By Sheila Walkington
I worked for many years in banking and as a traditional financial planner helping clients with their investments and retirement plans. While I enjoyed this work, I saw that many of my clients were struggling with debt and how to manage their day to day cash flow. I was also increasingly uncomfortable with a compensation model that was largely dependent on selling mutual funds and insurance to my clients.
I realized that I needed to come up with a new model of providing and being paid for providing financial guidance and advice. So in February 2004, I became a fee-only Money Coach, a profession that was so new, CBC Radio interviewed me as one of the first Money Coaches in Canada.
As a Money Coach, I have been helping clients better manage their cash flow so they can get out of debt and move toward their goals with more confidence and ease. It isn’t my job to tell clients to stop spending more on their cell phone than on their RSP. It is my job to make sure they know they are doing it and to work with clients to decide if that choice is getting them closer to, or further from, their life goals.
What I didn’t expect was the demand for the service and interest in money coaching as a career for other financial advisors. While money coaching isn’t a main stream profession yet, it looks like it will be soon!
Sheila is Money Coaches Canada’s co-founder and “Debt-WHYs Diva”.
More articles about money coaching:
Should you Hire A Money Coach – Canadian Living
Send debt to the Sidelines – Globe & Mail
