Financial Planning Counseling Available from Nationwide Network
If you’re interested to get some financial planning counseling in your local region, the NFEC has a list of well-qualified counselors who together form a nationwide association. A financial counselor on this list meets the premier standards in the financial counseling industry, so clients can be assured that they will find a counselor nearby who is highly capable to help them down a road toward greater financial health.
The main function of the NFEC’s financial counseling and planning is to offer education and guidance to individuals who want to increase their personal finance well-being. Because most Americans lack financial literacy, NFEC counselors are dedicated to your success. They undertake the role of understanding your present situation using empirical analytic tools; unearth your needs and goals; help you set objectives; and rank-order action steps. Then they educate, support, and hold you accountable.
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How Counselors who Conduct Financial Counseling and Planning are Qualified
NFEC counselors are trained far above and beyond what is typical for someone who calls him or herself a financial counselor. An NFEC Certified Financial Counselor has demonstrated knowledge, experience, and ethical practice, which helps you feel secure. These counselors have met criteria to earn the Certified Personal Financial Wellness Consultant title, which include hundreds of educational hours, a tough exam, passing a full background check, and extensive practicum credits. NFEC Financial Coach also means the counselor is a fiduciary – i.e. has first responsibility to the client.
To guide its certification program, the NFEC researched four influential fields: psychology, education (particularly financial education), financial and consumer protection, and counseling. These fields were chosen because financial planning counseling involves people’s money, a stressful topic. Financial counselors need capability to clarify clients’ needs vs. goals, set clear objectives, and then guide, educate, support, and offer accountability to direct them on a journey toward financial security.
Research Results on Average Financial Planning Counseling vs. NFEC
What can you expect from an average financial counselor or housing counselor? Talk. What can you expect from an NFEC-certified counselor? Much, much more – a broad range of services designed to help you gain better financial footing. In recent research we searched Google using the keyword ‘financial counseling.’ A total 137 websites came up on the first 50 pages, and 26 of those had easy-to-find pricing/package information.
Among the 26 sites from which we gathered data, the top service was counselor contact (i.e. talk), invariably by phone and some by email. The next most-often provided service was education (training, lessons, or reference materials). Just a very small number even offered financial planning counseling in the form of a customized plan, which is a cornerstone of NFEC counseling. And only two were willing to re-plan and re-report (adjusting the original plan and giving new reports as client situation changed).
Understanding & Financial Planning Phase
The first thing a NFEC Financial Coach will do in the financial management counseling process is hold an extensive meeting with you to discover in-depth your current financial positioning, lifestyle needs, and goals for the long-term. He or she will examine your whole personal finance profile – income sources, credit, assets/liabilities, insurance factors – everything that will go into your financial planning counseling.
Your NFEC Financial Coach wants to understand all the facets of your financial profile, so he or she can prepare a detailed, wide-reaching Personal Finance Plan. This written document will set out priorities and actions as part of your custom-tailored roadmap. The NFEC Financial Coach will guide and support you to work toward your top-priority goals.
Educational & Guidance Phase
One essential piece of this phase is gathering new data as you make forward progress. The counselor will take care of that, doing regular assessments and giving you up-to-date reports. You can celebrate your accomplishments together and the counselor will give you data-driven revisions to your financial counseling and planning as indicated.
Phase 3: Maintenance & Support Phase
Once you’re working your plan and have met your original needs, you’ll have a more solid financial foundation. Then you can move into maintenance, when the NFEC Financial Coach will take a more hands-off role in your financial planning counseling, while yet remaining available to answer questions that crop up.
Your financial counseling and planning process will also include the NFEC Financial Coach informing you as financial marketplaces and environments change, and reminding you when important dates are upcoming. Your counselor will always stay on hand to provide updated resources if you need them.
Team of Financial Planning Experts from Relevant Vocations
At the final phase of your financial planning counseling, you may need specialized expertise from professionals in specific areas. In those cases, your NFEC Financial Coach has access to the NFEC’s expert team who can offer you added support. Your counselor will connect you with an expert in the field that’s relevant to your pressing question – like, for example, when you buy your first home or plan to add a new family member.
All these vocational experts are 100% independent – they are not salespeople or marketers. And they’re all NFEC Financial Coaches themselves, so you can rest assured that their first obligation is to you.
