Would you retain a financial adviser, planner or coach?

Jul 3, 2024 | Private Coaching, Uncategorised

Get to grips with life and financial relationships first, then go to a financial adviser with a clear plan and brief for your money.

The question hardly arose when I started in the financial services industry in the mid-80s. Traditionally, if you needed help, you went to someone who would sell you a product.

Even then, things were changing. I recall a client who, in the early 90s, wanted a longer-term financial plan before buying a product.

By 2010, I had evolved from a salesman of financial products to a financial life planner working with clients who valued the holistic approach to life and money.

In his 2011 book, Dan Sullivan, the creator of the Strategic Coach Programme, points out that the earliest adopters of his special question methodology (Ask It And Transform Anyone’s Future) were financial advisers who wanted to help clients gain control of their futures.

The spectrum of financial help

Customer demand, regulations, and new methodologies have created a whole spectrum of financial assistance.

Your choice will depend on your circumstances (especially your wealth) and whether you see money as an end in itself or a means to an end.

  • Financial education and literacy programs help to improve individuals’ understanding of financial concepts and products. They are often provided by charities, community groups, or educational institutions.
  • Some GP surgeries, Citizens Advice, and national charities provide benefit and welfare advice to help individuals understand and claim benefits and welfare support.
  • Financial guidance offers general information about financial products and services without making specific recommendations, which would be subject to Financial Conduct Authority (FCA) rules.
  • Financial advice involves personalised recommendations based on an individual’s circumstances and goals. The FCA regulates financial advice, and financial advisers may be independent or restricted.
  • Financial planning involves creating detailed plans to achieve specific financial goals. It is typically a comprehensive, regulated service that may include investment, retirement, borrowing, and tax advice.
  • Financial life planning sits between financial planning and life coaching. Practitioners are usually authorised to provide financial advice and may also be trained in coaching techniques.
  • Financial coaching focuses on behaviour and mindset around money rather than specific financial products. It is generally not regulated as it does not involve specific product recommendations.

Coach first, advice second

There is a reason why I evolved from flogging around the streets of London selling pensions to a financial coach (and it wasn’t just the London rain).

Our financial decisions are driven by our relationships with, experiences of and attitudes to money, which need to be addressed first.

Today, I would go to a coach before a financial adviser.

Get to grips with life and financial relationships first, then go to a financial adviser with a clear plan and brief for your money.

What do you think?

Your views are important, and your fellow readers would love to hear your opinion, so share your thoughts in the comments box below, and thank you for your time and generosity.

What do you think?

Your views are important, and your fellow readers would love to hear your opinion, so share your thoughts in the comments box below, and thank you for your time and generosity.

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