How to Find and Hire a Financial Coach

By Pam O’Brien. January 13, 2025 · 8 minute read

This content may include information about products, features, and/or services that SoFi does not provide and is intended to be educational in nature.

How to Find and Hire a Financial Coach

If you’re looking for help with your finances, such as creating a budget or paying down debt, a financial coach could help you learn these money management skills. A financial coach teaches clients the fundamentals of finance and helps them develop good money habits that they can use now and in the future.

Read on to learn about the benefits of working with these professionals and how to find and hire a financial coach.

Key Points

•   A financial coach assists clients in learning money management skills, such as budgeting and debt repayment, and in developing good financial habits.

•   Financial coaches are not licensed to offer investment advice but can help with financial goal setting and planning.

•   Coaches tailor their approach to individual needs, offering personalized strategies for things like debt repayment and budgeting.

•   Financial coaches typically charge hourly rates, generally ranging from $100 to $300 per hour, and work on a fee-only basis.

•   Finding a coach involves checking credentials, asking about their training, specialties, and working process, and ensuring a good personality fit.

What Is a Financial Coach?

There are different kinds of financial professionals, including financial advisors and planners. So what is a financial coach exactly? A financial coach is a professional who helps clients learn about the basics of sound financial management. This includes saving money, paying off debt, creating a financial plan, and learning good money habits overall.

A financial coach can also help you prioritize your financial goals — such as buying a house or a car, putting money away for your child’s education, or saving for retirement — and then work with you to map out a plan to make it happen. This professional might even help you choose the best type of bank account for your needs.

A financial coach will typically meet with you over a series of weeks or months to help you improve your money management skills. In addition to concrete action plans like coming up with a budget or developing a debt repayment strategy, a coach can also help you understand the underlying feelings you have about money. These sentiments may impact your behavior, and the coach can then work with you to enhance your attitude toward your finances.

Rather than managing your money for you, a financial coach teaches you the strategies to do it yourself. This can help instill in you confidence in your abilities, so that you can make your own informed financial decisions.

Benefits of Working With a Financial Coach

If you’re struggling to save money or pay off debt or if you’re new to managing your money — for instance, maybe you’re a recent grad who’s living on your own for the first time — working with a financial coach can be helpful. This professional can assist you with putting together a plan to reach your financial goals, improve your relationship with money, or teach you the fundamentals of finances, depending on what you need.

Here are some of the specific ways a financial coach can help you.

Setting Financial Goals

After speaking with you and reviewing your financial situation, a financial coach can help you establish clear financial goals. These might include:

•  Starting an emergency fund with at least three to six months’ worth of living expenses to tide you over in the event of a large unexpected bill or a job loss

•  Setting up a budget

•  Paying down debt, such as credit card debt

•  Saving money in a type of account that maximizes the amount of interest you earn, like a high-yield savings account

•  Creating a financial plan to help you buy a house or save for your children’s education

It’s worth noting that if you’re interested in learning about investing, a financial coach can help you understand the basics about different investment options, but a coach is not licensed to offer investment advice or recommend specific financial products. If you’re looking for investment advice and recommendations, you may need a financial advisor instead.

Creating Personalized Strategies

When you work with a financial coach, they will typically tailor their approach to your individual needs. Rather than a one-size-fits-all treatment, you’ll get techniques suited to your particular goals, personality, and financial situation.

For instance, if your number-one priority is to pay down the high-interest credit card debt you owe, a financial coach will help identify the debt repayment strategy that resonates most strongly with you. If you’re the type of person that needs small steady successes to stay motivated, they might recommend the snowball debt repayment approach. With this method, you pay off your smallest debts first. The idea is that each time you cross a debt off your list, you feel a sense of accomplishment and get a burst of momentum that can keep you going.

On the other hand, if your priority is to minimize the interest you’ll pay, the financial coach might recommend the debt avalanche method, which focuses on paying off the debts with the highest interest first. This approach can potentially save you money in the long term.

