Understanding the Differences
Did you know there’s a difference? Financial coaches work with clients on the behavioral side of personal finance, while Financial Advisors tell us where to put or invest our money. It’s important to understand that not all coaches or advisors are the same. Some advisors are certified fiduciaries, who are certified to work in your BEST interest.
Financial coaches help you look at your debt and walk with you through each payoff and life event related to money. Some refer to these coaches as ‘accountability partners’.
Financial advisors check in with you a couple of times a year and typically don’t work with your debt or assist you in making a plan to payoff that debt. Some advisors come at a steep price to meet with and many offer ‘products’ like permanent or whole life insurance policies. Financial advisors are also certified in retirement strategies that help you game plan for your retirement.
So who should you work with?
Both, but it depends on your goals and what season of life you are in. If you have a ton of debt, it would be wise to work with a Financial Coach who can help you build a debt free plan. It’s hard to focus on retirement with thousands in debt. If you are debt free, Financial Advisors can help you build an investment portfolio that works for your retirement goals.
Do you have a Financial Coach or Financial Advisor?