Financial planners, financial advisors and financial coaches. Its easy to confuse the three because they tend to orbit in the same solar system. Yet the outcome is completely different. Financial planners are fee based professionals who help you choose a financial product(s) and then manage the portfolio for a fee. They can recommend financial products from any bank, insurance company or investment house to build your wealth goals. Financial advisors, on the other hand are professionals aligned with a specific financial organization and earn a commission from recommending their company’s product or service for you to buy. So when your financial advisor recommends a product, it is usually skewed to one company and they get a check from that company. A financial coach does not recommend products or execute transactions. Financial coaching focuses on financial wellness. This involves clearing emotional and mental blocks that prevent you from optimizing the money you have or want to have. So which is best for you? Well, it depends on the outcome you are looking. Financial planners and financial advisors are great if you have the savvy to make financial choices. A financial coach comes in when you are seeking answers to why you make the decisions you make and need a hand holding to walk you through your emotions that may block your vision. A financial coach leads you through possibility blindness into financial clarity.
As a financial coach, I help people make more money and grow their investment portfolio by breaking through the mental blocks that prevent you from having a financial road map and speaking with confidence to your licensed financial advisor.