What is a financial coach and what do they do?

What is a financial coach?

A financial coach is an expert trained to look objectively at your financial situation and help you make a plan to reach your goals.

So, a financial coach is like a personal trainer for your money.

We'll now explore the most popular questions about financial coaches. 

Are financial coaches regulated? 

While financial advisers are regulated by the Financial Conduct Authority (FCA), financial coaches are not required to pass any type of certification.

You can learn more about the differences between financial coaches and advisers here.

However, reputable coaches and apps do hold high professional standards and often choose to complete professional qualifications.

All coaches need to have a thorough understanding of the personal financial lifecycle and key financial products, including savings, protection, investments, mortgages and tax wrappers. 

What should I expect from a financial coaching session? 

A typical coaching session lasts between 45 minutes and an hour.

During your session, your coach will help you clarify your financial goals, explain your options for achieving them, and create a plan.

They can also answer any questions you might have about finance. The format is intentionally flexible, so you can guide the session based on your needs and get the most out of it. 

What kind of things can I discuss with a financial coach? 

Coaching is perfect if you’re a financial beginner.

Think about your goals, whether it's starting a budget or setting up a savings account.

Remember that a financial coach can’t recommend specific products or services. Instead, they aim to inform and empower you by explaining your options clearly.

Hopefully, after speaking to a coach, you’ll feel confident in making financial decisions. 

How much does a financial coach cost? 

Coaching prices vary depending on the coach and their experience, but it’s generally cheaper than traditional advice.

It’s an ideal way to get started and equip yourself with more knowledge about your financial goals. 

What should I look for when choosing a financial coach? 

If you’re new to coaching, make sure your financial coach has the relevant financial services experience, they are insured and are qualified by a recognised body.

Once you know this, you’re ready to take the first step towards your goals.