What’s the difference between a financial coach and a financial advisor?
Financial advisors are regulated by the Financial Conduct Authority (FCA) and bound by its rules. Usually, their role it to recommend specific financial products based on your needs, for example, a personal pension or a mortgage. Some offer their services on a fixed-fee basis, while others use the assets under management model – this means they earn a percentage of your assets in return for their advice.
As a financial coach, my role is to support you regardless of whether you have money to invest. I never recommend specific financial products or suggest that you take a particular course of action. I’m completely independent and impartial. Using proven coaching techniques, I learn about your relationship with money and guide you through the options available. My aim is to empower you to make better decisions. The solution is always based on maximising your wellbeing, not just your financial wealth.
If you do need regulated advice, rather than guidance, please follow the links on my Resources page. As independent financial advice tends to be expensive, some clients like to work with a financial coach first. This gives them an opportunity to learn more about themselves and their needs before making a major financial commitment.
Is coaching like therapy?
Sometimes it can feel like therapy. After all, money affects every area of our lives – employment, relationships, and home. However, whereas therapy focuses on healing the past, coaching is focussed on the future. As a financial coach, I help you to work out what you want and how to get it. We’ll certainly discuss personal issues, but it’s best to seek counselling first if any of them are still painful or unresolved.
Why are pensions so complicated?
Well, the short answer is that everyone’s living longer and successive governments can’t resist tinkering with pension rules. Fortunately, I love reading books about retirement planning, so I can help you navigate this murky area.