How to Locate a Financial Literacy Coach

Anyone looking for a financial literacy coach can select from the NFEC’s nationwide network of Certified Personal Financial Wellness Consultants who have strong qualifications and the skill to help you achieve your objectives. These coaches comply with the highest industry standards and code of conduct; they have a passion for supporting people toward financial wellness. Their primary role is to provide guidance and education, personalized training and accountability. You can be assured that your coach has a vested interest in your success.

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Standards and Qualifications of a Financial Literacy Coach

Just about everyone can dub themselves “financial literacy coach.” But an NFEC coach has fiduciary responsibility to you – he or she must act in your best interests. Your security is ensured by the fact that these certified coaches have met stringent education, experience, and background criteria. NFEC financial literacy coaches must pass hundreds of educational hours to earn their financial coaching certification. Their coaching ability has been tested in implementation and performance evaluations, where they conduct supervised coaching sessions and document clients’ outcomes. The standards used to evaluate NFEC coaches were developed using guidance from the fields of financial and consumer protection, counseling psychology, financial education, and consultation/coaching. That means your financial literacy coach has the high-level skill needed to deal with the emotional aspects of personal finances, and can uncover your goals, define clear objectives, and provide education, guidance, and accountability so you can move toward financial health.

Alignment of Financial Literacy Coach Methods 1500

Financial Literacy Coach Fees Competitive Analysis

What an Average Financial Literacy Coach has to Offer

Most financial literacy coaches just give you a person to talk with. In contrast, NFEC coaches have an array of services at their fingertips, all geared toward helping you improve your personal finance situation. Our research turned up 137 websites in the top 50 Google search results using search phrases ‘financial literacy coaching’ and ‘financial literacy counseling.’ Out of those 137, 26 indicated price and packaging data. In reviewing those 26 sites, we learned that direct talk time with the coach was the top offering of an average coach teaching financial literacy. Just a few provided personalized financial plans and a couple offered re-planning and reporting.

Universal Financial Literacy Coach Considerations

Personal Financial Literacy Phase 1

To illustrate Phase 1 of the process, let’s look at Peter’s case. Peter had a vague knowledge that he needed some help organizing his personal finances and on basic financial literacy lessons, but the task seemed daunting. The financial literacy coach started by reviewing and analyzing Peter’s full financial profile, including credit, debt, assets, income, liabilities, and insurance. Then the coach gave Peter a customized personal finance report that outlined his priorities and action steps. Peter felt so much better!

Integration of Financial Literacy Coach Administration

Infographic of Financial Literacy Coach Extras

Implementation of Literacy Lessons

During Phase 2, Peter met with his financial literacy coach on a regular schedule and the coach provided strategy, training, and action planning. The financial literacy lesson plans used met educational standards and were customized to Peters unique situation. The agreed-upon goal was for Peter to build his own capability to make informed money decisions, while the coach gave him guidance and support along the way. Another part of the process was for the coach to apply up-to-date data to helping Peter make decisions, with written progress reports and changes to Peter’s financial plan as needed.

Adoption of Habits

Once Peter had received his coach’s guidance to meet his primary objectives, the coach could take more of a sideline position while Peter worked toward his long-term plan. The coach stayed available for ongoing support and education and gave Peter reminders about key dates and deadlines, supplying resources as needed.

Connection with Niche Financial Industry Experts

At the ultimate stage, your financial literacy consultant will be able to provide you with connections to industry experts in specialized fields at critical life junctures when you need guidance – for example, home-buying or retirement plans. You can rest assured that these industry experts will never sell or market financial products, because they all are 100% independent.

Breakdown of Financial Literacy Coach Components

Where do you go to obtain financial advice? Maybe you hire an accountant, a financial planner, or a stock broker. Or maybe – like many Americans today – you talk with your best friend, your sister, or the guy in the next cubicle at work. If you’re like most people, you never received any personal finance education in school. Despite the growing need for financial knowledge, there’s no requirement that public schools teach money management. However, according to the National Financial Educators Council, there’s hope. Regardless of your current situation or knowledge level, you can consult with a financial literacy coach to help you navigate through life’s important money decisions.

“What is financial coaching?” you may ask. Financial coaching refers to peer-to-peer education and decision-making assistance. The NFEC trains and certifies coaches through its Certified Financial Education Consultant (CFEC) program so they are well-prepared to help others achieve financial wellness. These coaches have a deep understanding of basic money management matters, provide accountability, and can help you develop money management systems to organize and plan toward your future.

So instead of asking your unqualified co-worker, you could benefit greatly from hiring a financial coach. CFEC are experts in personal finance and, rather than marketing investment products, their primary goal is to help you achieve success. First the coach will assess your current situation and future lifestyle goals. Then they will prepare a comprehensive report tailored to your individual needs. Coaches take a holistic approach to analyzing your situation and creating an overall plan.

The financial coach fees will be tailored to your budget, as well. The NFEC is an independent financial education organization with a commitment to social enterprise. They offer solutions to meet your objectives at a cost within your means.