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Financial Coach Fees 2020-01-20T11:37:58-08:00

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.

Financial Coach Rates: What Coaches Charge

A wide variety of coaching packages were offered across these sites, with financial coach rates starting at a few hundred dollars and ranging to annual bundles costing up to $5,900. Package services were the most common option, offered by 21 of the 26 coaching sites reviewed. These packages varied, but all included some personal contact with the coach and were time-based (e.g. monthly, quarterly, annual).

Because of the significant variance between package options, we compared the financial coach hourly salary pricing levels across the sites to get a clear barometer of financial coach fees. Twelve of the 26 coaching websites reviewed offered hourly-based pricing.

Alternative Financial Coach Rates

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.

Financial Coach Fees Average

What do Financial Coaches Offer?

The financial coach fees we reviewed were based on several offerings. The service most commonly found involved direct contact – most often by phone, but some gave email options as well: all 26 of the sites offered contact with the coach. Eight of the 26 sites provided educational resources (in any form, including courses, ongoing training, written materials, etc.). A custom-written personal financial plan, based on the client’s individual situation, was offered by 5 out of the 26. Two sites had re-planning and reporting services (including both adjustments to the initial personal finance plan and separate reports with new data). We saw similar results when we reviewed financial coach job descriptions.

Who do Coaches Serve?

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.

Financial Coach Fees - Competitive Analysis

6 Key Factors in Financial Coach Fees

During review of these webpages, it became clear that pricing levels of financial coach rates were generally related to the following six factors:

Personal Qualifications & Experience

Third-party Recognition

Website User Experience

Clarity of Packages & Offerings

Sales Funnel Assessment

Overall Brand & Positioning

NFEC Offers Financial Coach Fees to Meet Various Budgets and Goals

According to recent studies, people across the U.S. would stand to benefit greatly from receiving financial education. The National Financial Educators Council (NFEC) sponsors a variety of financial education services that serve all stages of a successful financial literacy program. One such service is provided by the NFEC’s trained financial coaches. Financial coaching offers people the expert advice and money management education to feel confident in creating and pursuing their financial plans. And if you’re concerned that financial coach fees may be out of reach, think again: many financial wellness coach services are offered complimentary or at low cost.

The NFEC trains financial coaches through its Certified Personal Finance Consultants (CPFCs) program and coursework. This financial coach group turns out graduates who have completed over 320 hours of training, which includes hands-on activities designed to make them practical experts in the field of personal finance. These graduates are qualified to train individuals one-on-one as counselors or coaches; lead family and group accountability programs; and instruct large audiences via live settings or webinars. Skilled at serving a wide scope of individuals and organizations with various available resources and goals, the NFEC can provide coaching experts at rates that meet your budget and objectives.

CPFCs have a passion for teaching money management and are dedicated to giving people expert advice and the education they need to create financial plans and feel confident in implementing those plans. These highly-trained coaches are not selling anything and their only vested interest is in their clients’ success. They are not bound by heavy regulation requirements, so they remain free to recommend the strategies that will best help you reach your financial goals. All individuals or organizations may benefit from finding a financial fitness coach trained through this program.

 

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