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financial coaching…

empowering people in money matters

Financial coaching FAQs

Click on the links below for answers to the questions we're commonly asked. Please contact us if you'd like to know more, or want to talk about whether financial coaching is right for you.

 

Q What is financial coaching?

A Being good with money is just another form of fitness. Just as with losing weight or getting physically fit, it takes the same sort of commitment to get on top of your finances and remain motivated so that you reach your goals.

At Wise Monkey we use proven coaching techniques and technical expertise to help you identify and understand your financial goals, and put in place realistic and measurable strategies to meet them.

People seek financial coaching for many different reasons. Some require information and only minimal guidance. For instance, you may simply want to discuss whether the plans you have in place are sufficient to meet your future goals.

Others may want considerable support facing up to financial difficulties, which often involves examining the emotions surrounding their relationship with money. For example, you might want to tackle a long-term issue, such as out-of-control spending habits.

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Q How does it work?

A We support you to make decisions and initiate any changes, usually through a series of regular meetings. We work in total confidence - the coaching sessions provide a safe place for you to acknowledge and face your money concerns.

Although most of our work is based in London, the South East and Northern Ireland, we have clients across the UK. The beauty of Wise Monkey's service is that we also offer coaching and support by phone and email, so you'll be able to gain the benefits wherever you live.

We'll conduct an initial phone consultation (free of charge) to collect some basic information, which will enable us to decide, together, whether financial coaching is right for you.

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Q What are the benefits of financial coaching?

A Many clients find that simply picking up the phone and booking their first coaching session reduces their stress levels. It's worrying to be in debt, or to feel out of control with your spending. And it's annoying to suspect that you could be doing things more cheaply, if only you understood the ins and outs of different financial products and had the time and the expertise to find the best deals.

With Wise Monkey on hand to look out for you and your money, the benefits of financial coaching quickly become obvious.

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Q How much does financial coaching cost?

A We charge for our time at the rate of £80 per hour (with a minimum fee of £160 for a first session). And the service is completely flexible, so you can choose whether you would like a single consultation, help with a one-off project that may require several sessions, or regular on-going coaching.

To help you budget for our services, if you choose to work with us regularly, you can opt for one of our payment plans (with lower hourly fees) as an alternative to paying our standard hourly rate. Click here for a copy of our Terms of Business. Details of our payment plans are available on request.

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Q What will happen during a coaching session?

A The first coaching session can often last up to two hours, and we prefer to conduct this meeting face-to-face. We can conduct subsequent meetings in the same way, although we find that coaching is just as effective by phone if that suits your circumstances.

During the first meeting we'll talk through your financial situation, identify what you hope to achieve from the coaching, and start working towards meeting these goals.

Some clients find that a single session is all they need, while others prefer to book a series of meetings - for instance an hour a month, for several months. While this type of arrangement often helps the coaching process, there is no financial commitment - you only pay for the coaching you receive.

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Q Is there any homework between coaching sessions?

A At the end of each session we'll summarise the action points from the meeting and agree what needs to be done by the next meeting. This may involve gathering information from financial companies or completing a budgeting worksheet. While we work at a pace that suits you, we also work with your goals in mind. We find that the coaching process works best if you can complete any action points before the next meeting.

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Q Isn't financial coaching just another name for financial advice?

A No, there are important differences. Financial advisers provide financial advice - they are regulated by the Financial Services Authority (FSA) and are bound by its rules. The main function of an adviser is to select and sell products to match your individual needs.

Our role is to make sure that you are fully informed about your financial issues, giving you the control and motivation to make better choices about what to do with your money.

Unlike financial advisers we won’t provide you with specific advice on the purchase or sale of regulated financial products such as pensions, investments, insurance or mortgages. We do, however, offer money guidance such as guiding you through the options available to finance your retirement.

For products such as savings accounts and credit cards, we can help you understand how the products work, including the terms and conditions, and help you research the best ways to compare and buy them.

Many clients use financial coaching as an affordable alternative to financial advice; others use Wise Monkey to complement the service provided by their financial adviser or investment manager. Following our initial consultation we will be able to decide whether a financial adviser would be better suited to your needs.

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Q What is money guidance?

A The Financial Services Authority (FSA) and consumer organisations such as Which? (formerly Consumers' Association) have identified the need for a low-cost money guidance service, not involving selling any products, for many years now.

The FSA were instructed to set up an independent Consumer Financial Education Body (CFEB) by the government in the Queen’s Speech on 19 November 2009, to help consumers understand financial matters and manage their finances better. CFEB's job is to raise the profile of their financial capability work and roll out the Moneymadeclear money guidance service nationally.

CFEB defines money guidance as the guidance and information people need on the money matters that shape everyday life. It covers areas like:

  • budgeting weekly/monthly spending;
  • saving and borrowing, and insuring and protecting yourselves and your families;
  • retirement planning;
  • understanding tax and welfare benefits;
  • explaining the technical language we use in the financial services industry.

    • Money guidance is also completely sales-free.

    For more information on this topic see:

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    the path to financial freedom