What Is a Financial Coach?

Most businesses and individuals want assistance in organising their finances and in budgeting. It is when they can hire a financial coach. These professionals are different from other financial experts as they spend most of their time helping clients understand the basics of finance management instead of recommending investments, estate planning, or tax consulting.

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If you want to become a financial coach and learn how to become one, this article is for you.

Table of contents

What is the meaning of financial coach?
How to become a financial coach?
What are the common financial coach services?
What is the average financial coach salary?

What is the meaning of a financial coach?

A financial coach is a kind of advisor who can teach you the basics of finance management. This includes creating a financial plan, building good savings, paying debts, etc. These professionals focus mainly on improving your financial knowledge and are less likely to provide investment advice.

Financial advisor vs Financial coach

A financial coach is an expert who can assist you in saving money, and a financial advisor helps you invest and grow money. At the same time, financial coach fees are usually flat retainer fees, while the other expert charges you according to the percentage of assets under their management.

Another essential difference between the two is that financial coaches don’t have a license to advise you on investment or product recommendations. They can only provide basic investing knowledge but not how to allocate your assets.

How to become a financial coach?

There are a few steps you must take to become a financial coach. We have listed them below.

● Get certified

Though there isn’t any financial coach certification course, and you don’t need to earn a license, you must have a degree in financial education. You can also take up financial courses that increase your knowledge and credibility. Clients will prefer a coach with high-quality education and better understanding of teaching standards.

● Find your focus area

You can choose a specific niche of personal finance management that you enjoy studying and teaching clients. This will help you market your services better and connect with particular clients looking for relevant coaching.

● Choose your tools and resources

As you set up your own financial coaching firm, you must leverage modern tools and technologies. Firstly, you must invest in building a company website, blog, and purchasing software.

This software can help you manage clients better by storing and analysing financial data digitally and assisting them anytime over the Internet. Additionally, when you know how to use modern tools, you can teach clients the same without recommending any particular product.

● Learn from others

It is essential to build your knowledge and expertise before teaching clients. For that, you can follow other coaches, see their new tactics and strategies, and get real-time experience handling clients.

To gain relevant experience, you can join internships, apprenticeships, conferences, workshops, an organisation, volunteering, and networking.

● Market yourself

Marketing is vital for any agency to acquire new clients. Previously, agencies were dependent only on word-of-mouth advertising. But now, you can use digital platforms to advertise your agency, create a website that forms the window to your services, and start a blog.

All these help position your brand on search engines, and people can see you more when they search for relevant services.

● Figure out your charges

Finally, you must figure out the charges for your financial coaching services. You can research the market and look at how your competitors charge to set up a fair price. Additionally, you must decide whether you charge your clients per hour, have a fixed rate, or allow both options.

What are the common financial coach services?

Financial coaches work with clients and determine their financial situation. It includes understanding their income, expenses, tax status, insurance coverage, and financial objectives.

Depending on their findings, these experts develop a solid financial plan and can recommend strategies to achieve your financial objectives.

Some of their common services include the following.

● Analysing clients’ financial information
● Tracking income and expenditures
● Developing a monthly budget
● Recommending ways to adjust your spending
● Teaching the basics of saving money for investing
● Advising on multiple positive money-handling processes
● Helping clients with debt management
● Assisting with pension plans and other retirement strategies

What is the average financial coach salary?

Financial coaches mainly work on a fee-only basis, where their charges depend on the amount of coaching you require and the time frame.

Unlike financial advisors, these experts don’t provide investment advice, so they don’t charge clients depending on the assets under their management. These experts can earn thousands of pounds annually and a few hundred per hour.

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Financial coaches have the knowledge and expertise to teach clients about financial management, tax, and related services. They may not directly work on your budgets, expense management, and accounting, but they train you thoroughly so that you can do it yourself.

However, they can help you establish better financial habits and work together to fulfil your future financial goals.