Certified Money Coach, Counselor & Consultant Responsibilities
If you’re trying to locate someone to help with your personal finances, choose a certified money coach with the Certified Personal Financial Wellness Consultant credential. This is a national network of top-notch money coaches who meet top industry standards and can help you work toward a secure financial future. With a passion for supporting others toward financial wellness, NFEC money coaches’ main goal is to provide education and guidance to people who want to improve their financial situations. They do so by conducting empirical analysis of clients’ finances, illuminating their goals/needs, prioritizing personalized action steps, and giving support and accountability.
Read More
NFEC Certified Personal Financial Coach Qualifications and Standards
For those seeking a certified money coach, certified counselor or financial coach there are options. NFEC money coaches, though, have met the highest standards for education, experience, and background to keep you secure. Those who earn the NFEC Financial Coach designation have passed background checks, hundreds of hours of education, and stringent testing requirements. They also must successfully pass implementation and performance evaluations, conducting supervised coaching and reporting their hours and client outcomes. NFEC standards were developed with input from four industries: financial and consumer protection; counseling psychology; financial education and education; and coaching/consulting. That’s because a money coach is dealing with a client’s personal financial situation, and money elicits deep emotions among people – meaning money coaches must offer highly-complex education, guidance, support, and accountability.
What an Average Certified Money Coach Provides
Most money coaches just give you talk time. But an NFEC certified money coach offers a comprehensive array of services devised to improve your personal finances. To gather data about what average coaches provide, we searched online and reviewed 137 financial coaching websites in the top 50 Google results from the keywords ‘financial coaching’ and ‘financial counseling.’ Twenty-six of those 137 websites reviewed had clearly-listed packages and pricing data. On all 26 sites, money coaches offered direct contact (usually by phone; occasionally by email). Several gave out educational materials (e.g. courses, ongoing training); a few offered personal financial plans, and two of those provided follow-up planning/reporting. The NFEC by contrast offers many deliverables as shown below:
Phase 1: Understanding & Planning
Phase 1 involves your money coach getting to the bottom of your current financial situation and discovering your lifestyle needs and goals. We review your entire financial profile including account management, credit, assets, liabilities, and insurance. The coach will give you a Personal Financial Plan Report – a written plan with detailed actions and priorities identified. To illustrate this first phase, look at Paul, who was finding it a huge challenge to set anything aside for retirement. But after Paul’s money coach had reviewed his situation and identified some high-priority actions he could take, he felt a lot better about his future.
Phase 2: Guidance & Education
The second phase involves regular meetings and educational sessions with your money coach. The coach will provide planning, training, and resources to build your capabilities to make solid financial decisions toward greater security. For example, Paul received an educational package that built on the conversations he had with his coach, Stan, laying out various retirement options and prioritized action steps to help Paul work toward his goals. Stan continued to keep Paul up-to-date on changes in the financial market to shape his ongoing financial plan.
Phase 3: Maintenance & Support
Once Paul’s immediate needs had been met, Stan was able to move into more of a supportive maintenance role. He made himself available for specific guidance, but there was no longer a need for regular meetings. Stan kept Paul apprised of important dates to remember and gave him planning resources as needed.
Access to Niche Financial Industry Experts
The final phase is where your money coach connects you with specific expertise that aligns with your goals. All NFEC certified money coaches have access to a team of specialized experts with 30+ years of experience in their fields. Your coach will match you with the expertise your situation requires. All industry experts are 100% independent – neither they nor your money coach will ever try to sell you financial products.