Recommended: Emergency Fund Calculator: How Much Should You Save?

Where to Find a Financial Coach

Financial coaches, also sometimes referred to as financial counselors, are not required to be trained or licensed. However, the Association for Financial Counseling and Planning Education (AFCPE) does offer formal training and financial counselor accreditation. You can find an accredited financial counselor (AFC) by checking the AFCPE website for trained professionals in your area.

In addition, ask family and friends for recommendations for any financial coaches they’ve worked with. You can also consult other financial professionals you deal with, such as your accountant or financial advisor, to see if they might have suggestions for a good financial coach.

Questions to Ask When Hiring a Coach

Once you have the names of several financial coaches, reach out to each one to find out about their background and style of coaching. You can also get a feel for whether their personality and approach is a good fit for you.

As you’re preparing to hire a financial coach, similar to choosing a financial advisor, you can ask them a series of questions, including:

•  What kind of training do you have? To learn about a coach’s qualifications, find out if they have had any formal training or accreditation, and if they do, ask what their training consisted of. Also, inquire how many years of experience they have as a coach.

•  Do you have a specialty? Financial coaches may focus on particular areas such as debt management or credit-related issues. Sometimes they specialize in working with certain types of individuals, including small business owners and military service members.

•  Over how long a period do you typically work with clients? Does the coach tend to work with clients for a certain number of weeks? Or is it more likely to take a few months?

•  How often will we meet ,and how long is each session? Find out if they typically meet with clients weekly, for instance, and for generally how long per meeting. Also, some coaches offer virtual meetings as well as in-person meetings, so consider asking about that option as well.

•  What is your working process like, and what kinds of methods do you use? Briefly explain to the coach what you’re hoping to get out of coaching and then ask what their approach might be to help you realize your goals.

•  How much do you charge? Financial coaches typically charge hourly rates and work on a fee-only basis. While their rates can vary widely, $100 to $300 an hour is typical, with $257 as the average hourly rate for a financial coach, according to the National Financial Educators Council. By comparison, the cost of a financial advisor is more likely to be based on a percentage of the value of a client’s portfolio.

Along with gathering all of the information above, carefully consider the coach’s personality based on your conversation. Is this a person you would feel comfortable working with? That’s also an important component of finding and hiring a financial coach.

Recommended: What Is a Fiduciary Financial Advisor?

The Takeaway

Hiring a financial coach can be beneficial if you need help creating a budget, paying down debt, or honing your money management skills. This kind of professional can help you create a structured plan to build your bank account, save for the future, and reach your goals, but they do not directly manage your money. Carefully screening financial coach candidates and understanding their fees are important steps in the selection process.

Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with direct deposit, you’ll get a competitive annual percentage yield (APY), pay zero account fees, and enjoy an array of rewards, such as access to the Allpoint Network of 55,000+ fee-free ATMs globally. Qualifying accounts can even access their paycheck up to two days early.

Better banking is here with SoFi, NerdWallet’s 2024 winner for Best Checking Account Overall.* Enjoy up to 3.80% APY on SoFi Checking and Savings.

FAQ

What’s the difference between a financial coach and advisor?

A financial coach provides clients with information about the fundamentals of finances and teaches them the basic skills of money management, including budgeting, saving, and strategies for paying off debt. A financial advisor can provide clients with a more comprehensive financial plan for their future, give them investment recommendations, and help them manage their investment portfolio.

How often should I meet with my financial coach?

Financial coaches typically meet with clients weekly or every other week to provide information and check in on their progress. Talk to your coach to see what type of meeting schedule makes the most sense for your situation and goals.

Can I find a financial coach who specializes in my situation?

Yes, you should be able to find a coach that specializes in your situation. Financial coaches specialize in many different areas, including debt management, credit, budgeting, and saving. If you search for a coach on the Association for Financial Counseling and Planning Education (AFCPE) website you can read about their background and see exactly what their specialty is.


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