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Finance Coaching: A Definitive Guide to Becoming a Financial Coach


If you are looking to become a finance coach, this guide is definitely for you. Over the years, finance coaching has established its need in the coaching industry.

Finance coaching is, however, often misunderstood for financial advisory. Unlike financial advisors, who help clients make smart investments, financial coaches focus on the client’s behavior when it comes to money.

To say the least, finance coaching is exceptionally concentrated.


According to Eben Burr, managing director at a leading New York City-based financial coaching service, ‘Financial coaching is establishing processes and tools for balancing the behavioral and financial needs of the client.’


When it comes to fitness, we would opt for a fitness coach, and if we need to grow our business, we would seek a business coach. Similarly, when it comes to finances, and a need for a plan to accumulate wealth to live a comfortable life, finance coaches are what a client would seek.

Let’s dive deeper.

What is Finance Coaching?

According to Debt.org, an average American household carries $137,063 in debt, while the median household income is $61,372.

As a result, finance coaching has paved its way to help and assist clients in dealing with their income the right way, to prevent more burdens.

A finance coach is likely to educate and empower their clients regarding their money. In the process, they assist their clients to take the path to build wealth and making smarter choices.

Although a finance coach may not suggest the kind of investments their clients should make, unlike a financial advisor, they would certainly let their clients explore it.

Financial coaching is not about getting rich, and to hire a financial coach, you do not have to already be wealthy. Financial coaching is a process for everyone.

Finance Coach & Finance Advisor

Financial coaching and financial advisory are easy to overlap during a conversation, but we ensure you that they are very different.

Financial advisory is more about working with already attained wealth and helping invest it in areas that will grow that wealth. On the other hand, financial coaching is about educating clients on how to treat their income, manage debt, and understand the path of building that wealth.


Some of the underlining differences are, but not limited to:

Qualifications: For finance coaches, there is no pre-requisite for becoming a finance coach. As an unregulated niche, finance coaches do not require any formal education. However, when it comes to financial advisors, qualifications are essential. Financial advisors must be licensed and registered with the Financial Industry Regulatory Authority (FINRA).

More so, although financial advisors do not require a degree, several finance advisors are known to have completed their undergrad or graduate degrees in finance.

Dealing with Clients: Since financial coaches are not licensed, unlike advisors, financial coaches are not legally permitted to give you any advice regarding how to make your money, and where to invest.

On the other hand, for financial advisors, this is an on-going process. A financial advisor would dissect your financial health and make analytical decisions on your behalf as to how you should invest your money.

Cost: Another differentiating factor is how the two-professional charge. Financial coaches often charge per one-hour session. The coaching fee can range anywhere between $60 to $500 per one-hour session while financial advisors operate on different models.

One of those models is to charge a percentage (usually 1%) of the total assets they manage. Moreover, financial advisors may work on commission for the investments they make.

However, it may not be unusual if a financial advisor is charging both, a fee and a commission.

How to Become a Financial Coach?

Now that we have a thorough understanding of who a financial coach is, and what they do, let’s look into how you can become one?

Step 1: Training & Certifications

A finance coaching training or a certification can put you well ahead of your peers and ensure that you gain the experience you need. Many coaching categories do not require certification but having one is certainly a plus.

When it comes to training and certification for financial coaching, there are two programs that certainly stand out.


Certified Professional Financial Coach program is one on the top of our list. With an alumnus filled by an elite group of financial coaches, you walk away with experience, knowledge, and a thorough understanding of financial coaching with this one.

The program gives you up to 12 months to complete the process.

Another training program is by the Financial Educators Council. Their Financial Coach Certification helps individuals get all the expertise that they would require to run a successful financial coaching business.

The great part about FCC is that you get access to some of the best resources for financial coaching out there.

Step 2: Find a Mentor

Once you have the appropriate training, and certification, now it is time to get out there and gain some experience.

One of the best ways to gain that experience is to find a mentor, and work with them, even if it is free for a few sessions. What you gain from this experience is likely to invaluable to anything else.

Working with mentors, you can find great opportunities and get practical training regarding how the system would work.

Step 3: Resources & Systems

It is likely that you will receive resources during your certification, and with the experience, you gain with your mentor, you should be a great position to devise your own systems and resources.

No two clients are the same.

With every client, you are mostly facing a new situation, however, at the core, concerns are the same. The earlier you get into developing your own resources and systems, the better it will be for you.

For instance, can your system help a client go from a troubling financial situation to stability? If so, you are moving in the right direction with your system.

Step 4: Plan Your Career

Financial coaching is a career. You are in it because you are passionate about it, and you are looking to work for yourself.

One of the first few steps would be to establish your own company if that is the path you want to take.

After a few clients, you would be confident enough to do so. As you move along with your company, you would also want to focus on marketing your business.

Step 5: Commitment

Although we have this as the last step, this is certainly the most important throughout the process. The reality of becoming a financial coach is that you will have stressful situations often, and when you are dealing with individuals and their finances, there could be a lot of emotions involved.

Keeping strong-headed is important, and at the same time, remember why you are doing this.

Succeeding as a Financial Coach

Finance coaching is mainly about helping clients become aware of their financial situation and helping them gain the knowledge they need to become wealthy down the line.

A successful financial coach is backed by their clients and their successes. If you have helped clients develop patterns that led them to overcome debt and financial struggles, then you have accomplished well as a financial coach.

More so, with the rise in technology, and the use of the internet, online marketing for coaches has become essential.

Marketing your financial coaching services online is not what makes you successful, but it may drive clients to your services helping you become successful.

As a financial coach, you would also want to keep up with the latest coaching industry trends to build a successful coaching business in 2020.

Keeping in mind that you are in the industry because of your passion and that you are willing to go to lengths to see your clients succeed – there is nothing that can stop you.

Koachee is an online coaching marketplace assisting coaches to find clients. Providing you with opportunities from all over the world, you also get to use the latest and the most convenient technology in-app to conduct your business via one platform.


As more and more individuals learn about financial coaching, its demand in the industry is increasing simultaneously. With statistics by Debt.org, it has become apparent that financial coaching is a wise option for a lot of individuals and families.

The coaching industry is growing year over year and establishing a concrete presence as the demand increases as well. Coaching helps individuals look at their lives, finances, and careers in a different like, and coaches help empower them.