Flevy Blog is an online business magazine covering Business Strategies, Business Theories, & Business Stories.

5 Tips to Be the Best Financial Coach

Featured Best Practice on Coaching

108-slide PowerPoint presentation
No charge 15 minute consult ($75 Value). Contact information in the PowerPoint. This is the actual training program, with facilitator notes and assessment (with separate answer slides). You can choose to integrate mentor training or not, depending upon your sales process and model. [read more]

* * * *

Money has been one of the primary causes of stress, even before the COVID-19 economic crisis. Despite the increasing financial stress, there are fewer qualified professionals to help people who are suffering from it. Aside from financial advisors, financial coaches are what people look for nowadays.

A financial coach doesn’t only offer advice, like what financial advisors only do. Instead, they educate, empower, and become accountability partners for their clients. If you plan to make a career out of this profession, here are some tips to consider.

Be Certified

A financial coach is more than a person who is knowledgeable about financing. In a financial coaching career, one should be well-versed in all, but not limited to, the following:

  • Behavioral Psychology
  • Regulations governing the industry
  • Effective coaching methodology

You can learn these subjects from financial coach certification programs. They may sound in-depth and challenging for you, but they all validate your prowess in financial coaching alongside your certificates and licenses (if there are any).

Learning this theoretical knowledge online is possible. The Internet has a lot of reliable sources. Taking a financial coach certification program gives you a certificate, while learning by yourself online does not.

A certificate is important to a novice financial coach because it demonstrates your financial coaching knowledge and expertise that meets national standards. More importantly, it gives your potential clients credence in your capabilities, especially if you’re still a beginner.

Get Practical Training 

While you are pursuing certification, keep in mind that theoretical knowledge is only complete with practical application. Look for a reliable supervisor who will permit you to gain some hands-on financial coaching experience. Make sure that you apply everything you’ve learned to action.

Despite your certification, initial coaching experience under the supervision of a mentor is recommended because each client possesses unique individuality. Each has different financial needs, sentimental attachment to money, built-in habits, and even realities. This part of financial coaching is complicated and can only be solved once you gain sufficient experience.

Hence, if you’re still in the early stages of your coaching career, be supervised by a mentor with relevant and valuable experience.

Establish Systematic Customer Relationship Management (CRM)

From the previous two steps, you can infer that the foundation of becoming a financial coach is built through three factors. These include:

  1. acquiring practical knowledge,
  2. giving basic coaching to a few initial clients (which gradually becomes more complex as you gain experience)
  3. keeping track of the coaching results.

The next step should be establishing customer relationship management (CRM), which aids you in making timely client communications. That’s crucially important since customer relationships are always at the core of any financial coaching. What’s more, doing so helps you perform your duties as a financial coach efficiently.

However, the overall processing, resourcing, and systemizing of CRM is the real deal here. It’s almost impossible for every coach to keep a large number of client relationships while at the same time creating a more personal relationship with each client simultaneously. Robo-coaches may be able to do this, but, of course, you don’t want to be overlapped by these AIs.

The good news is that you can successfully manage a lot of clients through the help of the current innovative CRM software solutions. Each software is nominated and evaluated through its uniqueness, individual features, effectiveness in solving CRM-related issues, and overall user satisfaction.

Choosing the best CRM tool depends on what you’re comfortable with and what you think will make you more efficient as a financial coach. That said, opting for something that enables you to inspect a client’s entire profile, including bank balances, credit scores, and insurance coverage, in one place is recommended.

However, don’t solely rely on CRM software. Doing so may result in ineffective coaches failing to offer their clients clear direction and action steps. Make sure to provide your clients with a personal financial plan and give them progress reports of their accomplishments.

Plan Your Coaching Career Path 

You must choose between working under an organization or starting your own financial coaching business. It’s entirely up to you, but the most advisable, especially for newbies, is to work for a company first and gain enough experience, then branch out into your own company.

