Why Financial Coaching?
Engaging with a financial coach offers a personalised approach to managing your financial wellness, making it a more suitable choice than traditional financial advice for many individuals. Unlike conventional financial advisors who often focus on product sales, financial coaches emphasise education, empowerment and create a thorough personalised financial plan.
Coaches work collaboratively with clients to set realistic financial goals, build sustainable habits, and navigate the emotional aspects of money management. This supportive relationship not only fosters accountability but also encourages clients to develop a deeper understanding of their financial behavior, leading to more informed decisions.
Consequently, financial coaching can provide a comprehensive framework for sustainable financial health, addressing both the practical and psychological components of money management.
Coaching's role
Coaching can be a more affordable and accessible alternative to traditional, regulated financial advice for those that require education rather than specific advice.
There is no minimum level of assets, as there often is to make full financial planning worthwhile, and they can be great value because the fee is usually on a ‘pay as you go’ basis calculated on the amount of time spent.
Although still quite new, coaching could have a significant role in closing the ‘advice gap’. This refers to the large number of people who require, or would value, additional financial knowledge but find themselves excluded from a comprehensive, regulated service due to cost or because they don’t have the minimum level of investments needed to access these services.
In contrast, a financial coach cannot provide specific recommendations and their services are not regulated by the FCA, but they can inform and empower. They do this by giving you the confidence to make your own decisions to meet your financial goals through setting priorities and providing support and motivation.
Price to Value
When considering the nuances of financial management, the interplay between price and value becomes particularly significant.
Opting for financial coaching over traditional advice can often prove to be a more beneficial investment, especially regarding the impact of ongoing charges on your portfolio. For example, a £200,000 portfolio with a 0.75% advice fee is £125 per month.
Financial coaching empowers you with the knowledge and skills to navigate your own financial journey, ultimately saving you money in the long run.
Additionally, the increasing regulatory burden on financial advisers restricts the time they can dedicate to each client, which can dilute the quality of personalised advice.
Click below to see how much you could save by choosing Financial Coaching over Traditional Financial Advice.
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We are not regulated by the Financial Conduct Authority and will never recommend or provide opinion on the suitability of financial products such as pensions, investments, insurance contracts or debt arrangements.
We can help you understand your relationship with money and plan for your future financial peace of mind, but we are not a financial intermediary. If you need specific advice you should seek the services of a regulated financial adviser or a regulated debt counsellor.
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