Financial Coach vs. Financial Advisor: What’s the Difference?

This is a common question that we as coaches get. A lot of people don’t understand the nature of our trade and how a financial coach differs from a financial advisor. That’s understandable though, as the financial coaching industry is still a relatively new sector of the financial world. So let’s define what advisors do versus what I do.

The difference can ultimately be summed up in two short sentences.

A financial advisor focuses on how your money behaves. A financial coach focuses on how you behave with your money.

What exactly does this look like? I’m glad you asked!

A financial advisor works with the money that you already have and makes sure that it will grow over time in good investments; a financial coach works with you to ensure that you have money to invest!

A financial advisor manages your investment accounts and regularly researches the market so that he or she can make the best recommendations for your investments; a financial coach helps you to manage your spending each month so that you can pay off your debts and begin building wealth with your then freed-up cash flow.

A finanical advisor works to mitigate risk in your investments by diversifying your portfolio; a financial coach helps you mitigate risk in your household by working with you on your emergency fund, insurance coverages, last will and testament, and long-term career and family goals.

An advisor manages investments in your kids’ college fund. A coach helps you work saving for college into your monthly spending plan.

Are you seeing a pattern yet? As your coach, I work with you on your unique situation and help you form a plan to make financial gains month-to-month, and year-to-year. As your coach, my concern is not only the health of your retirement accounts but for your entire financial situation.

One last thing on what I do as a coach. Many professionals out there rely upon long-term relationships and transactions for their field. Lawyers, auto mechanics, landlords, financial advisors, etc. rely on their clients coming back to them for their needs for years.

As a coach, my goal is to help you get to the point where you don’t even need to rely on me. If after working together for several months, brainstorming and forming short and long-term goals for your family, you can answer most of the questions you have, I will know I’ve done my job. As I make clear in my Mission Statement, my goal is to help you become an independent decision-maker.

Both a financial coach and a financial advisor play important roles in helping you with your goals;

Have more questions about what I do? Let’s chat about how I can serve you. Use my booking page to schedule your free Discovery Session and start your financial transformation!

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