With the unprecedented changes in demographic, employment and retirement trends taking place, Career Asset Management (CAM) is a new financial planning model for effectively serving clients who may have to change how, when and where they work many times. 

CAM offers financial planners and career coaches a process to help clients work through their financial fears so they can consider and implement change, whether it’s a different work assignment, a new job or even taking a sabbatical.  CAM provides the opportunity to add additional value to client relationships and a tool to effect change.

Like your other third-party relationships, such as those with accountants and lawyers, it’s imperative you partner with the right career development professional.  Just as all financial planners are not the same, so is it with career development professionals.  The following are guidelines to consider as you explore your choices in selecting a career coach.

 1. Know the difference  

The difference between career coaches and counselors is that counselors tend to be more tactical in providing job search assistance such as providing resume writing and interviewing techniques.  Coaches use a more strategic approach in working with clients that includes identifying attitudes, beliefs and behaviors that keep them from achieving their potential. The coaching model is better suited for CAM. 

 2. Expect reluctance

Don’t be surprised if a partner has an initial reluctance to collaborating with you.  That may be based on misconceptions about financial planning.  Career coaches are weary of investment brokers, posing as financial planners, who simply are interested in soliciting career clients to secure pension rollover business. 

 3. Firms to avoid

Stay away from potential partners who prey on individuals desperate for employment by offering veiled guarantees of high-paying jobs in exchange for fees starting at $5,000 or more.  Outplacement service organizations, those firms that provide employers job placement services for their terminated employees, would also not make good CAM partners.  While these services can be useful for an unemployed client, they should not be confused with career coaching services. 

4. Educational Backgrounds that are a good fit

A Master’s or Ph.D. in behavioral sciences such as counseling and psychology with additional training in coaching is desirable.  A background in human resource management with specific training in coaching and counseling is also ideal.  One well-respected certification is the National Board Certified Counselor.  The American Counseling Association also has a designation, Career Development Counselor. 

 5. Possible referral sources

The major outplacement companies, such as Lee Hecht Harrison, Right Management and Hewitt Associates, may refer you to individual career coaches with whom they subcontract.  Other sources to contact include ExecuNet, Career Masters, the National Career Development Association and the Association of Career Professionals International. 

 6. Perform due diligence

Since there is no universally recognized designation or qualification for career coaches, virtually anyone can set up business as a career coach. This makes it imperative that you conduct proper due diligence in your selection. Verify if there are any consumer complaints filed against the candidate.

 7. Check references

These should include references from both clients and other third-party professionals.  Ask references about services used, level of satisfaction and outcome.

 8. Review services and fee schedule

Look for services that include use of assessment tools and other instruments. A service review will also help you determine if your prospective partner is a coach or counselor.  If services are provided on a flat fee retainer basis, be sure to identify the length of time of the engagement and who will provide the services.

 9. Test it Yourself

If possible, experience for yourself what it is like to work with your potential partner.  Ask the career coach to facilitate some of the assessment tools on yourself or a staff member.  Perhaps you can recommend an exchange of services -- financial planning in exchange for career coaching. 

 10. Offer a make-over first

Consider offering a free CAM make-over to one of your clients.  This allows you to test drive the Career Asset Management model and your new partnership.

 Once you find the right career development partner, what’s next?  How do you work together? To receive our tip sheet on the Rules of Engagement for Financial Planner and Career Coach Partnerships, please contact Michael Haubrich at mikeh@toyourwealth.com.