Reprint: R0901H Today’s business leaders increasingly rely on coaches for help in understanding how to act in a demanding and volatile world. These confidants and advisers can earn up to $3,500 per hour. To understand what they do to merit that money, HBR conducted a survey of 140 leading coaches and invited five experts to comment on the findings. Commentators and coaches agreed that the reasons for engaging coaches have evolved over the past decade. Ten years ago, most companies hired a coach to help fix toxic behavior at the top. Today, most coaching is about developing the capabilities of high-potential performers or acting as a sounding board. As a result of this broader mission, there’s a lot more fuzziness around coaching engagements, whether it be with regard to how coaches define the scope of engagements, how they measure and report on progress, or what credentials a company should look for when selecting a coach. Do companies and executives get value from their coaches? When we asked coaches to explain the healthy growth of their industry, they said that clients keep coming back because “coaching works.” Yet the survey results also suggest that the industry is fraught with conflicts of interest, blurry lines between what is best handled by coaches and what should be left to mental health professionals, and sketchy mechanisms for monitoring the effectiveness of a coaching engagement. The bottom line: Coaching as a business tool continues to gain legitimacy, but the fundamentals of the industry are still very much in flux. In this market, as in so many others today, we have to conclude that the old saw still applies: Buyer beware!