How Entrepreneurs Participate in Financial Coaching
In the past, the biggest barriers for entrepreneurs to participate in financial coaching initiatives centered on the knowledge, processes, and resources involved to develop and deploy financial coaching programming. A professional-level financial coaching practice instills trust in the individuals being coached and helps them feel supported throughout the process.
The NFEC built a comprehensive coaching program for entrepreneurs that reflects positively on the professional’s brand and aligns with best practices for promoting financial wellness. Having spent more than 15 years leading the deployment of financial coaching programs, we share a model with you that includes education, awareness, and sustainability components to increase program reach and impact.
Entrepreneurship: Starting or Expanding a Coaching Practice
For those seeking an entrepreneurial path – whether as a solo practice or building a coaching business with other coaches – financial coaching provides opportunities to serve a diverse group of clients and offers multiple revenue centers.
Entrepreneurs can serve most of the population that needs professional support with fundamental financial needs – budgeting, debt, retirement planning, and credit are most common. Clients are often looking for support with specific life events, ranging from preparing to buy a home to saving for a child’s college education.
As an entrepreneur, you also have the freedom to serve organizations. Many coaches provide services to corporations as part of their financial wellness initiatives, as well as other organizations seeking to support their constituents.
Financial Coaching Opportunities: Across All Industries
Financial coaches have many opportunities due to the gap in financial services. According to a CNBC survey, only 17% of Americans have a financial advisor, which means a large percentage of people lack trusted financial advice. A NFEC survey highlights the fact that most people turn to parents, family, friends, or coworkers while 24.4% of the population reports having nobody to turn to for trusted financial guidance.
Although data is limited on the existing number of financial coaches, International Coach Federation data shows that there are over 53,000 personal coaches of all types (life, spiritual, business, financial, etc.) in the country and the total industry exceeds $1 billion in annual revenue. Most financial coaches come from these industries: financial services, other types of coaching, nonprofit & community groups, colleges & schools, and entrepreneurs.
A financial coach can help fill this gap in people’s access to financial advice. Unlike other financial services industries that focus efforts on people in higher economic brackets, working with a financial coach has no income or wealth requirements. Coaches can help people from all levels and socio-economic statuses.
Keys to Success for Entrepreneurs
Leading with a high-quality financial coaching program opens up many opportunities for entrepreneurs. This section gives you key tips to ensure that you are prepared to serve clients and build a positive reputation.
Summary: Financial Coaching Incorporates Smoothly into a Variety of Industries
Many opportunities exist to incorporate financial coaching into a variety of professions: entrepreneurs, current coaches in other fields, financial services, nonprofits, community groups, faith-based organizations, and education.
The NFEC Financial Coach training may require different levels of effort to complete for individuals from different backgrounds. But the NFEC’s comprehensive financial coaching model aligns with best practices for promoting financial wellness and integrates education, awareness, and sustainability components for maximum impact and reach. Regardless of one’s background or vision, adding this top-quality financial coaching program helps address the gap in trusted financial advice among Americans and can transition smoothly into a wide range of industries.
