Hey there, financial coaches! Let’s chat about some of the cool shifts happening in our field right now. These are just my observations, based on real chats with advisors, planners, and fellow coaches – no fancy studies here, just good old-fashioned experience.

Shift 1: The Relationship Between Financial Coaches and Advisors

Remember the old days when saying you were a financial coach got you puzzled looks? Times have changed! There’s a positive shift in how financial advisors and coaches work together. Back when I started, I reached out to financial advisors, knowing they needed someone to help clients with everyday money management – something they couldn’t always do.

It used to be about getting clients on a budget, but now, it’s more of a team vibe. Advisors are even bringing coaches into their teams, recognizing our professional value. This teamwork is becoming a win-win – we focus on the day-to-day money stuff, while advisors handle the investments and long-term planning. This balance is crucial; we need to stay in our lanes to keep this trend moving in the right direction.

Shift 2: Transactional to Emotional Personal Finance

Here’s something I’m thrilled about: personal finance is no longer just about the numbers. It’s becoming more about understanding that there’s no one-size-fits-all solution to money management. It’s okay to have feelings about money – really, it is! We need to keep spreading this message and bring compassion into our financial conversations.

Shift 3: The Rise of Financial Coaching Companies

There’s also an interesting trend in financial coaching companies. While some of us, like me, prefer the high-touch, boutique approach, there’s a growing number of volume-based companies gaining sustainable traction. This includes names like Dow Janes, Bolder Money, YNAB, and others. But, watch out – some of these companies mix coaching with selling insurance or investments, which can be a bit iffy.

Shift 4: The Thin Line with Certain Business Models

And here’s a personal gripe: companies like TransAmerica and Primerica. They kind of hitch their wagon to the financial coaching train but are more about selling insurance. If a company talks more about making money than the product itself, that’s a red flag for me. I’ve talked to many coaches who’ve left these companies due to their aggressive recruitment and sales tactics.

Shift 5: Financial Coaches in Banks and Organizations

A super exciting development is banks and other organizations hiring financial coaches. This trend is about more than just offering financial advice; it’s about helping people manage their day-to-day finances and achieve their dreams. Imagine every company having a “Dream Manager” – that’s essentially what financial coaches are!

What Does All This Mean for You?

These trends show our profession’s growth and the increasing accessibility of financial coaching. It’s becoming more mainstream, which is fantastic for everyone. But remember, there’s still a need for private financial coaches. People will always seek out personal, one-on-one guidance.

Your unique value proposition (UVP) is what sets you apart in this evolving landscape. Understand your UVP and how you differ from these emerging models. There’s space for everyone, but knowing your unique strengths is key.

Wrapping Up

So, fellow coaches, that’s the lowdown on the latest trends in our world. It’s an exciting time to be in financial coaching, with more opportunities and recognition than ever. Keep doing your amazing work, and let’s keep making personal finance more accessible and empathetic for everyone!