Why 1 member uses 12 coaches

Even LeBron James has a coach.

This simple, accurate, oddly profound statement comes from Devang Patel, CFP, CLU, who uses 12 — yes, 12 — coaches to aid his practice. “It’s amazing to me that most people in the insurance business do not have a coach,” said Patel, a 14-year MDRT member from Edison, New Jersey. “These star athletes have a conditioning coach. They have someone to get their mindset right. They have all different coaches for different things. We are also star athletes. Why shouldn’t we have coaches too?”

These include the following:

Type of coach: Practice acquisition

Who he has worked with: William R. Verhagen for eight years

The results: “I successfully performed a practice acquisition. He helped me with the contract and negotiations.” Patel has also learned about establishing a client service model and the value of strategic alliances.

Type of coach: IRA expertise

Who he has worked with: Ed Slott for about eight years

The results: Patel has gained knowledge about IRA planning, stretch IRAs and how to review IRA beneficiaries. “Anytime we have issues with clients and their IRA accounts, we can call their help desk.”

Type of coach: Business expansion

Who he has worked with: Dan Sullivan for about eight years

The results: Patel’s business has multiplied by a factor of 10 since the start of this relationship, as he learned the concept of Unique Ability and the importance of The Four C’s: commitment, courage, capabilities and confidence.

Type of coach: Practice management

Who he has worked with: Nick Murray for seven years

The results: Patel has learned how to prepare a comprehensive financial plan for the client and the importance of equity-focused portfolios and continued prospecting. He also has developed an improved mindset and emphasis on having the right clients in the practice. “My current practice is what I want it to be. It won’t change until I change.”

See more in the Round the Table article “Even all-stars needs coaches.”

Written by Matt Pais, MDRT Content Specialist