A good coach can transform your life. Whether it’s a fitness coach, a business coach or indeed a financial coach, using the experience of others to level up your own knowledge and skills is often a smart move.
You’ve probably heard of a fitness coach or possibly even a business coach, but a financial coach may be something entirely new to you. It’s not that financial coaching is a new service, but as financial literacy is becoming a much more mainstream topic, many people are rightly making their finances a priority. They’re also looking for support when they reach the limit of their financial knowledge or they need guidance on a topic entirely new to them. Increased awareness of financial literacy has answered many problems, but it also prompts many more questions.
This is where a financial coach steps in. They are here to advise you on all manner of topics around personal finance, money management and building your own plan for a secure financial future.
What can a financial coach help with?
A financial coach will help you to better understand money and how you manage this in your day-to-day life. They will objectively look at your financial situation and help you better manage and plan your own financial position.
A financial coach is pretty much a personal trainer for your finances. Let’s make it work harder for you!
If you are thinking about hiring a financial coach, they should be able to help with any of the following areas:
- Earning more money
- Establishing an emergency fund
- Saving money
- Understanding your spending habits
- Debt management
- Planning for major life events
- Planning for retirement
- Outlining a financial plan to meet your personal financial goals.
Good financial coaching is not about doing the work for you. It’s about providing you with the tools and knowledge to take full control of your own finances for the rest of your life. Financial coaches will help you to build your own personal financial plan so that you can use this knowledge for your own financial benefit.
Your coach may offer specialisms based on their past experience and it is important to work with a financial coach who is carefully aligned with your own personal goals.
What can I discuss with a financial coach?
As a general rule, you can discuss any financial questions you have with your financial coach. The level at which they can reply depends on the question and financial topic.
By law, financial coaches are unable to provide specific investment advice or direction on how you should invest your money. However, their role is to help educate you about the decisions you might need to make and help you to make an informed decision on your own.
How much does a financial coach cost?
The price for financial coaching in the UK varies between coaches. Generally speaking, the cost depends heavily on their experience.
Financial coaching is often considerably cheaper than traditional financial advice and you can expect to pay between £300 – £500 per session.
From any financial coaching session, you should expect advice and direction from your coach that will save many multiples of this cost over your lifetime.
Who is financial coaching for?
Almost everyone can benefit from an increased understanding of money, however, not everyone will benefit from financial coaching in the same way. However, financial coaching is perfect for beginners and those looking to have a better relationship with their money.
Financial coaching is good for
- People with smaller or growing savings and investments
- People who are anxious about their money decisions
- Those who want to learn about money or understand how to better manage it.
Not suitable for
- People with complex finances financial arrangements
- Those who want to be told exactly what to do with their money.
What is the difference between a financial coach and a financial advisor?
Both financial coaches and financial advisors will consider your short and long-term financial goals. However, financial coaches are unable to provide specific investment advice and recommendations or management of your investments. In such instances, you will need to speak to a financial advisor.
A financial coach will help you understand and create a financial life plan and will help you understand the types of investments, but they must leave you to make your own investment decisions or hand you over to an investment advisor.
How to find a financial coach in the UK?
The good news is that Connor, the founder of this site provides financial coaching services for a small number of clients. With over 14 years of personal finance experience including his own journey towards financial independence, he is incredibly knowledgeable and easy to talk to about money.
To find out more about what a financial coach can do for you, visit the personal financial coaching page.
In addition to financial coaching, Connor uses his experience in business to help his clients start their journey into entrepreneurship via a side hustle or by starting a business.
Almost everyone will benefit from increased financial literacy and financial coaches are a key driver in building awareness of personal finance topics. In most instances, a financial coach will be able to help you understand your financial position and provide a clear outline for you to follow to achieve your financial goals.
Consider financial coaching an investment into your own financial well-being. The benefits engaging a coach early in your career will ensure you maximise the financial benefit.
Want to find out more about financial coaching? Check out our Youtube Channel for all the latest videos.