What is a Money Coach?
A Money Coach is a fee-for-service financial professional that doesn’t sell investments, insurance or financial products.
They are experts whose sole interest is your financial success.
How is a Money Coach different from a financial advisor?
“Financial advisor” is a vague term that covers a broad spectrum of roles. It’s important to understand that different kinds of financial advisors serve different needs.
When people generally think of a financial advisor, what they’re really thinking of is an investment advisor – someone that sells investments and manages investment portfolios.
A Money Coach is a different kind of financial advisor, someone who looks at your entire financial picture (not just investments, but also cash flow, debt, banking, money management habits, etc.) and creates a plan to help you achieve your goals and live a life free of financial stress. Ultimately, a Money Coach is focused on improving your overall financial well-being.
If you’re looking for a financial advisor, take a look at our blog post “Questions to Ask Your Financial Advisor” to understand some of the differences and considerations.
What is a Financial Planner?
In most Canadian provinces, anyone can call themselves a “financial planner”, so the term is not well-defined or regulated. To ensure that you are working with someone trained and qualified to serve you, you should look for a CERTIFIED FINANCIAL PLANNER® professional, or CFP® professional, as designated by the Financial Planning Standards Council in Canada.
What is a financial plan?
From the Financial Planning Standards Council:
“It’s a written document that takes a big-picture look at your whole financial situation, both now and in the future. It identifies and prioritizes your short, medium and long-term lifestyle and financial goals; it clarifies your current financial position, including your net worth and cash flows; and it specifies the steps and strategies you need to take to get from here to there.”
A financial plan is a tool with well-defined objectives. It’s a roadmap that helps you define your financial life goals and provides the tools, information and structure necessary to organize your finances and make the most of the money you have. For more information on a financial plan, including some of the key questions and issues it addresses, please read our blog post “A Financial Plan is a Roadmap.”
What is an investment advisor?
An investment advisor manages your portfolio of investment products. They will recommend you buy or sell investments, and are usually paid based on the financial products you buy or by the size of your account. It is important that you understand how your investment advisor – or any financial advisor for that matter – is compensated. See our blog post “My Financial Advisor is Making More from my Investments Than I Am; What Should I Do?”.
What does fee-for-service or fee-only mean?
Fee-for-service or fee-only is an emerging compensation model used by only about 200 financial advisors in all of Canada, including every Money Coach at Money Coaches Canada.
Advisors working under a fee-for-service model are paid directly by their clients rather than via sales commissions, referral fees, or assets under management. This ensures transparency and removes the conflict of interest created by both recommending and selling financial products. It also ensures that advice is provided about much more than just investments.
What’s unique about the Money Coaches Canada approach?
Financial well-being comes with a deeper understanding of where you stand with money, emotionally and financially, developing concise and attainable goals, getting organized and implementing a manageable plan to move forward.
We created the 7 Stages of Financial Well-Being®, a framework Canadians can use to identify their feelings and behaviors towards money, assess their current situation, and focus on the right things to improve their financial well-being. We use this framework with clients to provide them with a clear and measurable way forward.
We invite you to learn more by visiting our page on the 7 Stages of Financial Well-Being.
What is a complimentary consultation? Are you offering free financial advice?
A complimentary consultation is your opportunity to speak directly with a Money Coach and learn more about the services we offer and the benefits you can expect. It’s also a chance for the coach to learn about you and your needs, so you can mutually determine if there’s a good fit to work together to address your financial challenges.
Based on your discussion, the coach will outline the service package and fee structure they recommend.
Who is your service intended for? What kind of client is most successful working with a Money Coach?
If you’ve worked with a coach before, you know coaching is a two-way street! Your coach is there to help, guide, motivate and inspire you, but you must be willing to listen, learn, provide feedback and take action to have a successful, productive coaching relationship.
Our clients are well-paid professionals earning six-figure incomes. They come from a broad range of backgrounds: individuals, including those that are divorced, separated and widowed; couples; families; business owners and the self employed; pensioned employees; and retirees.
In today’s hectic world, most people have neither the time nor the expertise to successfully navigate the financial complexities of modern life. They need help making sense of it all, and benefit from a comprehensive, thoughtful and personable approach to money matters. Our clients value expert, independent advice that moves them closer to their most important goals.
What is your minimum account size?
If you’re referring to the size of your bank account or investment account… we don’t have a minimum! We aren’t compensated based on “asset-gathering” or selling you financial products, so we can offer you the advice you need regardless of where you are in your wealth-building journey.
Having said that, our service provides the best value and is most effective for well-paid professionals earning six-figure household income (i.e. $100,000+) who need advice on how best to allocate the resources they have to live the lives they want.
How much does your service cost?
Since each client has unique circumstances and may have widely varying needs, our fees depend on the complexity of your situation and the time and work involved. After speaking with you during a complimentary consultation, your coach will be able to recommend a service package that meets your needs, quote a fee, and offer payment options to fit your cash flow. See our Services page for more details and our fee range.
