Financial Coach
Financial Coach Definition
A Financial Coach teaches another how to create a personal budget. They deepen their student’s understanding of spending and determine if there is a healthy balance between their income and expenses. A large responsibility is the organization of bills, income statements, tax records, estate planning records, and investment documents. A financial coach will teach students about loans and debt. Coaches discuss home buying strategies and the intricacies of mortgages. Financial coaches may offer specific training on how to buy a car. Students access their credit profile and how they can get their credit report at no charge. Financial coaches assist clients in calculating their net worth. Coaches train students about compounding interest and how it works for you when saving and against you when borrowing. Although not licensed insurance agents, financial coaches can teach the client how to understand how insurance works and how to shop for insurance. Financial coaches educate clients in the workings of savings and investing, including how the stock market works. They do not provide specific advice like a licensed financial advisor. A good financial coach will recommend a team of professionals (Certified Public Accountants, Insurance Agents, Bankers, and Financial Advisors) to assist their clients in reaching their financial goals. Financial coaches can advise how to plan for retirement. Financial coaches are usually a fiduciary, meaning they look out for the best interest of their student/client. They rarely sell financial products. If licensed in a specific financial industry like insurance or advising, a fiduciary should provide full disclosure. In addition, coaches aid in the selection of financial software and teach clients how to use traditional tools like spreadsheets. They may assist clients in negotiating with creditors.
Financial coaches can be volunteers, entrepreneurs, or salaried. Coaches primarily work with individuals and families, but many are leaders of small groups and offer services to corporate clients. Financial coaches also teach behavior change methods, assess psychological and emotional interaction with money, and teach good habit making skills.
National Financial Educators Council
Association for Financial Counseling and Professional Education
https://www.annualcreditreport.com/index.action
Financial Coach[edit]
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