Five Tips for Picking a Financial Coach

financial coachThinking about hiring a financial coach?

Not exactly sure what to look for in a coach?

It is your lucky day – here are my tips in what you should look at and ask any financial coach you are interviewing.

(If you would rather watch the video: What to look for in a financial coach)

1. Check their qualifications.   What training have they had? What’s their background? Did they go through coach’s training and then just say they were going to be a financial coach, or do they actually have financial background? You want to make sure that when you’re getting ready to hire somebody to help you with your finances that they actually know something about finances.

2.  Check their skills and training to ensure that they meet your specific needs.  For example if you are completely out of debt and you’re at the wealth building stage, then, you wouldn’t hire a financial coach who specializes in debt.   Likewise, if you are looking at a coach who does nothing but teach investing and you’re heavily in debt, that’s not a good match either.   Make sure that you’re looking for a coach who can actually coach on what you need.

3.  Personality counts! Do you like the coach?  I don’t need you to be best friends with them. However, money isn’t an easy subject to talk about, and if you’re going to pay somebody to help with your money you need to like them enough that you are willing to open up to them.   You need to have some sort of a connection, don’t just go hire somebody because you think they’re the best if you can’t stand them.  You will not make progress if you cannot be 100% open with your coach.

4.  Ask for/Look for testimonials or references.   Don’t just assume they can help, look for testimonials.  Just note, that not everyone is openly ready to talk about their experiences with money, so don’t get personal when asking about their experience.

5.   Understand how your financial coach is paid.   If you are working with a financial coach and you’re paying them a monthly fee then you know that you are getting to get their advice, wisdom, guidance, based on what they think is right for you.  If you’re working with another financial coach that you are not paying a monthly fee to they may be trying to get you into financial products, so they can make a commission.   Understand how the person who is coaching you is getting paid.

So there you go: some tips to help you pick out a financial coach that will be the best fit for you.  Do your homework and understand their specialty, what their qualifications are, and ensure that you can work together.

For more information on my financial coaching services.

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