How is a Financial Coach different from a Financial Advisor?
/You may find yourself wondering “what does a Financial Coach do, exactly?” and, “How is it different from what a Financial Advisor does?” You are in good company with wondering this... I had no idea myself when I first learned that I could be a Financial Coach! So let’s see if I can help clear up some of the common questions for you here :)
A Financial Advisor is a job title that many people are familiar with, they help you make decisions with your money generally around investments and retirement. Here are some things that Financial Advisor’s do:
Manage your investments on your behalf.
Help you decide what types of insurances you need and how to obtain them.
Help guide you in saving the correct amount of money for big long-term goals like paying for college and retirement.
Help you to know when you can make big financial decisions like buy a vacation home or retire.
This looks confusing, right? You should have a guide ;)
They have quite amazing ways of factoring in your current lifestyle and income, investment risk tolerance, and future lifestyle goals to magically figure out how you should invest and how much to reach the goals you have. Hopefully, my use of the word “magic” helps you to see that this is NOT in my wheelhouse! I happily refer clients to speak with a Financial Advisor for anything related to investments!
What I do as a Financial Coach is to help clients get a handle on all of the nitty-gritty daily tasks around their money. We work on:
Establishing good money habits with organization, savings, and bill pay
Help them to see where they could save money because they are paying more than the average market rate
How to pay down debt most effectively for their personal situation
Making their money decisions feel good by aligning them with their personal value system
Reduce stress around money and financial decisions by empowering our clients through education.
Y’all. That is the biggest one for me! Let me shout it one more time for the people in the back…
** Financial Coaches help clients reduce stress around money and financial decisions by empowering them through education. **
I love working with women who are ready to put in the work it takes to shed the overwhelm and disorganization because I know what it will do for you! It is truly life-changing to get your money in order. Clients routinely tell me that they sleep better, have more fun when they go on vacations, enjoy their free time more, etc. all because they aren’t constantly worrying about money! It doesn’t matter how much money you make, money stress can be there for everybody, and I know that.
Hopefully, you can now see the benefits of having a Financial Coach in your corner! If you are reading this and thinking “this lady is speaking my language!” then it’s time for us to have a chat! Schedule a free Q&A Call with me today!
