A personal finance coach—in contrast to life or career coach—focuses on financial issues in the context of your whole life.
How Financial Coaching Works
The personal finance coach and client design their alliance, which guides their relationship and produces the desired outcomes.
- Explores your situation, goals, and values.
The client will rely on the learning from this step to maintain motivation and forward action to the goal.
- Focuses on future orientation and goal setting.
Coaching is about forward movement and future orientation rather on past problems or challenges.
- Collaborates over time to change behavior.
The coach and client work together to create a financial goal based on the client’s vision and values and agree to collaborate to achieve long-term behavior change.
- Accountability between coach and client.
The coach and client agree to hold each other accountable for the engagement, the process and the action items they define as most likely to lead toward successful achievement of the client’s goal.
- Provides skills and resources based on the client’s unique needs and goals.
In the coaching relationship financial education or skill building is targeted specifically to the client’s unique needs and goals.
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