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What if things could be different and you could potentially feel more in control of your personal finances?
Is it time for a pulse check?
Many people have never heard the term "financial coach." Let alone the difference between a financial coach and a financial advisor. Let me try and help.
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"A financial coach is an advisor who can help you reach your financial goals by teaching you money management skills, such as how to build savings or pay down debt. A financial coach can help improve your financial literacy, but they likely cannot give you investment advice. Financial coaches often assist their clients with the behavioral and emotional components of managing money. A coach can help you unearth what drives your financial decisions, so you can create a healthier attitude that leads to better money habits." - Excerpt from Article: What Is a Financial Coach and What Can They Help You With?
A financial advisor will help with an investment portfolio, managing assets, and providing specific investment advice. A financial coach will rarely give investment advice. Before you can tackle an investment portfolio, things like a budget, paying down debt, developing an emergency fund strategy, and normal day-to-day finance management are all things you'll want to work through with a financial coach before moving to a financial advisor for further support.
A fiduciary standard requires people who might give you financial advice to act in your best interest, recommending or doing whatever will serve you best and avoiding any conflict of interest. Some advisers (like broker-dealers) may simply abide by a “suitability” standard, recommending or doing whatever is suitable for their clients. What’s suitable, though, may not be what’s best — and it might earn them a sales commission that a better move for you might not. Indeed, among your options for suitable investments, a nonfiduciary adviser might recommend the least suitable one. (Of course, many nonfiduciary advisers are still ethical and may serve you well.)
Supreme Court Justice Benjamin Cardozo famously referred to the fiduciary standard by noting, “A trustee is held to something stricter than the morals of the marketplace.” When you’re looking for financial advice, it’s smart to ensure that your adviser is held to the fiduciary standard, looking out for your best interest before his or her own.
We will need different forms of documentation – possibly things like bank statements or credit card statements, etc. We can help you figure out what you will need and how to get it. In some cases, we will help you get the documentation that we will need.
It depends. If you are decent at managing your personal finances, it may not take long. If you have things that we need to work on, it could take quite a bit longer. Typically our work together will last over one year and I'll be available throughout the year to assist and coach as things arise. Fortunately, my approach allows us to work through the process at a very reasonable value/cost to you. My goal is to help you become financially confident and able to confidently manage your finances on your own.
We typically work with households that have an annual income greater than $60,000. There are a number of non-profits that offer basic financial education and even full-blown financial coaching for households below $60,000 in annual income.
Our coaching fees are based on your adjusted gross income (AGI) and start at just $75 per month.
Not with us. There is just one coaching fee we work through together - no other hidden or tacked-on fees along the way. If we get to a point where you need more in-depth consulting, and we need to refer you out, then there may be additional fees involved through those organizations.
“Earner, Not Rich Yet” – We’ll work together to build a strategy to move you on a path to hit your goals.
Want to keep learning and have someone to help you on your journey to taking control of your finances? We approach things differently. It's not a one-time strategy session or advisor to sell you investments. We're about coaching you to own your financial future and build a life you are proud of. It's a journey together one day at a time building new habits and a vibrant life.
© 2021 ENRY Financial Coaching, LLC | Disclaimer: We are not investment advisors. We are not here to sell you any financial products or investments.