• Quality Para Planning

Money Coaches and Financial Planning


What is a money coach, and how can they be used as a value add for your customers?


A money coach is someone who helps your client understand their attitude towards money, their subconscious spending habits, and tries to assist in shifting the client’s mindset with the aim of improving their relationship with money to achieve their financial goals.


A money coach is unable to provide personalised, product specific, advice, which is where you come in as the Financial Adviser. You can take the client’s newfound understanding of their finances and combine this with specific strategy and product recommendations tailored to the client’s circumstances, needs and goals.


For example, a client’s parents are often their first money coach, instilling beliefs, and attitudes towards money from a young age. You, as their Financial Adviser, may suggest strategies or financial products that are at odds with these pre-existing notions. Despite your advice being provided with their best interests in mind, the client may reject your ideas as they compete with their long-held beliefs and behaviours. A money coach may be able to assist in shifting mindsets to help the client feel at ease with your advice and more confident with their ability to control their finances.


A money coach can provide an additional service or added value to the services you provide to your clients, either through formal money coach training for the advisers in your office or appointing a money coach within your practice.


In a competitive market and living in the world of social media ‘experts’, it’s always a good idea to be thinking of ways to differentiate and stand out from the crowd. Could this be your competitive advantage?

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