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A financial coach offers an integration of different roles

• Coaching to help you improve your awareness, set and achieve your goals, identify steps to get there and if appropriate, improve your emotional relationship with money.
• Mentoring to help you understand what you need to know about the financial world and develop your financial capability and skills with money.
• Advising: being an expert in finance and helping you reach the right decisions to meet your goals, while strictly adhering to the rule of not giving specific advice on the sale or purchase of regulated financial products. 

Unlike financial advisors, I don’t have any products to sell. My job is to work with you to take you grow your wealth and help you feel good, confident and have peace of mind with your financial decisions.

I won’t advise you on specific products or sell you any products, but I can tell you what type of products are available and points to consider when buying them.

I can equip you with knowledge to ask the right questions of an adviser if you choose to use one or know what you need to know if you choose to use robo advice.

Would I benefit from working with a financial coach?

The main reason someone reaches out to a financial coach according to Walters, is often because they’re overwhelmed by their financial situation and they don’t know who to talk to. “They may feel that they don’t have enough assets to talk to a financial planner, and they feel the cost it’s going to take them to get the advice in relation to these assets, is too expensive,” she says. Walters, who works exclusively with women, believes there’s also a trust factor. “Women seek out financial advice less than men do, as they find it intimidating. They feel more comfortable with the concept of coaching.”

What you would gain from financial coaching is completely unique to you, but common results are:

• Gaining visibility over your finances
• Stop feeling guilty and ashamed that you are not doing more or achieving more with your money
• Having a financial infrastructure in place that makes life easier
• Better relationships with more honesty, openness about money and everyone pulling in the same direction
• Relief from the constant mental calculation of “is there enough?”
• Feeling empowered and in control of your money
• Repaying debt in the quickest and most cost-efficient way
• Having strategies in place to stop impulsive spending
• Feeling the benefit of your hard work and achieving or having plans in place to achieve financial goals
• Feeling optimistic and excited about your financial future.
• Knowing what your money blocks are and developing strategies to stop them from you living the life you want
• Earning more money to help the people and causes you are passionate about
• Negotiating better salary increases
• Having a better relationship with money and more knowledge to teach and instil better habits in your children

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To help you decide what you want from your financial coach, think about what you want from coaching? When choosing a coach begin with the end in mind but keep your mind open to learning about concepts and benefits that might be outside your original criteria.

Financial coaching is still a relatively new concept in the UK and is more popular in the USA and Canada. There are no formal qualifications, and anyone can call themselves a financial coach. When choosing a coach, it important that you choose a person whose values and vision are a good fit with you and they have experience and correct technical and coaching knowledge to support you.