An Introduction to Money Coaching

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.

At Money Coaches Canada, our Money Coaches will help you develop a clear understanding of your financial situation, create a plan to reach your goals, and provide unbiased advice to keep you focused and on track.

If you are looking for transparent, commission-free advice that considers all aspects of your financial well-being, a Money Coach may be right for you.

what is a money coach

Do You Need a Money Coach?
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. They value expert, independent advice that moves them closer to their most important goals.

Do you need a money coach

How a Money Coach Can Help You
For many clients, success comes from a deeper understanding of where they stand with money, emotionally and financially, developing concise and attainable goals, getting organized and implementing a manageable plan to move forward. With unwavering support, and accountability that is both simple and effective, your Money Coach will ensure progress is made in all facets of your financial well-being.

From debt and cash flow management, through to retirement strategies, investment analysis, tax and estate planning, our 7 Stages of Financial Well-Being® system will help you focus on the right things at the right time. Meetings are conducted with openness and understanding. Every step is personalized. And there is never any intimidation, pressure or judgement. You will learn new skills and build fresh habits that put you in control.

The 7 Stages of Financial Well-Being

Working with a Money Coach, you will develop answers to a wide range of money and personal finance related questions, including:

  • Where does all my money go each month?
  • How do I get ahead financially?
  • What do I need to do to retire comfortably?
  • How can I afford to work part-time, have a baby or start a new business?
  • Can I manage the expenses of buying a new home?
  • How should I manage my money if I’ve recently become widowed or divorced?
  • What is the best way to resolve money conflicts with my spouse or partner?
  • How can I determine whether my investment advisor is doing what’s best for me?
  • Should I put my money into an RSP or pay down the mortgage?
  • What’s the best way to finance my child’s education?
  • Do I have enough to create a financial legacy for my children and grandchildren?
  • Can I provide additional financial support to the charitable organizations that mean the most to me and my family?

Initial Services
At the beginning of your engagement, we will ask you to complete our 7 Stages of Financial Well-Being® self assessment. This helps determine where you are financially and provides important insights into your relationship with money. Understanding your emotions, behaviors and financial position is critical to developing a path to long-term financial independence.

Getting On Track

Stages 1 through 3
Individuals, couples or families that find themselves within one of the first three stages of the 7 Stages of Financial Well-Being often benefit most from a program tailored to assist with debt and cash flow management.

Getting On Track will help you move beyond Financial Chaos, Avoidance and Awareness, and brings significant rewards. But getting there requires guidance from someone who understands you and the intricacies of money, financial management, managing cash flow and eliminating debt.

Stages 1-3 of Financial Well-Being

Through your work with a Money Coach, you will:

  • Establish a sense of empowerment by implementing a spending plan that works for you, not against you
  • Learn strategies to reduce your interest costs that will leave you feeling in control
  • Implement a systematic approach for getting, and staying, out of debt, and achieve a true sense of accomplishment
  • Take charge, and begin building a plan that increases your net worth
  • Establish a greater sense of contentment in the knowledge that you have taken the necessary steps to improve your financial well-being
  • Hone the necessary skills to talk honestly and constructively about money – reducing tension and strengthening your closest, most important relationships
  • Develop sound money management skills that eliminate your insecurities and frustrations around personal finance
  • Debunk the confusion and complexity surrounding personal finances and become more confident making important financial decisions
  • Create an action plan to achieve the life you want with the income you have – reducing your sense of overwhelm and frustration

Retirement and Life Transitions

Stages 4 through 7
Individuals, couples or families that find themselves within the upper levels of the 7 Stages of Financial Well-Being traditionally benefit most from a program tailored to address a range of challenges and opportunities associated with retirement and transitional financial planning.

Life is ever-changing – it requires a dynamic financial plan. Looking to the future, you need the knowledge and tools to ensure your finances keep pace with your dreams.

Stages 4-7 of Financial Well-Being

Through your work with a Money Coach, you will:

  • Make sound financial decisions and successfully navigate life’s many transitions, including retirement, leaving your job, starting a business, divorce, widowhood or receiving a large inheritance
  • Enjoy true peace of mind, and eliminate future worry, with detailed projections that determine what you need to retire comfortably
  • Make smart decisions throughout retirement on a range of important financial topics, including taxes and estate planning strategies
  • Build your assets, and gain a greater sense of control, with an analysis of your investments and detailed recommendations to build your optimal portfolio
  • Develop a true sense of accomplishment by implementing a spending and savings plan that moves you consistently towards your most important goals
  • Be prepared to deal with the unexpected with a detailed insurance review and needs assessment
  • Be ready for an emergency or crisis by putting into place a series of measures to manage life’s challenging times
  • Gain confidence by developing an understanding of what you need to achieve true financial independence
  • Easily answer the question ‘what’s next’ with a detailed, written plan that captures every aspect of your financial well-being in an easy to understand, implementable system

Our Fees – Initial Engagement
Though every situation is unique, the length of an initial engagement usually lasts between three and six months. During this time, you and your Money Coach will work together towards the same goals. No competing interest. No hidden agendas.

The cost for this initial engagement is typically between $2,000 and $6,000, depending on whether you are single, married, self-employed, and the complexity of your finances. Your Money Coach will provide a detailed quote following your initial, complimentary consultation. Installment plans are available.

We’d love the opportunity to share with you just a few of the hundreds of client recommendations we’ve received over the years – from clients just like you. We’ve seen first hand, stress and anxiety replaced by optimism and strength, from people who faced similar challenges but made the investment in their financial well-being. And they haven’t looked back since.

Ongoing Services

Wealth Builder

We understand that life can be unpredictable. And incredibly fast paced. After completing one of our initial service engagements, many of our clients retain us for ongoing support and guidance to keep them on track and moving forward with their goals.

Your Money Coach is a trusted advisor who is always in your corner, helping you make the best financial decisions possible. Over the long term. Someone who knows you, your finances, and how to help you stay focused and on top of your life and financial plan.

Ongoing money coaching services

Our Wealth Builder service is offered to clients who have completed an initial money coaching program and is suited to professionals and individuals with families who want to build wealth and stay on track with their goals, retirement and investment plan. Working with your Money Coach on an ongoing basis, you will receive a wide range of benefits, including:

Periodic Assessments: Regular contact and review meetings will enable you to measure and monitor the success of your plan. Any deviations from the plan will be identified quickly and acted on accordingly.

Steady Progress: Ongoing coaching services provide the necessary structure and discipline to ensure you stay on track, even when life gets busy or complicated.

Dynamic Planning: Life is ever-changing, and it is easy to miss the impact life changes could have on your financial plan. Regular meetings and reviews will ensure your financial plan stays current with your busy life and with changes to the tax, investment and financial landscape.

Growing Confidence: The peace of mind from having a professional in your corner to turn to for any questions or issues that arise.

Building wealth and staying on track financially through our Wealth Builder service is achieved through monthly, semi-annual or quarterly coaching sessions. Sessions vary in length depending upon what’s going on in your life at any given stage, but each session includes a variety of topics, such as:

  • Spending and savings plan review
  • Debt restructure / elimination strategy review
  • Insurance and risk-management planning
  • Investment analysis and review, and coordination with your investment advisor
  • Tax planning
  • Retirement and estate planning
  • A review and update of your net worth statement
  • Discussion on any new or emerging financial challenges and opportunities
  • Updated action plan to stay on track and meet your life and financial goals

Our Fees – Ongoing Engagement

With a minimum one-year commitment, fees for the Wealth Builder engagement range from $150 to $450/month. Your Money Coach would be pleased to provide a detailed quote.