Finance
#3 Fundamental of Money: Build A Team
Building a team of experts to help make financial decisions is one of the main fundamental steps to taking control of your personal or business...
Financial Advisor vs Coach
How do you tell the difference between a financial advisor and a financial coach? Are they the same thing? What are the benefits of each?
Philip
Jun 14, 2024
Some people may be confused by the differences between a financial advisor and a financial coach. Here are a few of the main differences:
Key Differences
Financial Advisors tend to work for an insurance or investment company and sell securities and/or insurance products. They are very qualified to help with retirement planning and projections, insurance needs and costs, and facilitating the purchase of those transactions. I worked as a financial advisor in the 90s for a major investment firm. I enjoyed the information and meeting with people to analyze their wants and needs. However, I felt limited because my position was commission-based and I felt like I had to sell to keep afloat. Many people were in need of basic money management fundamentals and weren’t in a position to invest. Unfortunately, many people in this field use the confusion of investing and insurance and only sell to clients, not serve. There are great people in the financial field who take the time to serve their clients. I highly recommend doing your due diligence and finding someone who can serve your needs. This professional can be a great asset in your financial journey.
Pricing Differences
A personal finance/money coach usually charges a flat rate fee for services (my system). I can help with many subjects surrounding money: budgeting, debt reduction, insurance needs, retirement planning, college planning, and managing money as a small business owner/independent contractor (I own and operate a commercial cleaning business). I see my role as that of a teacher, not a salesman. I also strive to help understand the mental/emotional influences on money. These emotions are mainly negative (shame, guilt, confusion, despair). My goal is to turn these into positives (proactivity, intention, proper planning). I have enjoyed coaching/teaching all of my adult life as I have coached many youth sports teams and have worked as a teacher/naturalist at the Pioneers Park Nature Center (Lincoln, NE) since 2009.
You should never make a financial decision without a full understanding of the “how and why”.