A Financial Advisor recommends and manages investments that a client has accumulated. They are paid either a fee for their services, a percentage of the money being managed, or commissions from the sales of the products they are selling (insurance, annuities, mutual funds etc. A financial coach on the other hand helps educate clients so that they have a good financial understanding of the fundamentals. They help clients develop a spending and savings plan, determine their money personality, show them how to overcome financial obstacles, and work with clients to set and achieve financial goals. Financial coaches do not recommend investments and they do not sell products. They are paid a fee for their services.
Your FinWell coach will teach you the investment fundamentals and help you overcome the obstacles that are preventing you from thriving. Each individual need is different, and the coaching plan is customized to insure the client’s needs are met.
The short answer is no. Sometimes additional professionals are needed. At times your coach may refer you to a financial therapist if a possible money disorder is determined, credit counslor, attorney, accountant, or investment advisor. Your financial coach should be your “Go To” person that has your best interest at heart.
Some clients only need a single session to overcome a specific financial issue. The goal of coaching is to get the client self-sufficient and thriving. Typically, clients continue with coaching for a year and then continue a once or twice per year maintenance program. As with weight loss and exercise, we all understand that knowledge is only 20% of the issue. The other 80% needed is behavioral change which many require additional support to overcome. Those who work with dietitians and personal trainers are more successful in achieving their goals than those that simply hear about it.
If you are financially independent, why do you still teach and coach?
It is my passion to teach and help others find financial wellness by avoiding costly financial mistakes. It has been said that if it is something you love to do it is not really work. It also lets me meet many interesting people and keeps me active. Although I could retire and live off my investments, I can have a better life if I continue to work if I want to. The real joy of financial independence is working because you want to not because you must.
The cost of not having a financial coach will cost you thousands of dollars more than the cost of a coaching program. For many clients, the savings identified in the spending plan can pay for the coaching. At FinWell coaching we aim to make it affordable regardless of your family income. If we set a fixed price, those on the lower end of the spectrum would be carrying a larger monthly burden than someone making $100K+. Therefore, we have developed a sliding scale based on total household income. Email me at Keith@FinWellCoaching.com for your no obligation free 30 minute Discovery call to see if financial coaching is a fit for you and me.
I limit the 1:1 clients for two reasons. One, my goal is not to be fully booked up and seeing clients 40 hours a week. Two, I only want to work with my ideal client. My ideal client is someone who wants to and is willing to change their life. I want to work with someone who wants to achieve great things and is willing to make the sacrifices today to achieve their goal. I know that if they work with me and make some changes they can thrive. This is regardless of their household income. I would rather work with a client with a $50,000 household income that is ready to change their financial life than to work with someone who has a $250,000 household income and believes they have it all under control and not willing to try a new approach.
Financial Wellness education is a much needed and requested benefit from employees. Many employees are under stress and the leading cause of stress at work is financial issues. The FinWell Foundations Course can provide the much-needed knowledge that many of your employees may be lacking. If you see employees purchasing new vehicles that are worth more than half their salary, wasting time at work dealing with creditors, increase in 401k loans, and poor morale then a financial wellness benefit should be beneficial.
Although not required, it is recommended to increase the program effectiveness. As you know, many employees do not get much out of a group learning program. The additional 1:1 coaching can help them get a better grasp of the materials and get them to actually implement the program into their lives.
No. All information is for educational and informational purposes only. No investment advice will be given. All employees will sign a form stating that they are aware of this. Your company has a higher risk of issues if your current 401k sponsor or a benefits service provider provides free training and convinces your employees that they should purchase additional products from them such as annuities that may not be needed. FinWell Coaching does not sell any products or services to your employees. We are paid by the employer for the training and coaching provided.
Our course is very interesting and contains a lot of information. Sometimes logistically the only way to present the course is with a single session and that is fine. We have found that sometimes employees can become overwhelmed and tune out some critical information. Having separate sessions keeps the employees fresh, allows them time to complete some of the information and research at home, discuss issues with their spouse, and allows them to ask questions about previous topics.
The FinWell Foundations Course is much more than your typical create a budget, set goals, and invest for retirement class. It goes deep to the root causes of financial obstacles and includes topics on:
· The psychology of money
· Changing financial behavior
· Understanding your money personality
· Money mindsets
· Wants vs. needs
· Effects of major purchases
· Spending plans
· Banking basics
· Credit
· Avoiding and eliminating debt
· Setting goals
· Risk management (insurance)
· Investment basics
· Retirement
FinWell Coaching utilizes a series of surveys. Some are conducted prior to the training and another one is conducted after. These results should show an increased amount of financial satisfaction and a reduction in stress. In addition, for coaching clients, a FinWell Score will be calculated periodically. This is used to show progress as the clients grow along the requirements to achieve the various Phases. Points are obtained for getting their credit score above a certain level and funding the emergency fund etc. Generic data may be provided for various metrics.
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