In this article:
What Are Financial Coaches and What Do They Do?
How does Financial Coaching differ from other Financial Services?
When do I need a financial coach?
What do I look for in a financial coach?
What are Financial Coaches and What Do They Do?
A financial coach helps individuals develop healthy money habits, set financial goals, and improve their overall financial well-being. Unlike financial advisors, accountants, or planners, a financial coach focuses on education, behavior change, and accountability rather than specific financial products or investment strategies.
Think about your financial coach as your very own personal finance teacher and cheerleader. Their goal is to see you succeed and celebrate your wins alongside you.
Financial Coaches:
- Help clients with budgeting, saving, debt management, and financial mindset.
- Provide guidance and accountability for improving money habits.
- Work with clients to build financial confidence and long-term stability.
- Do not sell financial products or give investment advice.
How does Financial Coaching differ from other Financial Services?
The financial services industry includes many different financial professional including financial coaches, financial advisors, financial planners, Certified Public Accountants, bookkeepers, credit counselors, bankers, investment professionals, and many others. Each professional has their own set of services. Let’s take a look at a few of them.
Financial Advisors and Planners
- Focus on investments, retirement planning, and wealth management.
- Provide advice on stocks, mutual funds, insurance, and estate planning.
- Often requires certifications (e.g., CFP, CFA).
- Typically earns income from fees, commissions, or assets under management (AUM).
CPAs (Certified Public Accountants):
- Specialize in tax planning, filing tax returns, and bookkeeping.
- Help businesses and individuals with tax efficiency and compliance.
- May provide some financial strategy advice, but mainly focuses on tax-related matters.
Credit Counselors:
- Help individuals manage debt and improve credit scores.
- Often work for nonprofit organizations to provide guidance on debt repayment.
- Can negotiate with creditors to create debt management plans (DMPs).
Unlike other financial professionals who need professional certifications like financial advisors and planners, accountant and tax professionals, investment and portfolio managers, credit and debt professionals, and risk and insurance professionals, financial coaches do not have any specific certifications to operate their businesses.
When do I need a financial coach?
There are several reasons a financial coach may be beneficial to you. If you
- Feel overwhelmed by finances and need a clear plan,
- Struggle with budgeting, saving, or paying off debt,
- Want to change money habits and feel more confident with finances,
- Need accountability and support to stick to your financial goals,
you may want to consider hiring a financial coach.
What do I look for in a financial coach?
When looking for a financial coach there are several things you may want to keep in mind. Questions to ask when meeting a potential coach are:
- Do they have experience coaching clients with similar financial challenges (e.g., debt management, budgeting, money mindset, etc.)?
- Have they worked with individuals or businesses in situations like yours?
- Do they have a background in finance, education, or behavioral economics?
- Do they offer a personalized approach or a one-size-fits-all method?
- Are they judgment-free and focused on progress, not perfection?
- Do they provide accountability and follow-ups to keep you on track?
- Are they focused on behavior change and financial education, rather than just giving advice?
- Do they help with budgeting, debt payoff, savings strategies, financial confidence, or small business finances?
- Do they offer one-on-one coaching, workshops, online courses, or group sessions?
- Do they specialize in personal finance, small business finance, or a specific audience (e.g., freelancers, families, entrepreneurs)?
- Are they transparent about pricing? Do they charge hourly, per session, or offer packages?
- Are there hidden fees or upsells?
- Does their pricing fit within your budget?
- Do they have positive client testimonials or reviews?
- Can they provide references or case studies of past successes?
- Have they been recommended by others in your network?
At Financially GroundEd, our focus is on educating and working with our clients for financial success. We work with all ages and all demographics, including individuals, families, and small businesses. We provide one-on-one coaching in-person and online along with in-person workshops. Our individual coaching prices are dependent on income so anyone can afford our services, and workshops can be free to attendees if an employer or non-profit is sponsoring the workshop.
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