What is Financial Coaching?

January 11, 2019

When looking for advice on finances, a person may come across financial coaching. Financial coaching, also commonly known as financial advising, is when a professionally trained company or individual helps clients figure out how to handle their finances.

Financial coaching can help with basic finances like budgeting to more complex issues, like investing. Keep reading to learn more information on financial coaching.

Where is Financial Coaching Available?

Nowadays, all kinds of financial institutions offer financial coaching as a service. Here are some of the common places that people can find this service:

  • Banks
  • Credit Unions
  • Independent Financial Coaching Companies
  • Retirement Agencies
  • Insurance Companies
  • Online or Through Apps

How Does Financial Coaching Work?

Traditional financial coaching (in-person) will generally work in the following way:

  1. The individual seeking help will ask to set up an appointment with a financial coach to ask some questions.
  2. The client will bring all their financial information to the appointment (such as their paystubs for income, a breakdown of expenses, etc.). The financial institution will let the client know exactly what documents to bring.
  3. At the appointment, the financial coach will ask the borrower a few questions about what their financial goals are/what they need help with. They will also analyze their client’s finances.
  4. With that information, the financial coach will give their client a breakdown of what to expect with their finances and a plan to follow or do some of the management work for them.

What Can Financial Coaching Help With?

There are several things that financial coaching can help a person with, here are a few:


Budgeting is the process of tracking all income and expenses in a household to figure out the best way that money can be used. Although many people can do this themselves, financial coaching provides individuals with a professional who can give an in-depth look at their finances.

Help Eliminate Debt

Financial coaching also offers clients personalized help with figuring out a way to tackle debt. Whether someone needs help with something as simple as a monthly strategy or complex as debt consolidation, financial coaches can help. They help people find out what financial strategies work for them, and then guide them through the process.


For many people, their financial goals may revolve around wanting to invest and grow their money. A financial advisor can definitely help with that. Financial coaches can:

  • Keep up with financial trends.
  • Know about the different rates that different investments come with.
  • May have experience working with the same investing needs/wants from previous cliental.

Handling Monetary Inheritance/Rewards/Gifts/Prizes

Many people who get a large inheritance, reward, gift, or prize may want to make sure that they are spending or investing wisely. A financial coach can help by providing guidance or handling the money for them.

Retirement Planning

Financial coaching also can help an individual plan for their retirement, whether they are five or twenty years away from that point.

Finding Insurance

Many people may not think of using a financial coach for finding insurance, but it is something that they can help with. Financial coaches can compare several kinds of insurance policies to help their client find the best one according to their needs, all while keeping account of their finances.

Tax Prep

Another unexpected service provided by financial coaching is help with tax season. Financial coaches can help individuals organize their documents and files for when tax season comes around. Some financial coaches may even be able to help a person do their taxes.

Finding a Loan

When it comes to finding funding, financial coaching can also help with that. Financial coaches cannot only help a person find a loan/line of credit—they can help their client determine what loan/line of credit works best for their finances.

Who Can Seek Out Financial Coaching?

The great thing about financial coaching is that no matter how new, old, or what condition an individual’s finances are in, financial coaching is available. There may be a fee for this service, the amount of which will depend on the financial institution.

Financial coaching is available for all kinds of finances because it is not geared towards one goal. Financial coaches are equipped with the knowledge and tools to help with all kinds of goals. And therefore, they know how to manage all kinds of financial situations.

Financial coaching can be a great tool for figuring out all kinds of aspects about finances. For those thinking about working with a financial coach, they may be wondering how it works. Financial coaches, once in contact with their client, will help answer any financial questions. They can also help with any goals, and even do a lot of financial work for their clients. Almost anyone can seek financial coaching, and many people do, for a variety of reasons.

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