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What is Coaching? What is mentoring? Hoes does coaching work? Why do people hire a coach? Why would I want a financial coach? How much does coaching cost? Why o you require a minimum of three months? How long do clients work with you? What is the difference between coaching and financial advice? I already have a financial advisor. Why would I want a coach? Coaching is a method of inquiring and questioning that helps a person to think more clearly, gain alternative perspectives, integrate their actions, plans and values, and focus more effectively on their goals. As a result of coaching, clients gain clarity and purpose which results in their setting better goals, making better decisions, and creating more action in their lives. Between weekly coaching calls clients take action on incremental steps toward their personal and financial goals. Greater balance, happiness and satisfaction is often the end result. Coaching is an interactive process that provides accountability and support for the path a person has chosen to follow and helps them overcome the inevitable bumps along the way. Professional coaches are trained to listen and observe, to customize their approach to the individual client’s needs, and to elicit solutions and strategies from the client. They believe that the client is naturally creative and resourceful and that the coach’s job is to provide the powerful questions and perspectives that support and enhance the skills, resources, and natural creativity that the client already has. While the coach provides feedback and an objective perspective, the client is responsible for taking the steps to produce the results he or she wants. Mentoring takes coaching a step further by providing educational instruction and direction within a chosen field – in this case personal finances and investing. Integrated with coaching, the mentoring provides alternate perspectives the client may not be aware of and can raise warning flags when the client might be heading into dangerous territory. It creates direction, further develops the action, and provides a bigger picture perspective to whatever path the client has chosen. Previous Financial Mentor clients have often reported that the mentoring alone has created so much value in terms of loss and risk avoidance that it more than pays for the costs of coaching. After all, it’s what you don’t know that can really hurt you. By integrating the tools of coaching and mentoring the client has the opportunity to create the greatest possible results and breakthroughs in the shortest period of time The structure of coaching is flexible. Each program is designed during an initial intake session to meet the unique needs and schedule of the client. However, as a general concept the following is a rough outline of a common relationship:
Regular on going coaching sessions usually consisting of three weekly calls per month lasting 45 minutes each with one week off per month for holidays, schedule conflicts, etc.. In between calls additional support is provided by email, brief telephone calls, fax, or voice mail. Telephone sessions can be either curriculum related or can be focused on a specific goal or challenge you are facing as you take action toward your goals. Financial Mentor will seek to arrange the length and frequency of the calls to maximize the value you receive from the program. People hire a coach because they want results. Often we mistake getting information and knowledge with the idea of moving our lives forward, but if all it took was knowledge and information, then we should all be sane, solvent and happy. After all, any local bookstore has all the knowledge you need. But when we try and put that knowledge into action a host of roadblocks come up to keep us from reaching our goals. That is why there is coaching. The coach helps you overcome the hurdles, stay on track for your goals, support you in the difficult times, and expand your horizons with new ideas and challenges when you get stuck in a rut. Your coach wants you to reach your goals just as much as you do because that is what you pay him for. The results can be astounding. One definition of insanity is to keep doing what you are currently doing and expect different results. If you want different results, you need to do something different. The reason you do what you do is because you have certain beliefs and programs around money. Through coaching those beliefs will get challenged and different educational materials will be introduced to awaken the financial genius that lurks inside of you. You will learn the principles upon which wealth is built and will learn to incorporate those principles into a financial plan that will work for you and your unique situation in life. Why would I want a financial coach?
