What Does a Financial Counselor Do?

In today’s economic climate many people are asking, “What does a financial counselor do?” The answer may be found by consulting the NFEC, which offers a network of counselors with top-level qualifications available nationwide. All these counselors meet the toughest standards and feel passionate about helping clients improve their personal finances. The main goal of a financial counselor is to support others down a path toward financial wellness and security by providing education, guidance, and accountability.

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What Does a Financial Counselor Do to Earn Certification?

Anyone can hold themselves up as a financial counselor. NFEC counselors are stringently screened and qualified in terms of background, education, and experience. NFEC-certified counselors must act in your best interests because they maintain fiduciary responsibility to the client. The requirements for education, testing, and background checks they must pass are the highest in the industry. These standards were developed using guidelines from 1) education/financial education, 2) counseling/psychology, 3) consulting/coaching, and 4) consumer/financial protection. Why those industries? Because a financial counselor works with money decisions, which are charged with emotion; and the counselor’s job is to uncover client goals, needs, and objectives; then supply education, guidance, and accountability to further clients’ progress toward financial health.

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What does the Average Financial Counselor Do?

What does a financial counselor do, on average? Give you someone to talk with. We learned that answer by doing a systematic Google search. We used the keywords ‘financial counselor’ and ‘financial counseling’ to identify 137 webpages in the top 50 results pages. Among those 137, 26 showed clearly-available pricing information. Our analysis indicated that the number one service was talking with the counselor, by phone or sometimes email. Second was receipt of educational resources. Just a few provided options that included a written personal finance plan, and a couple offered re-planning or reporting. Compare this average with the NFEC’s offerings – a vast complement of services all geared toward improving your financial wellness.

Structure What Does a Financial Counselor Do Applications

Phase 1: Understanding & Planning

Margaret had located an NFEC financial counselor in her local area. But the question on her mind was, “What does a financial counselor do?” At stage one, the counselor completed a full review of Margaret’s financial situation – looking at her income, credit, debt, assets, accounts, and insurance coverage. In an in-depth discovery meeting, the counselor asked Margaret about her emotional relationship with money, lifestyle needs, immediate and long-term goals. Then Margaret’s counselor designed a Personalized Financial Plan Report tailored to her situation.

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Phase 2: Guidance & Education

Margaret had a clear plan with priorities and goals. The next phase involved education and consultation. Margaret met with her counselor on a regular basis. The goal of the meetings was to give Margaret guidance and personal training, so she could develop her own skills at making informed decisions about money management. Margaret got written progress reports to track goal achievement, and the counselor did regular assessments to gather data to drive any changes to Margaret’s strategy.

Phase 3: Maintenance & Support

Once Margaret had handled her top priorities – debt payoff and retirement planning – she was ready for her counselor to stand aside while she took the helm. Margaret knew she could rely on her counselor to provide support, personalized reminders, and resources when she needed them. For example, when Margaret found out she was expecting a child, her financial counselor was one of the first people she called.

Niche Industry Experts at Your Disposal

During the final phase, financial counseling involves providing specialized expertise to help clients at key junctures in the life phase. A client may need niche assistance, for example, when buying a home or making a career change. NFEC counselors have access to an expert team to handle such guidance. And all these niche experts are completely independent and responsible to the client – they never attempt to market financial products.

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