Debt Counseling and More Can be Found in Your Region
The National Financial Educators Council trains financial counselors who not only are certified to provide debt counseling, but also are rigorously qualified to help you reach the full scope of your financial goals. This nationwide network of counselors meet the most robust standards in the industry, providing public assurance that they are passionate about guiding clients toward financial health and confidence.
These financial counselors earn the designation Certified Personal Financial Wellness Consultant, meaning their top goal is to offer people guidance to increase their financial acuity. They achieve this goal by customizing training, support, and education to a client’s singular personal finance situation. They empirically analyze each client’s case; unpack the client’s requirements/goals; delineate sound milestones and action steps; and then educate, support, and provide accountability.
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How NFEC Financial Coaches Become Qualified for Debt Counseling Services
While pretty much anybody can say she or he offers debt counseling, a certified debt counselor is held to higher standards. NFEC-certified counselors have proven track records. They comply with heavy standards for education, ethics, and experience – thereby ensuring clients’ security. Becoming a NFEC Financial Coach shows that the counselor maintains fiduciary commitment to the client. These counselors have finished hundreds of hours of education, successfully completed a full background check, and passed a demanding final exam. Moreover, NFEC Financial Coaches pass experiential requirements by completing a specified number of practical counseling hours (with supervision) and producing written documentation of their outcomes.
To create these stringent guidelines, the NFEC consulted with the four main industries that affect a financial counselor’s credibility: consumer protection, consultation/coaching principles, psychology, and educational theory. The NFEC chose these four industries because financial counselors handle clients’ finances, a sensitive area that sparks emotions for many people. For example, the FTC mentions the stress people face when trying to get out of debt. A NFEC Financial Coach faces the heavy challenge of uncovering people’s goals and needs; helping them set clear goals; and guiding, educating, and supporting them down the path to financial well-being.
Provisions of the Ordinary Financial Counselor
Typical debt counseling services consist of offering someone to talk with about debts. But an NFEC counselor stands out above the ordinary by providing a comprehensive assortment of services to help people achieve greater financial wellness. To prove this claim, we did some research – searching Google using the keyword ‘financial counseling,’ we found 137 relevant webpages in the top 50 pages of search results. Then we analyzed data from the 26 sites that made package and price info easy to find on the page.
Number one service provided: contact with the counselor (by phone, occasionally by email). Number two service provided: education resources (coursework, references, training). A mere few of the 26 sites said they would give clients personalized financial plans, and only two would do re-reporting or re-planning (adjustments to the original plan or separate reports showing new information).
Counseling in Phases – Starting with Understand & Plan
The process of financial counseling – as distinguished from debt counseling – with a NFEC Financial Coach occurs in phases, starting with the understand and plan phase. Your counselor will have a comprehensive meeting with you to determine your personal finance situation, lifestyle desires, and future objectives. The NFEC Financial Coach will explore your whole profile to understand your income, assets vs. liabilities, insurance, credit vs. debt, etc. to get the full picture of your financial standing.
This process is critical so your financial counselor can prepare an in-depth, written Personal Financial Plan tailored to your priorities, with action steps set forth. Then your counselor will take on the role of guiding and supporting you toward reaching each goal.
Counseling Phase Two – Guide & Educate
During this phase it’s key for your NFEC Financial Coach to keep your data up-to-the-moment so s/he can give you written summaries of your progress. That way, you can track and celebrate your achievements, and the counselor can suggest data-driven adjustments to your plan ongoing.
Counseling Phase Three – Maintain & Uphold
NFEC Financial Coach services also go beyond debt counseling at the third phase, where you will have your initial needs met and a financial foundation in place. That’s when the financial counselor can transition into a support position to help you maintain momentum as you continue exercising your newly-honed financial judgment.
Upon your request, the NFEC Financial Coach can give you continuing education that informs your upcoming decisions; and apprises you of financial landscape changes that may affect your situation. Deadline and important date reminders, resources, and availability for consultation on timely life changes will also be part of the counselor’s supportive role.
Counseling Phase Four – What if You Need Expert Assistance?
The fourth and last phase of the counseling process showcases another distinction between NFEC Financial Coaches and typical debt counseling. The NFEC offers counselors access to a network of professional experts in certain financial niche fields. So if you’re planning a major purchase or exploring home ownership – we have an expert for that. Your NFEC Financial Coach can connect you with exactly the professional guidance you seek.
Another excellent feature of this expert team is that they work entirely independently – in other words, you can be assured that you will never be subjected to financial product marketing or sales pushes.
