“Money can’t buy you happiness but it does bring you a more pleasant form of misery.” Spike Milligan
Financial coaching essentially combines financial management principles with life coaching techniques to empower individuals in their personal finances. Money can be viewed in many ways but intrinsically it’s just a concept, a facilitator or a symbol. How we make it and what we do with it is really what it’s all about. Conceptually, there are perhaps only three main personal finance objectives:
Within this, saving money for education and retirement, for example, act as projects that get specifically addressed. But your personal finances are about more than just dollars and cents. Our relationships with money are emotional, psychological and spiritual.
Financial management aligns with personal development, in the same way that refining your health and career skills helps you achieve your life goals. It’s important to be able to connect your financial behavior with your broader motivations in life. Coaching improves your awareness so that you don’t fully abdicate responsibility to a third party.
|Financial Coaching||Financial Advice|
|Follows the client’s agenda||Follows the advisor’s agenda|
|No specific securities recommendations||Specific securities recommendations|
|Clients have unique strategies, plans and portfolios||Clients’ strategies and portfolios look similar|
|Client becomes expert and own authority||Advisor is authority|
|Relationship creates independence||Relationship creates dependence|
|Client is accountable and responsible||Advisor is accountable and responsible|
|Asking questions and educating||Telling directions|
|Focuses on learning and growth of client||Focuses on financial product sales|
|Goal is to create a fully functional, educated, independent client||Goal is to create a portfolio for a dependent client|
|No investment product sales||Sells investment products|
|Teaches self-responsibility||Takes away self-responsibility|
|Paid for eliciting, educating, expanding, and supporting client’s whole financial success||Paid for portfolio advice and transactions|
|Draws out client’s values, skills, and knowledge||Imposes advisor’s values, skills, and knowledge on client|
|Client centred||Product centred|
You also know what works for you emotionally and intellectually far better than an advisor would, and coaching provides a platform for you to express that. From a practical perspective, a financial coach does not have the conflict of interests of a commission-based sales model, so can also assist in your understanding of what your advisor is trying to do, help you review your portfolio and enable you to make the most of an advisor’s services. Coaching sessions and programmes are based on:
We can work with as much or as little information on your circumstances as you choose, whether focusing on hard numbers or simply financial concepts. In other words, you don’t need to provide salary details and so on.
Maybe you just need a sounding board or want to know the right questions to ask your advisor. Contact Godfrey at Spiritworth.Consulting@mail.com for a free consultation and details on one-on-one Skype and telephone coaching, whether based in Hong Kong or outside the territory. Increase your awareness, responsibility and self-belief in a non-judgmental and neutral environment.
Increase your awareness, responsibility and self-belief in a non-judgmental and neutral environment.
Please note: Spiritworth Consulting is not regulated to provide investment advice, so does not give specific advice on products.
Spiritworth Consulting © 2016