LEADERS IN EXECUTIVE COACHING

Ian Angell on ‘Coaching for FDs’

Ian Angell, a founder partner, came to coaching from the financial services sector where he held a number of senior management positions. Ian is now using his extensive, first hand experience in coaching executives from many sectors including finance, with particular experience of Finance Directors.
He talks below about some of the key issues addressed in coaching FDs.

Do have FDs have distinct coaching needs?
Senior executives, particularly those in leadership roles, have common requirements but there are areas of emphasis which can be particular to FDs.

The FD role, given its specialist nature, can foster an ‘ivory tower’ mentality and, in my experience, some FDs can find it less natural to engage effectively with the business as a whole and with other senior colleagues. Coaching can help FDs to take their ‘blinkers’ off and see the bigger picture. They often need to be encouraged to see themselves as business leaders and to understand their contribution to the success of the organisation as a whole. In addition coaching provides a useful independent off site sounding board while FD’s think through strategy refinancing, the Balance Sheet, working with Brokers and other advisers or driving through the benefits of acquisitions.

Is it a case of helping FDs to become better communicators?
It’s not surprising that finance specialists’ obvious concern for precision and caution can affect their manner; how they come across to an external audience. But in some instances it’s not simply a matter of an individual’s tendency to be more reserved. FDs are working in tandem with CEOs – the key communicators in an organisation – and some CEOs are less willing to give their FDs room to develop their communication skills.

The transition to FD can be difficult. When new to a role, clients can be concerned, understandably, about how they’re going to handle the ‘road show’ aspects of the job; how, for example, they’re going to interact with City analysts, shareholders, their public relations advisors and the media. Coaching can help a new FD to be more fluent when making presentations and how to deliver clear messages from complex situations. It’s all about confidence and moving from ‘accountant-speak’ into more business-focused ways of communicating.

What about the dynamics of the boardroom?
The FD has to be confident in his or her relationship with the CEO. FDs need to develop genuine partnerships with CEOs; they should act as an authoritative sounding board, not just the numbers specialist.

FDs should also ensure that they forge good relationships with non-executive directors. I encourage my FD clients to go for non-exec posts in other public companies. Aside from assisting their own personal development as business leaders, this first-hand experience obviously helps FDs to improve communication and the relationship with their own non-execs. They can then understand better the why and the where of Boardroom challenges.

Can coaching help FDs become better managers?
Aside from needing to get the Board on side, FDs – particularly Group FDs – will have a number of managerial responsibilities. They often have to supervise dotted line relationships with FDs from subsidiary companies with local CEO tensions along with the ultimate responsibility for a wide range of operational issues – legal and compliance, HR, IT, premises, etc. Coaching people to be better managers is all about extending the individual’s comfort zone; helping them to develop appropriate people skills and ways of working that enable them to handle numerous demands on their time. It is the letting go of the detail and developing a wider perspective that is important – delegating effectively, developing leadership skills and controlling time management.

Do FDs make good CEOs?
Many FDs aspire to be CEOs but making the leap is difficult; companies tend to go for experienced business leaders with a proven track record. CEOs are, above all, inspirational individuals who can think strategically; people with a clear vision of where they want to take an organisation and how they’re going to achieve their goals.

Coaching can help FDs to expand their horizons and develop the skills and personal qualities needed by all good leaders.