How a Financial Coach is different from a Financial Planner

Many people have heard of a Financial Planner or Financial Adviser,

but they haven’t heard of a Financial Coach.

A question that immediately comes to most people’s minds is “what is the difference between a Financial Coach and a Financial Planner or Financial Adviser?”

The difference

Financial Advisers tend to focus on implementing financial products and strategies, while a Financial Coach focuses more on the basics of personal money management, behavioural change, and accountability to a client-driven spending plan. And while Financial Advisers most commonly help to manage wealth that already exists, a Financial Coach’s role is to provide a client the knowledge, skills, and behaviours that will help them build wealth in the first place – through savings plans and/or the reduction of their home mortgage debt, or investment debt.

While having an online budget tracking system is crucial to a client in understanding their money in, and money out, the number one proven reason for the success of clients is the ongoing, monthly coaching sessions that provide the clients with an objective perspective, accountability and the continual focus on their goals.

Another major difference is that Financial Coaches typically have no tie-in with products at all; they do not manage investments, nor sell insurance. A Financial Coach is more focused on understanding exactly what is happening with their clients’ money in, and money out, and paying off their debt and getting into a stronger financial position. A Financial Coach will encourage and empower clients to bring out their creativity when it comes to maximising their financial situation in achieving their short to medium term goals.

Working together

The good news is that some Financial Advisers are realising how important Financial Coaches are and have started to include them as part of their ongoing service offering. The truth is both Financial Coaches and Financial Advisers are necessary to optimise client’s financial success. Financial Coaches do not take the place of Financial Advisers, rather they complement and accelerate the results that you are wanting to achieve.

Why use a Financial Coach?

Over more than two decades, Asset101 has changed the lives of hundreds of clients through our Financial Coaching program, by helping them get in control of their money, pay off their homes, grow their wealth and achieve their goals faster than they ever thought possible.

Like many people, you may be thinking that you have to dramatically reduce your lifestyle in order to pay off your debt and achieve your goals, however nothing could be further from the truth. All of our clients will tell you after a year or 2 of being on the program, their lifestyle has improved, and yet they have in fact spent less money – this is because of the way they now view their money and manage it. They are choosing to spend their money on things that add value to their lives rather than taking it away. This is a subtle yet extremely powerful change in mindset.

So, you may be for someone who feels like you’re earning good money, however at the same time you may also feel like you’re very good at spending it, and like most people, you may also be feeling like you should be further ahead than where you are right now.

Or you may be in a situation where you are going to take 20 to 30 years to pay off your mortgage, and you just don’t feel great about having to take so long.

Or you might be finding it difficult to save money to buy a home or investment property, or you just know you could do better with your money and need a little help.

If you can relate to any of these situations and would like to achieve your financial goals in a fraction of the time that it would otherwise take you, then you could absolutely benefit from working with a Financial Coach.

* The information contained in this report is general in nature and does not take into account your personal situation. You should consider whether the information is appropriate to your needs.


Want to get serious about paying off your debt or saving more money?

Book a complimentary appointment with us online, or by calling us on 08 7081 0811.