Belinda Block
UBS Wealth Management Head of CoachingBelinda Block joined UBS Wealth Management in April 2008 to oversee development of its coaching program. Her job is to help people work and think more independently. "It's teaching people how to fish," she says, during a recent conversation with writer Judith Schoolman about the advantages of coaching. Block previously worked at PainWebber, Prudential Securities and Citigroup.

Q: What exactly does coaching entail and how does it benefit the client?

A: Coaching helps someone focus on what they want to achieve. It takes them where they want to be and sets goals accordingly. A coach will question, listen and then offer observations about patterns or inconsistencies of behavior. Our coaching focuses on helping financial advisors deliver what our research tells us leads to the best client experience: tailored service based on the best interests of the client; a personal relationship with the financial advisor; responsiveness; access to the expertise of the firm; and proactive client contact.

Q: What are the biggest challenges to your role?

A: Aside from market conditions, it's to ensure quality and consistency of coaching—there are 53 coaches across UBS—and to make sure there is a consistent business experience. I try to create a positive employment experience. Many [coaches] don't come from coaching backgrounds—[they're from, for example,] law, financial analysis, branch [management] and financial planning. Another challenge is to keep people focused on coaching. Issues that are not work-related can distract advisors, to the point where they cancel sessions. But the coaching can be helpful, especially for advisors who are worried about their clients and market conditions. It helps advisors when the worries could otherwise either paralyze them into inaction or make them do way too much—because neither of those situations benefits the clients.

Q: What is the most rewarding aspect of coaching?

A: When you see people become so excited about taking part in it. Coaching can help people feel competent, confident and fulfilled—and can drive business results. Coaching helps [financial advisors and their clients] get in touch with the end results they want. Advisors are selected [for coaching] based on interest. There is some resistance in some areas and people get distracted by the market. Some feel it's important, but not urgent. I guess you'd say they're looking short-term, not long-term.

Q: Why should a financial advisor consider coaching?

A: Who wouldn't want to feel more competent, confident and fulfilled? Who wouldn't want to feel more focused on his or her goals—for the advisor or the client? Let me give you an example. Let's say an advisor wants to spend more time with his family, but still wants to keep up his income. A coach would help the advisor work out the best way to accomplish this. Or we'd work with an advisor on a retirement-transition plan. There's a more systematic process dealing with the clients [once an advisor has been coached]. There's more client contact after coaching, [and] advisors listen better to clients.

We find that the clients—high-net-worth and ultra-high-net-worth—are more satisfied. When you spend more time listening to the client, that's positive.

Q: What kind of results have you seen due to coaching?

A: According to our research, the top financial advisors who were coached had an increase of 26% net new money. This compares with a 20% decrease in net new money of an uncoached group.

Also, in terms of advisor retention, which is critical since continuity affects a firm's performance and reputation: As of April 20, we found there was 96% retention of coached financial advisors versus 84% retention of advisors who had not been coached.