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Financial Coaching: The In-Between Solution

Updated: Mar 30, 2022

Over the years, and before I became a financial coach, my family and friends periodically asked me for financial advice. Why? Because I worked in finance and they didn’t know who else to ask. The benefits of receiving financial advice are well-documented, so why do so many people still feel lost when looking for help with their money?

If you do a Google search for “financial advice help Canada”, financial advisors and financial planners top the list. While these are good options for a segment of the population, there remains a large portion of Canadians who are unserved by these professionals.

A financial advisor is out of reach for many people because of the level of investable assets needed. Financial planners don’t usually have this threshold, but since they offer a very comprehensive service, they can be a little pricey for some people.

For the portion of the Canadian population for whom an advisor or a planner isn't an option, there is an in-between solution to fill the advice gap: a financial coach. A coach offers financial advice that helps people across the income and wealth spectrum for a reasonable cost.

There isn’t a universal model for financial coaching– it’s a growing and evolving part of the financial advice market - so I will only speak to my offering as a financial coach.

Through coaching, I give people the tools, knowledge, and confidence to manage their finances on their own with ongoing support as needed for a flat fee.

I focus on the areas that are most relevant for most people: saving and investing.

Capitalizing on my experience with modeling in Excel, I help people figure out how much they need to be saving for retirement and other goals, like paying for their kids’ education or buying a property.

Since investing in the market is a crucial part of reaching their retirement goals, I show people how accessible the stock market is to them. If they don’t have an advisor, I teach them about their other options: do-it-yourself with an online broker or using a robo-advisor. For those who aren’t comfortable with these options, I can also direct them to their bank and help them navigate the choices available there.

There is a myriad of other financial questions people have, big and small. And sometimes, people just need to talk in order to work through their concerns, anxieties and desires for the future. A financial coach covers all of that.

If you know someone looking for advice that isn't a fit for an advisor or a planner, suggest financial coaching as an option. It might just be the in-between advice they need.


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