Welcome to a special episode where I dive into the questions you’ve submitted. A big thank you to everyone who took the time to reach out. Let’s jump right into the questions selected by my team. And to maintain authenticity, I have not reviewed these questions in advance!

Contract Essentials for Starting a Coaching Session

Question from Patrick Vicencio and Daniel Bohannon: Do you have a contract your clients sign before starting a coaching session, and if so, what details are important in the contract?

Answer: Absolutely, having a contract is crucial. You can find a copy of our coaching agreement in the Financial Coaches Unite Facebook group. Look for the “Guides” section under the group’s header image, specifically Guide 2, for our contract template. It outlines what clients can expect from us, what we expect from them, and includes necessary legal clauses like a standard waiver & release. Although not in ours, a “mandatory arbitration clause” is recommended by some attorneys, though it’s a personal choice.

Assisting Clients with ADHD

Question from Jacalyn Pina: Techniques to help clients who have ADHD and forget to do exercises or budget?

Answer: Leveraging technology like phone reminders, the Pomodoro method, and apps like Todoist can be incredibly helpful. Encouraging the mindset that this isn’t a limitation but an opportunity to find personalized strategies is key. Also, automation of payments and reassessment of the workload you assign can make a significant difference. Remember, there are coaches who specialize in supporting clients with ADHD.

Starting Your Financial Coaching Business

Question from Daniel Bohannon: What are the administrative and/or legal steps I need to take? and Do you HAVE to complete an online course and get some type of degree or accreditation in this? One of my passions is to create this from scratch on my own without using an online course or any of their content in my 1 on 1 meetings. I am a certified teacher in the state of Michigan and I just really love educating and helping people with their goals.

Answer: Michigan shout-out! In episode 24, I talked about what you need and don’t need to start financial coaching. You don’t need a course or accreditation to start. It’s more about why creating from scratch matters to you. While building everything from the ground up can be fulfilling, it might also slow you down. Our Financial Coach Academy® offers a blend of framework, best practices, and customization to help you find your unique coaching style without reinventing the wheel.

I’m hearing a bit of black and white thinking in your question. What if there was a way for you to short-cut your learning and creation process while still helping you feel like it’s yours and all an extension of you? What if you could have both? What would that look like?

Another note and you probably know this Daniel but I feel better saying it so bare with me. But teaching is not the same as coaching. I talk about this more in episode 3.

Differentiating Between Life Coaching and Financial Coaching

Question from Amber Watson: How do you draw the line between life coaching and financial coaching?

Answer: The line can be fluid since financial coaching is essentially a subset of life coaching. Financial coaching often requires a blend of education, strategy, and personal finance management, making it unique.

I also think with financial coaching, money is one of the tools we continuously come back to. I think it’s natural for a lot of coaches to avoid talking about money or simply not making money a big part of the coaching sessions but with financial coaching, it’s sort of what we come back to, it’s at the foundation of what we talk about so we’ll talk about thoughts and feelings and behaviors but we also ALWAYS talk about money too.

There are a lot of financial coaches who call themselves a financial life coach and that makes sense to me. I think we all do an element of life coaching.

Integrating the Coaching Model into Practice

Question from Annie Hanson: How to incorporate the model into financial coaching practice effectively?

Answer: Tailoring the approach to your ideal client is essential. At Fiscal Fitness, we use the model implicitly because our clients often seek tangible, immediate financial solutions. Our clients don’t come to us with this idea of, “I want to work on my mindset,” or “I need help with my thoughts.” It’s usually something more simple or tangible, “I need to figure out where my money is going,” or “I need help getting control of my debt; I want to buy a house but that seems impossible. “

They have NO awareness of “thought work.” In order to do thought work or the model, you have to have self-awareness. And this is simply one of those things where truthfully, I wouldn’t say our clients necessarily have deep self-awareness when they first come to us. Some do so I want to be clear that we’re speaking in some generalizations here but for the most part, they’re sort of at the beginning phases of their own growth and awareness is where we start – awareness of their financial position and awareness of how they think and feel.

For us, our first month of coaching isn’t a lot of thought work per se. It’s a lot of getting organized, creating a plan and learning to plan ahead. That takes us about a month to accomplish. Once we do that and the client can see their financial situation more clearly AND all that mind drama is removed, we now have a clear and specific set of circumstances we can reference, we can really dive into more coaching.

Thank you again for your questions! If yours wasn’t answered this time, rest assured, we’ve saved it for a future episode. To submit more questions, visit FCA.com/podcast. Stay curious, and keep growing.