Enlist the Services of a Money Coach

Those who seek to enlist the assistance of a money coach to help improve their personal finances will do well to choose one of the NFEC’s highly-qualified coaches, Certified Personal Finance Consultants, are uniquely prepared to help you accomplish your financial objectives. Their nationwide coaching network is stringently trained and certified, and each coach exhibits a passion for helping others achieve greater financial health and wellbeing.

The main goal of an NFEC- money coach (Certified Personal Finance Consultant) is to offer guidance, education, and resources to clients who seek improved financial outcomes. Coaches have a committed interest in your success and can supply you with personalized training, education, and prioritized action steps; also providing accountability to keep you on track toward financial wellness and security.

Read More

Money Coach Standards and Qualifications

Anybody can give him or herself the title ‘money coach.’ NFEC coaches – in comparison – must meet strict guidelines set in the money coach certification program to assure that you remain secure. Coaches certified through the Certified Personal Finance Consultant program have demonstrated their fiduciary responsibility to their clients. That means they must act in your best interests. Further, they have passed rigorous educational coursework and testing; and have gone through strict background checks. An NFEC money coach must take the further step of undergoing supervision while they gain some initial coaching experience. Each of these first coaching sessions must be documented and the outcomes recorded; the coach is evaluated based on implementation and performance.

The guidelines for meeting NFEC criteria to become a money coach were developed according to standards in the fields of 1) counseling and psychology, 2) education and financial education, 3) coaching and consultation, and 4) consumer and financial protection. The purpose of seeking guidance from these industries was to develop standards in alignment with the job of a money coach: to understand people’s strong sentiments and current positions related to money, then offer guidance, support, education, and accountability as they move clients toward financial wellness.

Expansion for money coach Styles 1500
Money Coach Fees Competitive Analysis

What an Average Money Coach Has to Offer

What can you expect from an average money coach? The simple answer is “talk.” An NFEC coach, in stark contrast, has a huge array of services at his or her fingertips, all designed to help you increase your financial capabilities. We drew this conclusion via research to determine the offerings of an average money coach, conducting a Google search using the terms ‘financial coaching’ and ‘financial counseling.’ There were 137 websites in the first 50 pages of results, 26 of which outlined clear package and price information. We reviewed and analyzed the data from those 26 pages, finding that the top service being offered was coach contact (usually over the phone; occasionally by email).

The second most prevalent offering on the 26 sites reviewed was educational materials provision (courses, ongoing training, etc.). A small minority of sites had services including the development of a personalized financial plan, and only two offered re-planning and re-reporting based on adjustments and updated financial information. For comparison, please review the NFEC’s services in the following infographic.

Alignment of money coach Styles

Create a Personalized Plan

What does a money coach do to kickoff the program?  This starts with a far-reaching, in-depth discovery meeting represents the first phase of the money coaching process. Your money coach will gather a thorough understanding of your comprehensive financial profile by reviewing your accounts management, income, assets, liabilities, credit, debt, and insurance – along with any other details that describe your current situation. The coach will apply this understanding to create a Personal Financial Plan Report that lays out a step-by-step plan in priority order.

Phase 1 requires your coach to understand all the factors affecting your personal finance profile, including your sentiments toward money and your goals and lifestyle needs for the future. The detailed written plan you receive will cover all aspects of your financial health and the coach will guide and support you throughout the process.

Concepts for money coach Outcomes

Aptitidues for money coach Applications

Personalized Education Path

Your money coach has gained a deep understanding of your financial position and laid out an initial plan. Now it is time to move into the consultation and education phase of your journey. According to a regular schedule upon which you and your coach settle, you will receive one-on-one guidance and consultation, with the overarching objective of helping you strengthen your personal finance capabilities and make ongoing informed money decisions.

To reshape your priority plan as needed, your financial coach will keep abreast of any changes in your situation and life stage as you reach milestones and make progress. You will receive regular written progress reports, so you may celebrate your achievements and change course as indicated. Data-driven determinations are essential to allow your coach to help you on your road toward financial health.

Long-term Assistance

After your initial priorities have been addressed, you should have a strong foundation built for your personal finances and a clear plan to move forward. At this point your money coach can move into a more sideline role – one of maintenance and support. When you’ve achieved your primary objective your coach’s task is to step aside, let you carry on with your plan, and simply offer support when you need it.

Your coach will always be there for you when you require a little extra guidance; for example, at transitional life stages or when you experience a major life event. The coach will give you personalized reminders about deadlines you need to meet, timely reviews of specific financial information, and resources to support planning.

Connection with Specialized Expertise in the Financial Industry Space

At the last stage, your money coach has access to a team of industry experts with advanced knowledge in the specialized niches they represent. At certain points in life you may need such expert support – such as when you experience changes in your personal goals, your marital situation, your career or income level. An NFEC money coach can connect you with the specific industry expert best aligned with your life situation.

It’s important to know that all these experts are 100% independent and responsible to you. That means you may be confident that you will never be sold or marketed financial products as part of the coaching experience.

Extensive money coach Styles