A Countdown of the Top 5 Reasons to Add Client Reports to Your Financial Coaching Practice
Giving your clients detailed personal finance reports offers many benefits that can improve client outcomes and help you expand your coaching practice.
A ‘client report’ is a detailed account of a client’s current financial situation delivered in a visual format so clients can easily understand their overall financial profiles. Coaches use these reports to establish a baseline analysis of each client’s situation so the coach can set goals, prioritize steps, and track progress as the client moves through the coaching process.
In this article, we count down the top 5 reasons to consider adding client reports to your financial coaching practice and outline how these reports can enhance your client experience.
#5 Increase Your Income Potential
Coaches can charge for ‘client reports.’ Pricing varies on the coach’s experience, client socio-economic status, and overall goals; but pricing can range from $750 to $3,000 for each client report. Not only can the reporting system help generate more revenue per client, but it’s also a great tool for generating referrals and highlighting your competencies as a professional financial coach.
#4 Distinguish Yourself from Average Coaches
Most financial coaches do not give clients any reports or full assessments of their finances. Giving your clients detailed personal finance reports helps you stand out above the average financial coach and highlights your competencies as a true financial coaching professional.
#3 Expand Clientele to Serve Organizations
Organizations that hire financial coaches to serve their teams want reports that demonstrate impact. Providing redacted client reports will showcase your professionalism and give them the data they need to expand their programs. These reports can also be leveraged as marketing tools to get new organizational clients.
#2 Add Value to Clients
Most people will never receive a detailed personal financial assessment. Providing a personal finance report that highlights 31 key indicators of their financial wellness is a valuable component of the coaching program. These reports help clients visually assess their current situations and prioritize steps that guide them to work toward stronger financial health.
Sample of the “Income” section of the NFEC’s Financial Reporting Software.
#1 Improve Your Performance – Which Can Lead to Improved Client Results
Reporting can help both you and your clients better understand their current financial situations, diagnose areas that may be holding them back, and prioritize the most pressing steps they should take. This process ensures that you can help them strategically tackle the areas they need to address.
Working with the ‘Diagnosis Manual,’ coaches can quickly locate the root causes of problems and assign steps.