The best way to explain financial coaching is to contrast it with what a financial advisor does.
In it’s simplest form, financial advisors focus on selling investment products, like stocks and bonds, and typically (but not always) work with individuals or couples who have a significant amount of money to invest. Financial coaches, on the other hand, focus on the basics of personal money management, behavioral change, financial education and commitment to a spending plan. While financial advisors most commonly help manage wealth that already exists, a financial coach’s job is to provide clients with the knowledge, skills, and behaviors that will help them build their wealth in the first place.
Other major differences between financial coaching and financial advising are coaches are not going to sell you products at all; they do not manage investments, nor sell insurance. We can educate our clients on the basic concepts of insurance, investing, diversification (which isn’t considered giving financial advice), but we never provide specific recommendations on where to invest.
Once you have covered all the core financial needs like a balanced budget, emergency fund, minimal debt, adequate insurance and a will, a licensed financial advisor can work with you to come up with a financial plan to allow your excess cash to grow moving forward. Once you feel you are at that step, I can recommend some incredible financial advisors that will work with you and create a personalized plan to invest your money for long term growth. This will allow you to achieve the lifestyle you desire for you and your family.