The fee, services included, and other terms of the engagement will be detailed in a written Letter of Engagement that your coach will review with you.
Can you tell me if my investments are good?
While we review our clients’ portfolios to understand how they are invested, what fees they are paying and whether their portfolios strategy is appropriate for their needs, we are not licensed investment advisors and therefore cannot provide buy or sell advice regarding specific securities.
As part of our coaching service, we will teach you how to have productive conversations with your current investment advisor, or provide a list of investment companies who are licensed to provide security-specific advice.
What does an engagement, or money coaching process, involve?
Our coaching process is built upon the “7 Stages of Financial Well-Being”, and so the structure of the engagement will depend upon which stage you currently are.
At its core, an engagement involves:
- Getting to know you, your life, your dreams and goals, and where your finances stand today;
- Evaluating the options available to you to achieve your goals, and discussing the implications;
Providing an easy to follow plan that advances you towards the next stage of Financial Well-Being and closer
to your goals and dreams; and
Motivating you on an on-going basis to Take Action and Stay On-Track so you maintain momentum and continue
to achieve success!
How do you work with clients? (In-person, online, phone, at my home, etc.)
Many of our coaches work with clients both in-person at their office and online/over the phone, while a few work exclusively one way or the other. If you have a preference, let us know when you request a consultation and we’ll match you with a coach who works the way you do.
How do I choose which coach to work with?
You can browse our coaches’ profiles to learn more about them and the clients they best work with, and choose one for yourself.
Or let us do the work for you! Fill out our short Contact Us form and let us know the kind of help you are looking for. We’ll match you with a coach that meets your needs and have them contact you to set up a time to chat about your needs, usually within one business day.
Where is Money Coaches Canada based?
Money Coaches Canada Head Office is in beautiful Vancouver, BC. Our mailing address is:
#720 – 999 West Broadway
You can reach us by phone or fax at:
Toll Free: 1-855-877-0977
Where are your coaches located?
We have coaches in most provinces across Canada. Keep in mind that coaches are not bound by geography! If there isn’t currently a coach near you, we can suggest one who can work with you remotely.
There isn’t a coach near me. What do I do?
Not to worry! Many of our coaches work successfully with clients over the phone and using online meeting tools. If you live in a city or town that doesn’t currently have a local Money Coach, fill out the Contact Us form and we will connect you with a coach who can work with you remotely to serve your needs.
Is my personal and financial information kept confidential and secure?
Your privacy and the security of your information is of paramount importance to us. See our Privacy Statement for details.
I just have a quick question. Can you help me?
In our experience, we know that when it comes to personal finance, a question may be quick, but the answer is rarely simple. Usually, the answer begins with “it depends.”
A coaching engagement gives us the time and provides the structure necessary to discuss all those things on which a good answer depends, so that we can provide personalized advice that is really right for you. As financial professionals, we are obligated to understand your full financial picture before offering advice; otherwise, the advice may not truly be appropriate for you.
We are very proud of the thousands of clients we’ve helped since Money Coaches Canada was founded in 2010. To read some of their inspirational stories, please visit our Testimonials page or check out our success stories.
Can you speak about a financial topic at my workplace, club, or association?
Several coaches offer seminars, lunch-and-learn sessions, or training sessions on a variety of financial education topics for a reasonable fee. Fill out a Contact Us form and let us know what you’re looking for and we will try to accommodate you.
As a financial professional, a Money Coach will work with you to clarify your goals, design a personalized plan to address your most important financial concerns, and guide, encourage, and motivate you to take action to achieve the life you want, with greater confidence and ease than you thought possible!
See our Services page for more details.
I don’t have much money saved, and have hardly any investments. I’ll work with a professional advisor once I have more money to invest.
Financial advice isn’t just for those who already have lots of money. It’s for those who want to learn how best to use the money they have to improve their financial well-being and build wealth.
Money Coaches Canada is unique in using the “7 Stages of Financial Well-Being” to help clients at various stages of financial capability take it to the next level!
I have a financial plan. My investment advisor printed out the investment growth projections for me.
Investment projections are only one component of a financial plan, and not even the most important part.
According to the Financial Planning Standards Council (FPSC), a financial plan is
“a written document that takes a big-picture look at your whole financial situation, both now and in the future. It identifies and prioritizes your short, medium and long-term lifestyle and financial goals; it clarifies your current financial position, including your net worth and cash flows; and it specifies the steps and strategies you need to take to get from here to there.”
To make progress, you need more than computer-generated investment tables. You need a personalized comprehensive financial plan to help you move forward in all areas of your life in a balanced manner.
I do-it-myself by investing using index funds and ETFs. I don’t need a financial advisor.
A financial advisor – specifically a Money Coach – helps you do far more than manage your investments. They build a personalized plan to help you reduce or eliminate debt, minimize tax, prepare for emergencies, and save for your future goals. They provide an independent perspective and can help you make sound financial decisions related to all facets of financial and retirement planning.
Many do-it-yourself investors work very successfully with a Money Coach to guide them in the many areas outside of investment management that are vital to a healthy financial life.