Again, to see such an effect often requires time so foresight and forward planning in this regard is invaluable.

“Advisory services like legacy coaching are forming an increasingly important part of the holistic offering provided by ABSA Wealth and other leading international wealth management firms. Sophisticated investors and executives are demanding a more complete, sustainable wealth solution that is in line with their values, and we’re aiming to deliver exactly that.”

Nomkhita Nqweni, Chief Executive – ABSA Wealth.

Legacy coaching is equally relevant for the growing nevertiree segment. Even if an executive chooses not to retire, ensuring that their legacy is maintained within their work context implies that there needs to be adequate succession planning. After all, what is the lifespan of your legacy if everything you’ve worked for crumbles upon your ultimate departure?

It is important to realise that future financial security is an enabler for something you want for yourself and for something you want to leave behind. Just as proper financial planning is important for your golden years, so is adequate planning for your legacy. What do you want your legacy to be and how will you make it a reality?

To find out more about legacy coaching, or to book a preliminary strategy consultation, please contact Pratish Mistry.

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Business Coaching for Sustainable Employee Motivation

Effective organisations take pains to ensure that they establish for themselves a clear vision and strategy. They further take special care to recruit and retain the best staff to help them execute on that strategy. If one considers the common-sense notion that the degree of business success is a function of employee productivity, then clearly it makes sense to maintain that productivity at an optimal level.

By its very definition, employee motivation is an important part employee productivity equation. This is one of the areas in which business coaching has its greatest impact. While financial and similar incentives can often provide a temporary boost in enthusiasm, the business coaching process is designed to create sustainable employee motivation.

The diagram below illustrates at a high level the mechanics of the business coaching process:

Business Coaching results diagram

Just as an organisation establishes its vision, mission and execution strategy, so too do employees need to establish their own – minus the corporate jargon and in their own terms. Using a combination of individual and group sessions, a business coach supports employees in articulating what they want and how they might get it, particularly in the context of their organisation. The results of these sessions are usually more meaningful to employees than annually force-populated Personal Development Plan templates. In fact, if the results are appropriately structured and detailed they can effectively transform these templates into a living process for individual development – no doubt what they are actually intended to be.

This bottom-up data basically detailing each employee’s skills and motivating drivers then needs to be reconciled with the strategy and business objectives of the firm. This is done through a process of facilitative coaching sessions with the leadership team. The goal of these sessions is to best align overall corporate objectives to employees’ needs. Certainly not every employee will get whatever they want and it is up to the management team to negotiate a win-win solution with their staff. If this negotiation is real, the leadership team will have effectively laid the foundation for creating sustainable employee motivation.

Happy Staff image

As part of the business coaching process, there is a significant skills transfer element. The management staff in particular are given a primer in coaching techniques that they will use during the organisation’s employee appraisal process. After the initial implementation, the organisation and employee performance metrics that are established in the beginning stages of the process are used to feed back into the strategy at appropriate milestones. Employees are trained to apply a similar feedback mechanism against their personal goals to evaluate their own performance and track their progress.

People sustain motivation by regularly witnessing their positive progress in areas that are important to them. Effective business coaching provides this to employees explicitly, without losing any focus on corporate objectives at all.


Please click here to learn more about our business coaching services. Alternatively, please contact us to discuss how business coaching can improve your organisation.

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Professional-LifeCoach.com Update

This is a quick update post to ensure that posting articles is working as it supposed to be. Over the next few weeks we will be posting a series of articles on both business and executive coaching. We will also be publishing case studies that will give you a better indication of how coaching concepts can be applied to both personal and organisational contexts.

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Hello world!

Welcome to our revamped website. Please check back soon for articles on business and executive coaching.

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