There are so many factors that come into play when you are creating your financial plan. It’s more than just a spreadsheet, or at least it should be. Your financial plan should incorporate your values and encompass your vision and dreams for the future.
I’ve been a financial planner for over 20 years and I was fascinated to see life coaching principles at work with my clients. When I began integrating life coaching techniques into the work I do, it dramatically impacted the process. Instead of feeling like an outsider, my clients were “all in” and excited to create a financial life plan that they were fully motivated to put into action.
If you haven’t heard about life coaching, it’s reassuring to know that this isn’t a fad. It’s a robust and legitimate area of study and professional practice. The Institute of Coaching, established to cultivate the scientific foundation in coaching by the Harnisch Foundation to McLean Hospital, reports, “The benefits of coaching are many; 80% of people who receive coaching report increased self-confidence, and over 70% benefit from improved work performance, relationships, and more effective communication skills.”
Financial advisors are seeing the value of this more holistic approach when working with clients. In fact, Fidelity Investments recently introduced a new paradigm for the value they provides as an advisor, with helping a client move towards “fulfillment” is regarded as the highest level.
So what should you look for in a financial advisor who is also working as your life coach?
You want to make sure your financial advisor, who is simultaneously stepping into the role of life coach, has the proper training as a coach. So don’t be afraid to investigate and ask questions about this aspect of their services. Are they a Registered Life Planner, a Certified Financial Transitionist®, a Financial Life Planner? Do they have a coaching designation recognized by the International Coaching Federation? Take the time to find out how their training in coaching will benefit your working relationship.
What are the benefits of working with a financial advisor who is also a life coach?
Many of us have never had an outlet to think creatively about our lives. When you meet with a financial advisor who is also a life coach, it’s your opportunity to put all of your options on the table and explore them.
Creating your financial plan using this holistic process will…
- Stretch you to think differently in response to insightful and powerful questions.
- Challenge your assumptions and give you a safe space to express yourself.
- Provide support and accountability to make your dreams a reality.
- Ensure your money is serving you, instead of the other way around.
- Give you a financial roadmap that incorporates your values and vision.
A financial plan rooted in this process, instead of just a traditional client questionnaire and financial statements, is so much more motivating and resonant. I am so glad that I decided to get training as a life coach. It has enriched the financial planning experience for my clients and myself.
Are you curious to learn more about how financial life planning works? Feel free to schedule a complimentary Financial Life Plan Discovery Session with me to learn how to make your vision a reality.