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What
is coaching?
What is
mentoring?
How does
coaching work?
Why do
people hire a coach?
Why would I
want a financial coach?
How much does
coaching cost?
Why do
you require a minimum of three months?
How long do
clients work with you?
What is
the difference between coaching and financial advice?
I
already have a financial advisor. Why would I want a coach?
What
is coaching?
Coaching is a method of
inquiring and questioning that helps a person to think more
clearly, gain alternative perspectives, integrate their
actions, plans and values, and focus more effectively on their
goals. As a result of coaching, clients gain clarity and
purpose which results in their setting better goals, making
better decisions, and creating more action in their lives.
Between weekly coaching calls clients take action on
incremental steps toward their personal and financial goals.
Greater balance, happiness and satisfaction is often the end
result. Coaching is an interactive process that provides
accountability and support for the path a person has chosen to
follow and helps them overcome the inevitable bumps along the
way.
Professional coaches are
trained to listen and observe, to customize their approach to
the individual client’s needs, and to elicit solutions and
strategies from the client. They believe that the client is
naturally creative and resourceful and that the coach’s job
is to provide the powerful questions and perspectives that
support and enhance the skills, resources, and natural
creativity that the client already has. While the coach
provides feedback and an objective perspective, the client is
responsible for taking the steps to produce the results he or
she wants.
What
is mentoring?
Mentoring takes coaching a step
further by providing educational instruction and direction
within a chosen field – in this case personal finances and
investing. Integrated with coaching, the mentoring provides
alternate perspectives the client may not be aware of and can
raise warning flags when the client might be heading into
dangerous territory.
It creates direction, further
develops the action, and provides a bigger picture perspective
to whatever path the client has chosen. Previous Financial
Mentor clients have often reported that the mentoring alone
has created so much value in terms of loss and risk avoidance
that it more than pays for the costs of coaching. After all,
it’s what you don’t know that can really hurt you.
By integrating the tools of
coaching and mentoring the client has the opportunity to
create the greatest possible results and breakthroughs in the
shortest period of time
How
does coaching work?
The structure of coaching is
flexible. Each program is designed during an initial intake
session to meet the unique needs and schedule of the client.
However, as a general concept the following is a rough outline
of a common relationship:
 An initial two hour session by
telephone to design the relationship, assess values and goals
of the client, and build a coaching and mentoring plan.
Regular on going coaching
sessions usually consisting of three weekly calls per month
lasting 45 minutes each with one week off per month for
holidays, schedule conflicts, etc..
In between calls additional
support is provided by email, brief telephone calls, fax, or
voice mail.
Telephone sessions can be
either curriculum related or can be focused on a specific goal
or challenge you are facing as you take action toward your
goals. Financial Mentor will seek to arrange the length and
frequency of the calls to maximize the value you receive from
the program.
Why
do people hire a coach?
People hire a coach because
they want results. Often we mistake getting information and
knowledge with the idea of moving our lives forward, but if
all it took was knowledge and information, then we should all
be sane, solvent and happy. After all, any local bookstore has
all the knowledge you need. But when we try and put that
knowledge into action a host of roadblocks come up to keep us
from reaching our goals. That is why there is coaching. The
coach helps you overcome the hurdles, stay on track for your
goals, support you in the difficult times, and expand your
horizons with new ideas and challenges when you get stuck in a
rut. Your coach wants you to reach your goals just as much as
you do because that is what you pay him for. The results can
be astounding.
One definition of insanity is
to keep doing what you are currently doing and expect
different results. If you want different results, you need to
do something different. The reason you do what you do is
because you have certain beliefs and programs around money.
Through coaching those beliefs will get challenged and
different educational materials will be introduced to awaken
the financial genius that lurks inside of you. You will learn
the principles upon which wealth is built and will learn to
incorporate those principles into a financial plan that will
work for you and your unique situation in life.
Why
would I want a financial coach?
The proper and effective use of
money is one of the most important skills a person can have.
It can make the difference between living a good life or
living a life of constant struggle. Yet most of us received
little or no training in this skill. A talent for money
management is a learned  skill that can be taught, and
regardless of the level you are currently at Financial Mentor
can take you to the next level.
Most programs work by changing
knowledge or attitude with the goal of creating results.
