What Financial Coaching Doesn't Do

Learn How Financial Coaching Empowers You to Build Wealth… By Never Enabling You

Financial coaching helps you become financially independent – with special emphasis on the word “independent”.

Financial coaching is an empowering process that teaches you to fish so you can have all the fish you want for the rest of your life.

It's never an enabling process that gives you a fish.

“I initially came to the coaching calls looking for you to tell me what to do because this is what I've done all my life. What I've really learned working with you is how I'm very capable of thinking and making decisions for myself.”– Nahrein David, Consultant; San Ramon, CA

Financial coaching achieves this objective by focusing entirely on developing your skills to become an independent, capable client.

This puts it at odds with many familiar professions that financial coaching is frequently confused with.

Financial Coaching versus Financial Advice:

The goal of financial advice is to manage the wealth you’ve already built; whereas, financial coaching helps you build that wealth in the first place. Financial coaching never provides specific market or security recommendations because that would be giving you a fish. Instead, your coach teaches you how to fish by educating you to analyze the markets and develop your own investment process uniquely suited to your needs without any of the conflicts of interest or sales incentives caused by financial advice. (Learn more about financial coaching vs. financial advice here.)

Related: Why you need a wealth plan, not a financial plan.

Financial Coaching versus Therapy:

Coaching is not therapy because therapy deals with past issues; whereas, coaching focuses on present action directed toward future goals. Therapy asks “why?” by dwelling on your past and current problems; whereas coaching assumes “why not?” by focusing on where you want to go and what you need to do to get there. Coaching is forward directed: therapy is past directed. Coaching is action oriented, and therapy is introspective. Coaching should not be used for treating mental illness, addiction, or depression because those are specialties for therapists. Each profession has a distinctly different focus.

Financial Coaching versus Consulting:

Consultants are experts hired to provide and implement recommendations for improvement. The consultant is accountable to the organization for solving the problem and producing the desired end result. A coach never implements solutions and is not the one who produces results. Your coach is a valuable protagonist for change by helping you do your best work, but you will always be the one taking all the action, producing all results, and you will be the only one who is accountable. (See Coaching versus Mentoring for additional information)

Financial Coaching versus Get-Rich-Quick:

Get-rich-quick is for people who want something-for-nothing. Coaching is a serious transformational process for people who are willing to do the work but just need a realistic approach to achieve the goal. Get-rich-quick promises immediate results. Coaching promises that you will get out of it what you put into it. You are solely responsible for the results you produce.

Financial Coaching versus a Friend:

Your coach’s responsibility is to help you get more/better/different results. While you may become good friends with your coach the relationship is distinctly different because it has a specific purpose. To achieve those objectives your coach will hold you accountable, tell you the truth (instead of what you want to hear), and challenge your thinking in ways that no friend could do without adversely affecting the relationship. (Click here to learn what to expect from the coaching relationship.)

In Summary

While financial coaching can help you produce powerful results, it is not the right fit for everyone’s needs. Financial coaching focuses entirely on developing an independent, capable client. The purpose is to help you produce more/better/different results. For that reason there are various limitations to the coaching process.

• Financial coaching is not advice, therapy, consulting, or friendship.
• Financial coaching will not do the actual work it takes to build wealth and does not promise instant results so it should not appeal to the get-rich-quick mentality.
• Financial coaching never provides specific securities or investment market recommendations because that is the role of a financial adviser who manages the wealth you already built. Instead, financial coaching helps you build the wealth in the first place.

If you are looking for an enabling process that gives you a fish then coaching is absolutely the wrong choice.

If instead, you are looking for an empowering process that teaches you to fish so that you can have all the fish you want for the rest of your life then you are in the right place.

Think about it… your goal is financial independence and financial freedom. You can never be truly independent or free as long as you require somebody else's advice to make financial decisions.

Therefore, the stated mission of financial coaching is to develop a self-sufficient investor who can correctly and confidently pilot his own journey to financial freedom with competence and profitability.

We achieve this objective through education and transformational learning that causes you to take concrete actions that produce tangible results.

By acting independently and developing self-confident decision-making you experience the freedom, fulfillment, and independence that motivated you on the journey to financial freedom in the first place.

“People want to be lead. We did and we sometimes hoped that in our coaching calls you would have the “magic answer”. You made us critical thinkers to find those answers ourselves. That is your strength. You are a great coach.”– Jeni and Eric Kurowski; Owners, CCR Storage; Willis, TX

To learn more about financial coaching you can take this test to see if you fit the profile of a successful financial coaching client, or you can schedule your free strategy session here.

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