Why work with a financial coach?
Financial coaches and financial advisors have different areas of expertise and serve different purposes. Here are some reasons why someone might choose to hire a financial coach instead of a financial advisor:
Focus on behavior and mindset: Financial coaches often focus on changing behaviors and mindsets to help clients achieve their financial goals. They may help clients develop better money habits, create a budget, and manage their money more effectively. In contrast, financial advisors typically focus on investment management and financial planning.
Lower fees: Financial coaches often charge lower fees than financial advisors. While financial advisors typically charge a percentage of the assets they manage, financial coaches may charge a flat fee or an hourly rate.
No products or investments sold: Financial coaches do not sell financial products or investments. Instead, they provide guidance and support to help clients make better financial decisions. Financial advisors, on the other hand, may recommend specific investments or financial products.
Holistic approach: Financial coaches may take a more holistic approach to financial planning, helping clients with all aspects of their financial lives, including budgeting, debt reduction, and retirement planning. Financial advisors may focus more narrowly on investment management and retirement planning.
Ultimately, the choice between a financial coach and a financial advisor depends on your goals and needs. If you are primarily looking for investment management and financial planning, a financial advisor may be the right choice. However, if you need help changing your financial habits and mindset, a financial coach may be a better fit.