Thanks for your interest. If you’ve come this far, you are least moderately interested in what I’m planning and what the process of working with a financial coach might look like. I hope to answer all those questions on this page.
First, as I previously mentioned, I don’t have all of this figured out yet. I don’t have a cool logo, business name, or fancy website. I just want to expand what I’m doing as a volunteer to something that I can do one on one with real clients who are looking for some financial guidance. If it grows into something more over the next few years great, if not, that’s fine also.
The basic process is to sit down with a client and discuss goals and how those goals fit into a comprehensive financial plan. Every client’s session and output will be different because each person, couple, or family comes from a different place with challenges that are unique to their specific situation. There is no “one plan fits all”. Each client’s plan is dependent on what is important to that client.
That said there are some common components to a firm financial foundation which will include such items as: emergency funds, retirement strategies, insurance needs, college funding, estate planning needs, and credit management among other topics.
What is a financial Coach?
There is a significant difference between a “coach” and a “financial advisor”. Someone who works at Edward Jones, or Merrill Lynch is likely a financial advisor who gets paid via commissions or charging a fee on percentage of assets managed. A financial coach, which is what I’m offering, sells nothing other than their time and expertise. As a “Financial Coach” I don’t open investment accounts, nor provide specific investment advice. I don’t sell insurance or any other financial products. I simply provide advice and options on how to achieve financial goals. One example might be a recommendation to open a Roth IRA retirement account. I won’t open the account for you but will provide some resources that will allow you to open that account yourself.
Most financial advisors are licensed to sell and/or manage these types of accounts for you. Most of them charge fees and/or commissions for this service. Some “advisors” will not be interested in a client until they have over $250K to $500K is investments. Please don’t take this as a criticism of financial advisors, I have one and he has been incredibly important in my financial life. My hope would be that eventually all my clients would eventually “graduate” to a “financial advisor”. This would mean that their assets had grown to a level where it makes sense to work with a financial professional to help manage their portfolio. This graduation means that I have been successful as their financial coach.
Who is my target client?
My target client would be married couples in their mid-20’s to mid-40s, living in the KC area. That doesn’t mean that I will not consider others, but this target group is one that can really benefit from someone looking at their current state and giving them advice on how to meet their future financial goals. I’m not specifically looking for people with significant problems, but again, all clients will be considered. I will NOT accept anyone currently going through a divorce, or other significant legal issues. There are just too many legal pitfalls to that process. I am not a lawyer and would not feel comfortable providing that type of advice.
Where would the sessions be held?
I would prefer to do the sessions at my home in Olathe but could also do them over zoom if that is only way to work it out. I am willing to visit a client home as long as it is not more than 10 or 15 miles away. (I will eventually charge mileage for this, but not in these initial sessions) If you are further away, let’s discuss and we should be able to come up with a plan on where and how to meet. If the chosen client is married, I would expect both the husband and wife to attend all sessions.
What is expected of me if I get selected?
Basically, I just expect you to be engaged in the process. If you are expecting me to talk to you for an hour and then solve all your problems, you will be disappointed. Upon selection I will send a few forms that will require some thought and effort by the potential client. What are your financial goals? What challenges do you have in your financial life today? These documents will also include forms to fill out which will provide a financial snapshot of where you stand today. The prep work will take some time on your part. It will consist of gathering all the details of your financial life. I want to stress that I will never ask for any of your personal account numbers, login details etc. At the end of our time together, whether that is after one session or two or more, I would appreciate some feedback on what you felt worked and what didn’t work.
Will one session be enough?
Probably not, but the decision to continue is totally up to you. If you don’t think there is any value in continuing, we will shake hands and part ways. Two sessions are probably the minimum number to get value out of the process. The first session will be getting to know each other and exploring what is important to you. There will likely be some basics I can recommend after one session, but it will be more in the way of general recommendations than a specific plan tailored to the individual client’s situation.
I am interested how do I get considered for the opportunity?
If you are interested in being considered, or have any questions about the opportunity, send an email to this address: email@example.com. If you are interested in being considered, please include your basic information: Name, email, address, job status, married status, children, and their ages? Also include your basic financial situation, at this point I don’t need specifics, just a high-level view of where you are and what you would hope to get out of financial coaching.
I look forward to hearing from you.