In September of 2023, Founder and Executive Coach Noreen Beaman launched East Bay Executive Coaching & Consulting. She is Vice Chair of Orion’s Board of Directors and former Orion President. Her experience in wealth management also includes 29 years in leadership positions at Brinker Capital, which merged with Orion in 2020, culminating in over eight years as CEO.
In preparation for the launch of East Bay Executive Coaching and Consulting, a division of East Bay Merchant Partners, Beaman earned a Master of Science in Executive Coaching and Organizational Consulting from New York University and an Associate Certified Coach credential from International Coaching Federation Credentials & Standards.
In a dual coaching and consulting role, Beaman helps wealth management professionals and organizations achieve transformational alignment, performance and impact through personal growth and enlightened leadership.
We sat down with Beaman to learn more about coaching and consulting in the wealth management industry.
WSR: What is the difference between coaching and consulting, and why do advisors, wealth management professionals and firm executives need both?
Beaman: Coaching is a relationship – a partnership with an individual where the goal is to help the individual unlock and ultimately optimize their personal and professional potential on the path to their goals.
Consulting usually involves providing expert advice and solutions to address specific business challenges, offering direct recommendations based on specialized knowledge.
Advisors, wealth management professionals and firm executives need both because they face complex, multifaceted challenges. They also may need different types of engagements depending on the near and long term opportunities they are focused on. Coaching helps them enhance leadership, decision-making and interpersonal skills, fostering long-term personal growth.
Consulting provides them with practical, expert-driven strategies to solve immediate business issues, navigate regulations and optimize performance. By combining coaching for individual development and consulting for technical expertise, these professionals can achieve a competitive edge.
WSR: What sparked your interest in pursuing being an executive coach?
Beaman: During my career, I was the benefactor of an excellent executive coach, which changed both my personal and professional life. I will forever be grateful for his contributions to my growth and evolution as a leader.
While there is debate on how to measure the return on investment of having a coach, I can personally attest to its benefits. My coach helped me uncover the tools to be a better leader and strengthen and empower my team. I was challenged to embark on a cultural transformation, which led to results such as the organization being ranked in 2019 as one of the Best Places to Work by Pensions and Investments and the shareholders realizing the value upon the sale of the company.
Perhaps most importantly, the work we did together brought joy back into my work life and I am hoping to pay it forward.
But perhaps most importantly, the work we did together brought joy back into my work life and I am hoping to pay it forward.
WSR: What is the best way for an executive coach to leverage their own industry experience in the coaching process?
Beaman: While I am passionate about the wealth management industry and the work of the individuals and teams that are delivering each day, as an executive coach, I need to be sure that I am leveraging my industry experience to inform my understanding of the client’s challenges, not offering specific solutions or advice. Using industry knowledge to recognize patterns, anticipate challenges and relate to the client’s environment, fosters trust and credibility.
It’s really important for an executive coach to avoid slipping into a consulting or advising role and keep the focus on empowering the client to generate their own insights and strategies. By blending industry expertise with core coaching techniques like active listening and powerful questioning, the coach can create a supportive space for clients to develop the skills and confidence needed to navigate their professional landscape effectively.
WSR: Why would a financial advisor use an executive coach?
Beaman: As an advisor grows their practice, the age-old challenge of working on the business versus in the business emerges. As industry professionals, they must manage complex client relationships, make sound strategic decisions, manage a team and adapt to market fluctuations. An executive coach can help them foster self-awareness and emotional intelligence to enhance key leadership, communication and decision-making skills that are crucial for their personal and business success.
As an advisor grows their practice, the age-old challenge of working on the business versus in the business emerges.
Moreover, a coach can assist financial advisors in setting clearer goals, improve time management, and enhance their ability to navigate stressful situations. If they manage a team, coaching helps sharpen their leadership skills to inspire and develop their staff as well as resolve conflict. Ultimately, an executive coach empowers financial advisors to perform at their best, build stronger client relationships and grow their practice.
Julius Buchanan, Editor in Chief at Wealth Solutions Report, can be reached at jbuchanan@wealthsolutionsreport.com.