The proper and effective use of money is one of the most important skills a person can have. It can make the difference between living a good life or living a life of constant struggle. Yet most of us received little or no training in this skill. A talent for money management is a learned Most programs work by changing knowledge or attitude with the goal of creating results. Financial coaching is about introducing new ideas and paradigms then creating action now that will then reinforce and create new learned attitudes. Your attitude changes because of the results of your new actions and the ideas that are introduced throughout the process. This is a powerful process for bottom line results all done within the safety of a personal and supportive relationship with your coach. Most coaches working with individuals charge between $400 to $600 per month for one half-hour call per week. Average hourly fees range from $100 to $200 per hour and more. Financial Mentor charges $300 for an initial two hour intake session where we design our alliance together, clarify your goals and strategy, and create a coaching and mentoring plan. After this initial session the fee is $475-$550 per month depending on the program. This monthly fee includes three 45 minute calls per month (you get one week off per month for holidays, schedule conflicts, etc.). It also includes between session coaching via fax, email, voice mail, or short phone conversations on an “as needed” basis. The goal is to be flexible and accommodative to the client’s needs creating maximum value and growth for the client. Additionally, Financial Mentor does not sell financial products or receive commissions. Our only compensation is our hourly fees. We believe this minimizes any conflict of interest or bias and allows us to always put our client’s best interests first. We do offer discounts to members of Dream Richly and other organizations. To see if your part of one of the organizations, please contact us.
Why do you require a minimum of 3 months? Numerous studies have been conducted which show conclusively that new learning is best formed into a habit through a minimum of 90 days reinforcement. Coaching provides a supportive and educational environment to adopt new and more constructive money habits. By persisting with the coaching for a minimum of 90 days it provides the necessary environment for you to succeed. Only after 90 days can you honestly assess whether or not you are getting the results you want from the coaching. That is why our programs begin with a 90 day minimum and are monthly thereafter. What kind of clients are you looking for? Financial Mentor has a diverse client base ranging from people with hundreds of thousands of dollars in consumer debt to millionaires who are looking to improve their investing skills. What they have in common is a burning desire to move from wherever they are financially to wherever they want to be financially. Are you tired of thinking that financial freedom is just around the corner at the next pay increase only to find that nothing changes. Our clients recognize that wealth does not exist anywhere in the world of earned income. Our clients realize that building significant wealth and financial freedom requires a complete paradigm shift about how they look at money. They recognize that their personal wealth is a business and needs to be run like one. They are dedicated to creating a life that most only dream about. Would you like to be one of them? How long do clients work with you? As long as they get more value from the coaching relationship than they paid for. There is no standard or average amount of time because it totally depends on the clients needs. Some clients are working on a specific project such as a real estate deal or trading system development and thus have defined time frames. Other clients have been with us on a continuing basis since the very beginning and continue to get great value as they continually move into new areas of development. The choice is entirely yours. We recommend a minimum three month commitment as outlined above, but we don’t use contracts and a client may discontinue the relationship at any time. What is the difference between coaching and financial advice? For an in depth explanation click here for an entire page devoted just to this issue. In a nutshell the difference is nothing short of the difference between night and day. Financial advice is completely different from coaching. Coaching is primarily educational in nature, but it also goes deeper and deals directly one on one with your issues around earning and building wealth creating the opportunity for personal breakthroughs. That is why we have the slogan “It’s not just about money, it’s about people”. Financial advice might build you a portfolio and maybe you will get a little richer or a little poorer, but you will never learn why and you won’t necessarily develop any skills to do it better next time. Financial coaching is about awakening the financial genius in you and taking you from wherever you are now to wherever you want to be financially. It is for those people who want to have the knowledge to make decisions independently. It doesn’t mean you won’t use advisors, but it does mean that you will develop the skills to assess who is good and who isn’t. I already have a financial advisor. Why would I want a financial coach? Because they serve completely different functions there is little overlap in their services. It is not uncommon for financial advisors to be coached and the response from those advisors is that the experience is eye opening. The coach’s function has nothing to do with securities selection or building a specific portfolio. Instead, the coach will work with you on integrating your values into your finances, expanding your financial horizons, opening up completely new possibilities, creating goals, developing strategies consistent with risk tolerances, your personal investing edge, and the list could go on and on. The advisor deals with your money, and the coach deals with you and how you relate to money. 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An initial two hour session by telephone to design the relationship, assess values and goals of the client, and build a coaching and mentoring plan.
skill that can be taught, and regardless of the level you are currently at Financial Mentor can take you to the next level.
