How does a financial coach differ from a financial advisor?
The big difference is that a financial coach usually works with a larger portion of the general public and is only paid for his advice not on any commission or fees for products that he or she sells.
Financial Coaches help with a myriad of financial issues not just investment advising. Financial coaches must be experts in personal financial matters, including, budgeting, cash flow planning, debt reduction strategies, student loan options, retirement planning, and much more.
Financial coaches, work as counselors and must help the client resolve their dysfunction with money. We all have some dysfunction when it comes to our relationship with money. Some of us don’t know how to get it, some of us don’t know how to keep it, some of us don’t know how to spend it and some of us don’t know how to make it work for us.
That is where a financial coach comes in. Financial coaches know more about financial programs and help that may exist for a client than the client could possibly know. This knowledge comes with time, studying, and experience. I gained a lot of that knowledge over 7 years as a bankruptcy attorney, I learned how to work with clients who had financial problems, I learned how to counsel, and help solve problems with my clients. I gained knowledge becoming an Enrolled Agent with the IRS and earning my financial licenses, and working as a financial advisor. I learned the life insurance world by working for one of the top life insurance companies in the country. I gained knowledge and experience as a Professor at ORU teaching courses on Personal Financial Planning. If you need help with your relationship with your finances please give me a call.