Financial coaching is about introducing new ideas and
paradigms then creating action now that will then reinforce
and create new learned attitudes. Your attitude changes
because of the results of your new actions and the ideas that
are introduced throughout the process. This is a powerful
process for bottom line results all done within the safety of
a personal and supportive relationship with your coach.
How much
does coaching cost?
Most coaches working with
individuals charge between $200 to $400 per month for one
half-hour call per week. Average hourly fees range from $100
to $200 per hour and more. Financial Mentor charges $300 for
an initial two hour intake session where we design our
alliance together, clarify your goals and strategy, and create
a coaching and mentoring plan. After this initial session the
fee is $375-$450 per month depending on the program. This
monthly fee includes three 45 minute calls per month (you get
one week off per month for holidays, schedule conflicts,
etc.). It also includes between session coaching via fax,
email, voice mail, or short phone conversations on an “as
needed” basis. The goal is to be flexible and accommodative
to the client’s needs creating maximum value and growth for
the client.
Additionally, Financial Mentor
does not sell financial products or receive commissions. Our
only compensation is our hourly fees and the educational
products we sell. We believe this minimizes any conflict of
interest or bias and allows us to always put our client’s
best interests first.
Why
do you require a minimum of 3 months?
Numerous studies have been
conducted which show conclusively that new learning is best
formed into a habit through a minimum of 90 days
reinforcement. Coaching provides a supportive and educational
environment to adopt new and more constructive money habits.
By persisting with the coaching for a minimum of 90 days it
provides the necessary environment for you to succeed. Only
after 90 days can you honestly assess whether or not you are
getting the results you want from the coaching. That is why
our programs begin with a 90 day minimum and are monthly
thereafter.
What
kind of clients are you looking for?
Financial Mentor has a diverse
client base ranging from people with hundreds of thousands of
dollars in consumer debt to millionaires who are looking to
improve their investing skills. What they have in common is a
burning desire to move from wherever they are financially to
wherever they want to be financially.
Are you tired of thinking that
financial freedom is just around the corner at the next pay
increase only to find that nothing changes. Our clients
recognize that wealth does not exist anywhere in the world of
earned income. Our clients realize that building significant
wealth and financial freedom requires a complete paradigm
shift about how they look at money. They recognize that their
personal wealth is a business and needs to be run like one.
They are dedicated to creating a life that most only dream
about. Would you like to be one of them?
How
long do clients work with you?
As long as they get more value
from the coaching relationship than they paid for. There is no
standard or average amount of time because it totally depends
on the clients needs. Some clients are working on a specific
project such as a real estate deal or trading system
development and thus have defined time frames. Other clients
have been with us on a continuing basis since the very
beginning and continue to get great value as they continually
move into new areas of development. The choice is entirely
yours. We recommend a minimum three month commitment as
outlined above, but we don’t use contracts and a client may
discontinue the relationship at any time.
What
is the difference between coaching and financial advice?
For an in depth explanation
click here for an entire page devoted just to this issue. In a
nutshell the difference is nothing short of the difference
between night and day. Financial advice is completely
different from coaching. Coaching is primarily educational in
nature, but it also goes deeper and deals directly one on one
with your issues around earning and building wealth creating
the opportunity for personal breakthroughs. That is why we
have the slogan “It’s not just about money, it’s about
people”. Financial advice might build you a portfolio and
maybe you will get a little richer or a little poorer, but you
will never learn why and you won’t necessarily develop any
skills to do it better next time. Financial coaching is about
awakening the financial genius in you and taking you from
wherever you are now to wherever you want to be financially.
It is for those people who want to have the knowledge to make
decisions independently. It doesn’t mean you won’t use
advisors, but it does mean that you will develop the skills to
assess who is good and who isn’t.
I
already have a financial advisor. Why would I want a financial
coach?
Because they serve completely
different functions there is little overlap in their services.
It is not uncommon for financial advisors to be coached and
the response from those advisors is that the experience is eye
opening. The coach’s function has nothing to do with
securities selection or building a specific portfolio.
Instead, the coach will work with you on integrating your
values into your finances, expanding your financial horizons,
opening up completely new possibilities, creating goals,
developing strategies consistent with risk tolerances, your
personal investing edge, and the list could go on and on. The
advisor deals with your money, and the coach deals with you
and how you relate to money. Because it isn’t just about
money, it’s about people.
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