Most of the time a brand new client finds Fiscal Fitness, they find us by searching for a “financial advisor.” And most people don’t know what a financial coach even is or how they can help. In this episode of the Fiscal Fitness Podcast, I’m going to break down the differences between financial coaches and financial advisors and help you decide which one you need on your money power team today. (Hint: You might need both!)

VIEW AND DOWNLOAD THE TRANSCRIPT HERE

EPISODE NOTES

Here are the major differences between financial coaches and financial advisors:

  • Financial coaches:
    • Teach you the specific behaviors, habits, skills to be successful with the day-to-day side of your money at first, and then help you implement those strategies into your life.
    • Help you gain awareness of your spending patterns and bring those into better alignment with your values, goals, and dreams.
    • Help you PLAN ahead with your money so that you can GET ahead with your money, and spend it with confidence.
    • Serve as an accountability partner when you’re faced with spending temptations or dealing with a lot of buyer’s remorse.
    • Push you to set and reach your financial goals faster than you thought possible.
  • Financial advisors:
    • Help you start investing, make specific investment recommendations.
    • Have more advanced tools to help you project retirement. They can run different scenarios to see how likely you are to meet certain savings goals based on how aggressive or conservative you want to be in your investing strategy.
    • Help you get your needed insurance policies to cover life, disability, health, etc.
    • Help with some really specific areas of your financial planning – like legacy plans, succession plans, college savings plans, business retirement plans and more!

Additional tips for working with a financial coach:

  • If you’re living paycheck-to-paycheck, you want to work with a financial coach. We’re going to teach you the head knowledge of how to get away from being paycheck to paycheck and support you through the behavioral side of the habit-building process to find which specific strategies and approaches work best for you.
  • Or maybe you don’t feel like you’re living paycheck-to-paycheck, but the process of managing your money successfully doesn’t feel sustainable to you. If so, you probably want to work with a financial coach. We don’t believe tracking where every single dollar goes. We know that clients who attempt to do that won’t stick with it long-term, and we want our clients to have a lifelong impact on their relationship with money from working with us. So we work with you to find a process that does work, and we help you refine and tweak that process until you are successful.
  • If you feel like you’re winging it with your money, you want to work with a financial coach. We’re going to help you figure out where all of your money is going each month and see if we can’t help you redirect your dollars to their highest and best use.
  • Maybe you don’t feel like you’re winging it, but you do worry you’re wasting time and money with the financial decisions you’re making. Things might just feel a little chaotic. If you feel like you want peace of mind with your money or you want to stop worrying about over-drafting your checking account, you probably want to work with a financial coach. We can help truly see a clear picture of your income, expenses, and how much is left each month and to learn to trust your plan. It’s amazing how quickly our clients start to experience that peace from working with us.

VIEW AND DOWNLOAD THE FULL TRANSCRIPT OF THIS EPISODE HERE

Podcast Episode Resources:

  • Schedule a Q&A Call with one of our financial coaches.

If you would like more information about how we can help you take the stress out of money with one-on-one financial coaching join our private Facebook group by going to Facebook.com/groups/fiscalfitnessmoney.