1.  What Is a Financial Coach?

A financial coach helps their clients with the basics of money management. They work with clients who may have a bad relationship with money or who have other obstacles keeping them from managing their finances well. Their goal is to help their clients develop healthy money habits that will last. Financial coaches educate their clients on the basics of personal finance and work with them to create a financial plan that reflects their goals. They also empower their clients to take responsibility for their decisions and provide accountability as their clients work to implement the lessons they learn.

Financial coaches work with their clients over the period of several weeks. Often, they meet with clients weekly or biweekly to provide advice and check on progress. The full process consists of a number of steps. The first step is building awareness around spending habits, usually by tracking daily, weekly and monthly spending. The next step is defining the client’s financial goals, whether it’s setting a budget, creating an emergency fund or paying off debt. A financial coach will help clients develop plans to achieve their goals, then act as an accountability partner as clients enact their plans. Ultimately, after six to 12 months, clients should have improved their financial literacy and be well on their way to achieving their financial goals.


2.  What is the Difference between a Financial Coach and a Financial Advisor?

In general, you would turn to a financial coach for help saving money and a financial advisor for help investing and growing money. A financial coach works with clients who have few assets and need general financial help. A financial advisor works with clients who need help managing and investing their assets. An advisor provides options for developing an investment portfolio to build wealth for their clients to meet future financial goals. They typically charge their fees based on a percentage of asset under management, as opposed to coaches who typically charge a flat retainer fee. Advisors often require a minimum asset level to begin service.

Another important difference is that financial coaches are not licensed to provide financial advice like advisors are, and therefore cannot provide specific product recommendations. Coaches can provide basic advice on the concept of investing, but they cannot recommend how to allocate your assets. They can suggest saving money in a high-interest savings account, but they can’t recommend a particular account.

Coaching also differs from advising in that coaching tends to be a limited time arrangement, with the goal of helping the client to achieve financial literacy and learn to manage their own finances. Advising, on their other hand, is an ongoing relationship in which the advisor meets with their client once or twice a year and continually manages their financial portfolio for them.


3. How do I know if I need a coach?

Financial coaching is one of the most hands-on services that I offer.  As your coach I will help you to develop and implement a plan specific to your unique situation.  You may be facing a crisis like bankruptcy, foreclosure, or harassing creditors.  Maybe you need help building wealth or starting your small business.  Even if you just have some general questions about money management, financial coaching could be right for you.  I have been trained to handle a wide variety of situations.  I will offer detailed advice and a specific plan to make your money work for you and to put you back on track.

4.  What is credit monitoring?

Credit monitoring is awesome because you can see the reports and scores as they change.  Without credit monitoring, there is no way to monitor the scores as they change. 

5.  What is a credit score?

Credit scores are numerical summaries of your creditworthiness based on information from credit bureaus. A credit report is a consumer's financial report card.


6.  How long does it take to improve my credit?

Fixing errors can take 30-60 days to process and another 30-60 days to appear on your credit report.


7.  What if I have no credit can you help me?

We sure can! We take away the stress of having to find a lender to give you your first credit card or loan at a high-interest rate. We will help you boost your own credit so it will be smooth sailing. 


8.  What are my client Rights and Responsibilities? RESPONSIBILITIES?

YOUR RIGHTS - When in contact with Financial Makeup, you should expect that you will:

  • Receive prompt counseling services for managing money based on your financial situation with consistent enforcement of all program rules and expectations

  • Be treated with respect and dignity, irrespective of culture, language, age, disability and/or lifestyle

  • Be consulted about your needs and preferences, and be able to refuse or accept assistance

  • Be actively involved in a comprehensive assessment of your financial situation including an appropriate action plan

  • Be able to ask questions and have your concerns addressed

  • Be able to discontinue your relationship with our agency at any time


YOUR RESPONSIBILITIES - As a client participating in our services you will be expected to:

  • Respect the rights, privacy and dignity of Financial Makeup staff and other clients

  • Accurately provide Financial Makeup with all the necessary information needed to recommend a suitable action plan for you

  • Ask questions to ensure clarity and understanding throughout the relationship

  • Advise us promptly of any changes to your contact information or financial situation

  • Take responsibility for yourself and the results of any decisions you make while working with Financial Makeup