Hey everyone this is Kenneth I recently had a conversation with a Certified Financial Planner (CFP) regarding Financial Coaching and let me tell you it was interesting well actually that is an understatement to say the lease. It actually became a heated debate whether Financial Coaching techniques were useful in helping a client achieve financial success.
This individual asked me what I felt was a Financial Planners job description was. I explained in my "Opinion" of course with a smile, so I said "the difference between a Financial Coaching practice and that of a Financial Planner is that the planners objective is to provide advice, this individual agreed, and the education process was a means to introduce himself to the community and the end result was to sell various securities instruments hence more of an educate to sell model". Well interestingly enough this individual took offense that I would suggest such a thing so I asked "such a thing like what" this individual said educate to sell products. Interesting I thought; so I asked how do you make money he confirmed through the sell of financial instruments so I asked a question, Q- What are you trying to achieve? this individual went on about how successful his practice was and his clients portfolios are worth x-amount of dollars which of course was ob-seen amounts of money "Not The Norm" and how he takes the time to get to know his clients.
Well after debating Financial Coaching vs. Financial Planning with this person for an hour we shook hands and went our separate ways.
In summary the main objectives of a coach is to listen deeply to the coachee and be their as an accountability partner to help the coachees improve their position by learning about themselves, make empowering decisions, set and achieve goals, resolve issues all through using effective questioning rather than simply presenting a solution or the coaches viewpoint.
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