A financial coach teaches, advises, supports and empowers clients
Financial coaching fills a gap in the financial advice market by offering advice, education and guidance on all things personal finance. Garrett Philbin, a financial coach himself, provided an excellent description of what a financial coach does:
"The goal of a financial coach is to educate clients on the basics of personal finance and, as a team, create a spending plan that reflects the values and goals of the client. The coach then empowers clients to take responsibility for their decisions, supports their continual learning and growth, and serves as an accountability partner throughout the process."*
This is a service that you won't find at your bank branch or with your financial advisor.
The wonderful thing about Financial Coaching is that it's so accessible. A financial coach works with a wide variety of people across the income and wealth spectrum. In some cases, people need help with the very basics of understanding and managing their money while other clients might be further along their financial journey, but don't need or want a financial advisor.
The coaching relationship is very flexible and personal. People have many different needs, and a coach can tailor the conversation to what you need and want, as well as provide insight into things you might not have thought about. You can start the conversation with "I have no idea what I need" and a coach can help you figure that out. That's what they are there for!
*Source: Garrett Philbin, a Financial Coach with his firm"Be Awesome Not Broke".