When it comes to finances, there are a lot of different professionals out there. Just like anything else, when you have a need you explore your options. For example, if you need a bank account, you go to the bank; if you need your taxes done, you go to a CPA, etc. But what if you need financial guidance and counseling? Is there anyone who even does that?
Many people automatically think of financial advisors. After all, it’s their job to give financial advice, right?
Well, yes and no. Financial advisors are there for when you need advice on investments, insurance products, and retirement planning. They also have a vast array of knowledge when it comes to different investment vehicles.
However, they probably won’t sit down with you and go through your budget.
But what is a financial coach? Financial coaches help you build a plan and hold you accountable. They are there to cheer you on and to inject hope in seemingly hopeless situations.
Financial coaches and financial advisors are often confused with one another. However, they are very different roles. Let’s take a quick look at what financial advisors do and then dive deep into what financial coaches do.
What is a Financial Advisor?
One of the primary things financial advisors do is offer advice on different investments and investment vehicles. They also sell financial products and services to meet your needs. Some of these include retirement accounts, college savings funds, and brokerage accounts.
Advisors generally manage these accounts for you and make recommendations to ensure your money continues to grow.
Advisors are also licensed to advise on specific investments. Are you wondering which mutual fund you should buy? An advisor would be the best person to ask. Is your retirement fund not performing well? Advisors can look at your investment options and tell you the best funds for your money. Need to open up a brokerage account? Again, advisors sell products and services to meet that need.
But what if you need more than advice on which stocks to buy? What if your finances are spinning out of control and you’ve lost hope? What if you are seeking financial freedom and need help making a plan to get there?
In that case, you don’t need a financial advisor. You need a financial coach.
What is a Financial Coach?
Unlike financial advisors, coaches do not sell investment or insurance products. Instead, financial coaches work with their clients to help them build a financial plan for their lives.
A financial coach is right for you when life hits you hard. They will work with you on an individual level and develop a plan for your specific situation.
Are you deep in debt and don’t know what to do? A coach can help you make a plan to get out of debt. Are you frustrated because you can’t seem to stick with a budget? Coaches are trained to help you develop a budget that works for you. Do you want to know how to begin planning for your child’s education? You can work with a coach who will help you build an education plan into your budget.
In other words, financial coaches work with you in regards to your day-to-day finances. They look at your specific situation and offer suggestions to help you meet your financial goals.
Coaches also function as your biggest cheerleader. They want to see you find financial freedom, reach your goals, and live your dreams.
When you work with a coach, they will give you the resources you need to succeed. Think for a moment about a coach you’ve had in your life, whether it was with sports or something else.
What did that coach do for you? If they were a good coach, they pushed you to your limits, they challenged you, and they brought out the very best in you. In all aspects of life, coaches train and condition others to succeed in their endeavors.
A financial coach will do the same for you. They will be your guide to financial freedom, providing you with everything you need to be successful.
With a Financial Coach, You’re the Hero in Your Story
It’s important to note that a financial coach won’t do the work for you. Think for a moment about almost every sports movie ever made. I can’t think of a single one where a coach ran out onto the field and scored the winning touchdown, or scored the winning goal.
That’s because the coach isn’t the hero in the story. They’re the guide. You’re the hero.
A financial coach isn’t there to do things for you. Instead, they offer their guidance and knowledge. Coaches provide something a lot of people don’t offer, and that something is hope.
No matter your situation, a coach doesn’t see your life as completely hopeless. On the contrary, a coach will inject you with hope for the future.
You CAN get out of debt, You CAN take control of your financial future, and You CAN be the hero in your story.
What do You Need To Take Control of Your Financial Future?
To answer this question, you’ll need to take a look at your situation. Are you out of debt and ready to start building wealth? Working with a financial advisor is a good next step.
However, working with a coach can still help you determine your next steps. Are you living paycheck-to-paycheck, drowning in debt, and wondering how to succeed with your finances? In that case, I strongly advise working with a financial coach.
At The Good Steward Financial Coaching, we take the time to listen to our clients and help them build a plan to succeed. We want to work alongside you to help you find financial freedom.
Our coaching practice can help you build a budget, get out of debt, build wealth, and more. Every situation is different, therefore we want to hear your story and help you fulfill God’s call without hindrance.
Contact us today for a free consultation and start on the path to financial freedom!