Why It’s Important To Hire A Coach Along With Your Financial Advisor

     Over the past couple of months, I have collaborated with my friend Jonathan Wright, a world Marketing Director for World Financial Group on presenting his Retired Inspired financial planning series. Jonathan is an excellent economic master, and he knows money and the importance of planning. He also recognizes that there is an emotional piece attached to goal setting when it comes to personal finances. Which is why he outsourced the goal setting and vision board portions of his training to a professional certified coach. Me.       

     You may be asking yourself, if I have a financial planner, advisor or a Certified Public Accountant (CPA), why do I need you? Quit simply, because my concern isn’t focused on how much money you have to invest, whether or not you have a 401K, or even if you have universal life or an umbrella policy.  Our coaching partnership is focused on how you are spending what you have, thoughts going into your spending practice and if what you are doing now is aligned with your personal goals and vision.

     Financial Advisors are significant in terms of assisting you with managing investment portfolios and retirement funds; however, they normally are not able to educate you on how to manage all areas of your finances. In other words, while specialized financial planners and CPA’s see only your financial problems from the macro level of budgeting to investing, coaches are viewing the big picture. Below are areas to consider from a coaching aspect and why it is wise to invest in a Financial or Empowerment Coach, such as myself, and how we can help:

  • Financial coaching is all about holding yourself accountable for what you want to do with your finances, and the decisions you make. Essentially, in coaching you are responsible for your self-identified outcomes, not your financial advisor;

  • You work with the financial/empowerment coach to explore what you truly want out of life and how to either use the disposable finances you have to support it or identify ways to become more efficient with your spending to make more of your current funds available. You explore your decision-making methodology when it comes to money and how to be more practical or efficient in the process;

  • A Financial Coach will help you understand the emotions tied to your finances and how you arrive at each decision that you make about your money that you are looking to invest;

  • Lastly, a Financial Coach helps you define what and who you are taking into consideration regarding your finances. One question that helps shape how you spend is who you are prioritizing in your spending. Are you placing yourself first in the process or are you only considering what others want for your money (estate planning, investments, budgeted money, etc.)? Coaching not only helps you understand the emotional impact of your spending mindset, it helps you shift to an empowered mindset when dealing with your finances. 

     You probably have a lot of questions about how financial/empowerment coaching works. Therefore, I have addressed below a few of the most common questions I’ve gotten from individuals. Keep in mind these answers are in general and not the same for every coach:  

How much time will Financial/Empowerment one-on-one coaching take?  Most coaches will spend a minimum of 60-90 minutes assessing your particular financial situation based upon your goals.  The way that you learn will be evaluated along with your specific needs, goals, and most pressing financial problems.  Your coach will then set up a specific coaching schedule designed to fit your lifestyle.  Both you  your significant other, or spouse and your coach will sign a Coach/Client Agreement.

     What is the normal commitment time for Financial/Empowerment coaching?  Coaches normally request a minimum of three to six months of coaching commitment.  It takes at least this much time to set up a working relationship with your coach and to follow and work through your spending and borrowing habits, get them under control and see results of you moving towards the goals you have set.. I have seen Coach/Client Agreements last for nine months to a year in situations, when needed.

How much of my time every week will be required to receive coaching?  Coaching sessions usually take between 45 to 60 minutes.  Assignments and specific tasks to be completed may take further time throughout the week or month to complete.  My recommendation is to begin coaching when you can devote continuous time to getting your financial life in order.

     Why would I hire a coach when my finances are already out of order—I cannot afford one? If you are not able to get the emotional spending under control on your own, you cannot afford not to hire a coach. Right now, you are not accountable or responsible to anyone for how you spend your finances. This is normally the main reason you haven’t been successful at saving. By having a coach as your accountability partner and help, you stay focused. It will actually cost less than the way you are operating right now.

     Can I do coaching on my own or should my mate be included?  If you are married, engaged or living with a significant other, I recommend that you receive coaching with your partner.  The Financial/Empowerment Coaching is intended to address highly charged emotional issues surrounding money and cannot properly help clients apply the program unless both partners are on board and fully committed.  

     Just keep in mind that there all kinds of coaches and anyone can call himself or herself a coach, however it is extremely important to find a coach that is right for you so you can achieve your goals. Also, check the coach’s credentials before signing any agreement and verify that they are Internal Coaching Federation (or equivalent) certified or have a proven success track record.  If you are going to pay $125 an hour and up to hire a coach, you’ll want to invest in a person that is legitimate.  Many say hiring a coach isn’t for everyone, and I am incline to agree. You need to be coachable, understand there is more to your financial situation than cash flow issue, and believe in the process when you invest in a coach else you will waste money and time. People with specific money questions might be better off with a certified financial professional, but they still only work on how much or how little funds you have available to invest. The value of coaching is that you address not only your finances, you also address why you spend the way you do, so that you can save more money. 

For more information contact me at DrHaley@ROI-Coaching.com or 703-785-9680

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