What is a Money Coach and Where are they Located?
“What is a money coach?” you may well ask, given the plethora of life coaching services being offered today. The NFEC’s national network of certified, top-qualified coaches meet the highest standards for the industry, and their primary goal is to provide education and guidance to those who wish to improve their financial fitness. An NFEC-certified money coach (Certified Personal Financial Wellness Consultant) will empirically analyze your situation, define your goals, and prioritize your plan; and give guidance and accountability as they educate you toward achieving greater financial wellness. What does a money coach do – continue reading to learn about their duties and role.
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What is a Money Coach’s Level of Qualifications and Standards?
Anyone can put up a placard designating her or himself as a ‘money coach.’ But NFEC money coaches are different – they have proven their qualifications through adherence to top standards for education, experience, and background. They must undergo hundreds of hours of education, pass difficult testing requirements, and submit to background checks. Not only that, but they must demonstrate their coaching skill through supervised practice, tracking their hours and documenting client results. That means they maintain fiduciary responsibility to clients – they are obligated to act in your best interests. Industry guidelines from counseling, education, consumer protection, and coaching/consulting informed the NFEC’s certification standards. Since a coach must deal with the emotionally charged topic of money, they require the highest level of ability to provide accountability, guidance, and education toward personal finance improvement.
What is a Money Coach’s Average Service?
The average money coach just provides someone with whom to converse. In contrast, a broad collection of services – all crafted to help you improve your financial situation – are available with NFEC coaches. To provide information to those looking to start a financial coaching business, we researched Google using the keywords ‘financial coaching’ and ‘financial counseling’ – gathering data from the 137 websites that came up in the first 50 results pages using those terms. Twenty-six of those sites showed clear pricing information. Contact with the coach was the top deliverable on all 26 pages. After that, only a few had educational resources, custom personal finance plans, or re-reporting/planning.
Phase 1: Understanding & Planning
During his most recent performance evaluation, Armando’s boss recommended that he hire a money coach. “What does a money coach do?” asked Armando. “She will start by analyzing your complete financial profile,” the boss replied. Such was indeed the case when Armando hired his NFEC money coach that earned her Certified Personal Financial Wellness Consultant designation. The coach he selected, Mary, reviewed his financial records including income, accounts, insurance, etc. Then she designed a custom Personal Finance Plan Report detailing Armando’s current situation, lifestyle goals, and a step-by-step prioritized action plan.
Phase 2: What Does a Money Coach Do in the Implementation Phase
Part 2 of the coaching strategy was where Armando met with Mary every other week to review his progress and gain the education, training, and resources to move him onward. Mary provided the guidance and support she learned in the financial certification program, but the goal was for Armando to build the skills to make his own informed money decisions well into the future. Mary conducted ongoing assessments to show Armando how he was progressing and make data-driven adjustments to his plan as needed.
Phase 3: Maintenance & Support
“What does a money coach do next?” Armando asked after his immediate problems were solved and he had a clear plan for the long-term. Mary told him that she would now transition into a maintenance role. Armando had the capability to implement his own strategy, but Mary would be on hand when he needed resources, consultation, or support – for example, when he needed to choose a retirement plan.
Special Niche Industry Expertise Available
Finally, NFEC coaches work with clients in those areas where they have expertise, and they also have direct access to niche industry experts in areas where clients need additional support. For instance, at different life stages you may have a special need – whether it be funding higher education, planning for a new family member, or purchasing a home. The NFEC’s team of niche experts can provide this specialized guidance. And every team member is 100% independent – they are not marketers or salespeople. Our financial coaching professionals are directly responsible to you.