You can soon realize how you want to coach when you’re finishing up your financial coaching courses or under the supervision of your mentor. Regardless of your choice, don’t forget to document client results, the third factor of a financial coaching foundation.

Documenting client results and building case studies can give you an image of an accomplished service provider. On top of that, don’t forget to protect clients’ privacy and meet confidentiality guidelines.

Provide Excellent Service

The reality is that you can’t help all your clients perfectly, which can be frustrating. However, aiding your client in accomplishing a milestone makes every hard work you do worthwhile and deeply rewarding.

With this in mind, you want to be a financial coach committed to helping clients achieve better results, be it managing their money, dealing with loans, or advising on matters like loan loss provision. Make a positive feeling from your clients’ achievements as your motivation to provide excellent services and results.

Final Thoughts

When you’re already coaching shortly, remember that your clients are investing in your financial coaching while facing financial crises themselves. Let them save some bucks by providing unbiased strategies and advice on their finances.

66-slide PowerPoint presentation
Coach, Mentor, Role Model, Supporter, Guide... do these words ring a bell? Being a coach involves being able to draw from several disciplines. Coaching is based on a partnership that involves giving both support and challenging opportunities to employees. Mentorship is a related skill that is often [read more]

Do You Want to Implement Business Best Practices?

You can download in-depth presentations on Coaching and 100s of management topics from the FlevyPro Library. FlevyPro is trusted and utilized by 1000s of management consultants and corporate executives.

For even more best practices available on Flevy, have a look at our top 100 lists:

These best practices are of the same as those leveraged by top-tier management consulting firms, like McKinsey, BCG, Bain, and Accenture. Improve the growth and efficiency of your organization by utilizing these best practice frameworks, templates, and tools. Most were developed by seasoned executives and consultants with over 20+ years of experience.

Readers of This Article Are Interested in These Resources

55-page Word document
Coach, Mentor, Role Model, Supporter, Guide... do these words ring a bell? Being a coach involves being able to draw from several disciplines. Coaching is based on a partnership that involves giving both support and challenging opportunities to employees. Mentorship is a related skill that is often [read more]

29-slide PowerPoint presentation
Excel workbook

About Shane Avron

Shane Avron is a freelance writer, specializing in business, general management, enterprise software, and digital technologies. In addition to Flevy, Shane's articles have appeared in Huffington Post, Forbes Magazine, among other business journals.

Complimentary Business Training Guides

Many companies develop robust strategies, but struggle with operationalizing their strategies into implementable steps. This presentation from flevy introduces 12 powerful business frameworks spanning both Strategy Development and Strategy Execution. [Learn more]

  This 48-page whitepaper, authored by consultancy Envisioning, provides the frameworks, tools, and insights needed to manage serious Change—under the backdrop of the business lifecycle. These lifecycle stages are each marked by distinct attributes, challenges, and behaviors. [Learn more]

We've developed a very comprehensive collection of Strategy & Transformation PowerPoint templates for you to use in your own business presentations, spanning topics from Growth Strategy to Brand Development to Innovation to Customer Experience to Strategic Management. [Learn more]

  We have compiled a collection of 10 Lean Six Sigma templates (Excel) and Operational Excellence guides (PowerPoint) by a multitude of LSS experts. These tools cover topics including 8 Disciplines (8D), 5 Why's, 7 Wastes, Value Stream Mapping (VSM), and DMAIC. [Learn more]
Recent Articles by Corporate Function






The Flevy Business Blog (https://flevy.com/blog) is a leading source of information on business strategies, business theories, and business stories. Most of our articles are authored by management consultants and industry executives with over 20 years of experience.

Flevy (https://flevy.com) is the marketplace for business best practices, such as management frameworks, presentation templates, and financial models. Our best practice documents are of the same caliber as those produced by top-tier consulting firms (like McKinsey, Bain, Accenture, BCG, and Deloitte) and used by Fortune 100 organizations. Learn more about Flevy here.

Connect with Flevy:


About Flevy.com   /   Terms   /   Privacy Policy
© . Flevy LLC. All Rights Reserved.