Do you need a financial (money coach), or financial planner (adviser) or both?

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Financial (Money) Coach: By definition, a financial coach is an individual who helps their clients attain their financial goals by helping them analyze and organize their finances. They do this by empowering and teaching clients how to improve their financial literacy and money management habits to help them budget better, pay down debt faster, build savings and set themselves up in a financially healthy situation to prepare for long term goals such as building wealth, and investing for retirement.

Financial Adviser: By definition, a financial adviser or planner is an individual who helps their clients attain their financial goals by giving them sound financial advice to help them manage their money, maximize their investment opportunities, build wealth and make sound decisions on how to invest their wealth for the long term. In addition, they take on a varied range of roles from investment management, to tax planning to estate and will management and so on.

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How do you know which one you need, and at what point in your life?

FINANCIAL COACH

1. Your current financial situation is such that you are not clear on your investment strategy for the future and you need basic guidance.

2. You struggle with debt and you are living paycheck to paycheck. Your main goal is to eliminate debt, budget effectively and achieve your short- and medium-term financial goals.

3. You aren’t sure what your short term, medium term and long-term financial goals are.

4. You are seeking neutral advice to help you with your current financial situation.

FINANCIAL ADVISER/PLANNER

1. You specifically know your short term, medium term and long-term financial goals.

2. You have clarity on your investment strategy for your future and you needed detailed information to help you further grow your wealth and investments.

3. You are debt free (except your house) and can save up enough money to start building wealth by investing and moving on to the next stage of your long-term financial goals such as preparing for retirement.

4. You want to purchase a licensed insurance product (such as disability or life insurance) or an investment service (like a retirement account) that is based on a commission fee for the adviser/planner, or that benefits his/her company)

The reality is that both professionals are important and you need them at various stages of your life.

Conclusively, a financial (money) coach can help you become financially healthy and a financial adviser can help you stay and remain financially healthy and wealthy.

Schedule a free 30-minute consultation with me to determine if we can work together.

Content of the blog is my opinion and reflects curated information across several reputable sources.