Behind every successful person, there is usually a coach of some kind, whether it’s in the field of sport, business or finance. In fact, it’s puzzling that many people haven’t yet considered using the services of a financial advisor or coach, especially given how hard we work to earn our money and want to make the most of it!
What a finance coach does?
As with any good coach, your financial mentor will be there to provide practical and straightforward advice about finance and the ways in which you manage your money. The important thing to understand, is that this bespoke advice will be tailored to your individual needs and objectives. For example, you may be struggling with debt, so your finance coach would help you create a strategy that allows you to organize your finances and escape debt permanently.
You could be wondering how you could ever afford your first home, so your finance coach would work with you to ascertain how much budget you would need, how much of a down payment you could make, and what kind of ongoing costs would be realistic. They can then help you to create a workable budget that allows you to save a margin to achieve your goal within a realistic timescale.
Perhaps you are looking to save for your retirement. In this case, your money coach would help you to create a portfolio that would allow you to look forward to the type of retirement you are dreaming of – whether you hope to work into your later years or retire early. Your coach would help establish your attitude to risk and assist you in creating a balanced, diverse portfolio that spans a range of asset classes and ensures that your long-term savings work for your needs in the best possible way.
Coaches also help protect family finances by finding the best policies for financial products, such as life insurance, accident and unemployment insurance, trust funds, and family savings. They often have access to deals that aren’t offered directly to customers through the full broker market. This can save clients thousands of dollars over the years.
The characteristics of a great finance coach
Every financial coach will have relevant qualifications and accreditations in their field, along with significant experience in their specific area of financial expertise, for example wealth management or investment. The coach will naturally be straightforward, clear, trustworthy and of impeccable character. They will offer advice that you can understand and act on, and they should be transparent about how they recommend products and whether they take a commission from them.
With the right financial coach, you will be able to enjoy the services of a trusted, expert advisor who will work with you to get the most from your money and look after your financial future.
