Personal Financial Coaching is the logical next step in Financial advisory that has seen the evolution of financial advice from life insurance salesman, to brokers, to advisors and planners. At each point the relationship with a client has become closer and more aligned to their needs and objectives and away from selling based on affordability and driven by commission. A financial coach is part life-coach, part business consultant, part teacher and trainer, part financial advisor. Every aspect of your future wealth will be addressed – your income potential, your consumption habits and wealth growth. It is not a static exercise to find out what you ‘need’ and projecting that forward, nor is it an exercise in exorcising your past demons. The journey will be different and unique for everyone.
Recent Blogs – Personal Financial Coaching
‘Needs Analyses’ are so last year…
One of my mother’s favourite phrases was “I want never gets…” a typical ‘protestant ethic’ I guess. I have news for her, wants are what makes the world go round. Once we have sorted out our ‘needs’ the only thing that takes our productivity to a new level is chasing ‘wants’. Marketing is the art of changing wants into needs – so we feel better about it.
Low or no
Unless you’re in the financial services industry I am sure you don’t know – and probably don’t care – about the various ‘types’ of life assurance providers – and until recently the classifications have been pretty loose even at regulatory level. One of the classes of life insurers are the ‘low or no’ advice providers – mostly the direct environment.
5 Secrets to a Billionaire Mindset
Smart debt? – it sounds like a contradiction. How can debt be smart? In our personal lives we’re inclined to use debt for ‘lifestyle assets’ – houses and cars. A much as it is unavoidable, that isn’t the best use of debt. Cheap debt – like mortgage bonds for example are ideally suited to building a property portfolio – and the sooner you do that the better.
Kerenga – Personal Financial Coach
Personal financial plans are great, but there comes times in your life where they are just not good enough. They organise the here and now and project it forward, but they usually don’t address you dreams. So why not a life coach then? They’re going to help you take your career to the next level, help you get that promotion, but that is only addressing one aspect of your wealth triangle – the inputs. A financial plan is a requirement in terms of the “FAIS act”, so you probably have one. It has probably grown out of a ‘needs’ analysis done by your broker or advisor. Dreams aren’t based on needs, they are based on deep seated wants and desires. A plan based on needs is always that just covers your ‘needs’ and ignores your dreams is ultimately going to fall short of the mark. We don’t wake up every morning and get to work just to fill our obligations and hopefully have ‘enough’ for retirement. Most of us want more. We want to earn more, not be stressed about money or debt and live more without the guilt.
Wealth is what is left when you subtract consumption from your inputs. It is as simple and as complicated as that. Where a financial coach can make a difference is by thinking laterally in terms of inputs (it isn’t all about a promotion), give you tax and structuring advice to maximise those inputs. They will also be able to give you a thorough, outsider’s view to your consumption and identify wastage, tax inefficiency and financial behaviour that is sabotaging that wealth (without risking your incurring penalties and additional risk by throwing the baby out with the bathwater). The advice on the wealth side is a given, a qualified financial coach should also be a fully qualified and accredited financial planner who can help you funnel your wealth into vehicles that align with your dreams and not just your needs and their commision stream.
Time is one of the most precious commodities we have, and so as not to waste it and more importantly to keep the costs affordable, all the coaching will be done via Skype, with supporting documentation via electronic media. This also extends the contact hours outside of ‘working hours’ and into the early morning, evening and weekends, when you may have more time and privacy to devote to your personal development. As a client you will need to be comfortable with face-to-face skype calls and using email, web resources, electronic funds transfer etc.
Financial coaching is a blend of life coaching and financial planning, but has the added element of financial education. The focus is on the future, and not the past. A certain amount of ‘homework’ will be required between sessions, which is common in a coaching scenario. This will differ from dream to dream, but in order to build a solid foundation one needs to organise and uncover the status quo. The ‘plan’ that is built will be a joint effort, built module by module and not something handed to you on the last day.
The first introductory call, which needs to be booked, is free so that you can assess if this is what you want or need.
The next step will be the Financial Coaching bootcamp.
Financial Coaching Bootcamp: If you decide to go ahead with the bootcamp, you will be sent a proposal and contract with the details of the full 6 session program. It will start with a static data sheet so that we don’t waste time on details, followed by a 90 minute Skype call exploring your financial vision for the future and identifying the priority areas to address, and set up actions required by both of us (confirmed by email).
The objective of this 6 session campaign is to:
- Uncover your dreams, goals, objectives.
- Agree on a list of priorities to work on.
- Align your existing income, consumption and wealth with your objectives
- Identify behaviours and beliefs that might sabotage your dreams
- Identify gaps in your knowledge that are barriers to you obtaining those objectives
- Clean-up and organise your existing wealth portfolio and draw up a future scenario and timeline.
The structure and detail of the next five Skype calls (45 minutes) is going to depend on what we identify as priorities. Ideally these calls should be 1-2 weeks apart and actions will be required by both of us: organising, restructuring or researching.
You can download the fee schedule here: [download id=”2080″]
The introductory offer expires on 31/12/2015. Download the fee schedule here: [download id=”2080″]
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