Research on Financial Coach Fees
The NFEC reviewed 137 financial coaching sites that appeared in the top 50 Google search results for the keywords ‘financial coaching’ and ‘financial counseling.’ A total 137 websites were discovered using these search terms and, of those 137, 26 indicated pricing levels and packages available on their websites (in a place the researcher could readily find).
The data for this review were gathered from the 26 webpages that included pricing and described packages on their websites.
Other methods of pricing included: packages based on accomplishing a specific goal (i.e. budget revamping, improved credit scores, coaching support for making a specific decision). We should note that one of the sites might have trouble with the Security & Exchange Commission – they specifically stated that they “provide investment advice.” The SEC does not allow financial coaches who are not licensed to provide investment advice.
After evaluating 137 financial counselor sites from the top 50 Google search results using ‘financial coaching’ and ‘financial counseling’ keywords, 26 sites were included in these data. A broad range of coaching packages were available, priced between several hundred dollars and annual rates up to $5,900. The most common were packages – offered by 21 of the 26. Packages varied in scope, but all were time-based (by month, quarter, or year) and involved direct contact. We compared the packages with hourly pricing options (12 of 26) as a barometer to evaluate between packages, which differed significantly.
Some packages based pricing on other milestones, such as accomplishment of specific goals (specific decision-making support, improved credit scores, or budget overhaul, for example). We also found one site that might get in trouble with the Security & Exchange Commission for specifically stating they “provide investment advice.” Counselors who are not licensed are not allowed to provide investment advice. *Note: The pricing, package options and understanding of SEC regulations should be a cornerstone of any financial coaching business plan.