Here's a selection of questions often asked by people interested in our training courses:
The training attracts people from all kinds of backgrounds, not just financial advisers. Only about 25% to 30% of the people coming on the training have a financial advisory background.
Some are coaches or therapists. Others are accountants or have experience working in the finance industry in areas such as marketing or management. Others are money bloggers, say, or simply have a keen interest and passion in personal finance without necessarily any qualifications or work experience - for instance, the go-to-person amongst their friends and family when it comes to dealing with questions around money. Or have a coaching background and interest in specialising in this area.
Having a financial services background gives people the confidence to deal with any financial matter that comes up with a client, but is not absolutely required depending on the service you plan to offer. Without the experience of working with individuals on this topic, your role as a financial coach will be less of an expert role and more of a coaching role (helping them find the solutions for themselves).
I've created a competency checklist I share in the training, which identifies all the key topics which require knowledge, skills or experience that may come up in a coaching session to help you self-identify any further training needs. This is available on request in advance of the training. We are also developing personal finance seminars with the idea of offering three 90-minute virtual trainings (via Zoom) run by Dr George Callaghan, an Economist at the Open University teaching in the area of Personal Finance, in the 3 weeks leading up to the training week. There will be additional costs for this but we can provide further information on request.
In terms of other things to do in preparation, I'd suggest having a look at the CII's Certificated in Financial Services qualification, but here's some other links of courses you could consider or online material you could read/listen to in advance of attending:
I would also suggest familiarising yourself with some of the content of the following websites:
If you're not familiar with debt solutions, you may like to read something that explains the different options. Perhaps something like: https://www.stepchange.org/debt-info/debt-solutions.aspx.
It tends to attract people who feel out of control when it comes to their finances. Not so much the financially disadvantaged, more about people mismanaging money - perhaps earning well, but nothing to show for it or in debt. Some may be low earners wanting help to shift their mindset to attract more money in their lives. Or people who have an emotional block when it comes to money and want help to transform their relationship with money.
Clients may also seek out financial coaching as a stepping stone to the world of personal finance. Perhaps newly in a position of having wealth to invest, and wanting to explore options before seeking advice or considering a DIY approach. Or it could be a client who wants to start making financial plans and is seeking some help with this and someone to hold them to account on their goals.
Or they could be considering a decision which has financial implications and be seeking a sounding board or financial expert to help with the figures. Such as: "Can I afford to retire?"; "Can I afford to leave my partner?'; 'Can I afford to take voluntary redundancy and write that book?'.
Take a look at this page of my site for further information on the different ways I help my clients.
Currently, there are are few limited spaces each year for one-to-one training online via Zoom. Usually we break this into six lots of three-hour sessions. There may be online distance learning options available in the future, but these are not yet available.
Course content delivered in this style looks something like this:
TOPIC (SESSION 1):
- Intros & objectives
- Talk through the training manual
- Spectrum of coaching skills. Directive vs non-directive
- Areas we can work with
- Wise Monkey model, procedures etc
- How do we want clients to feel?
- Role of the financial coach
- Spectrum of coaching skills with listening exercise
- Scaling walk
TOPIC (SESSION 2):
- OSKAR explained, including how OSKAR fits into Wise Monkey model & how we work the model
- OSKAR demo
- Jaclyn case study
TOPIC (SESSION 3):
- OSKAR recap & aide memoire cards
- Question skills slides
- Jaclyn case study
- Money management tools & strategies with Jaclyn
- Demo of some of the excel tools
- TGROW/SMART goals
- Towards v Away-from
TOPIC (SESSION 4):
- Goal planner, post-it-note and Patti exercises
- Good, Bad & Ugly debt
- Priority/non-priority debt & debt solutions
- Bev case study preparation
- Debt snowball calculator & Money Advice Service calculator
- Bev case study
- Debt remedy service
TOPIC (SESSION 5):
- Emotions of money
- What lies beneath the surface
- Money messages exercise
- Habititude cards & game
- Working with couples
- Other games/questionnaires
- Self-limiting beliefs
- Behaviour change strategies
TOPIC (SESSION 6):
- Recap & review
- Guidelines for Generic Advice
- Guidelines for Consumer Credit Licence
- Discussion of Generic Advice case studies exercise
- Wrap up
It depends what you charge and how many hours you coach. If you charge £80 per hour, say, and do 14 hours per week coaching and work 46 weeks a year, this would add up to about £51K per annum turnover. Profits then depend on your business expenses.
Recommended Books: Pinterest board on Books
Recommended TED Talks: Pinterest board on TED Talks
Websites with great content on personal finance topics:
Podcats you could listen to on personal finance topics:
Debt solutions: https://www.stepchange.org/debt-info/debt-solutions.aspx.
I can't vouch for how successful people are after the training, but here's a list of some of the websites of people who've trained with me. You'll see that some have integrated financial coaching into an existing practice and not exclusively offering financial coaching:
The training is held in a central part of Brighton, in the North Laines area. There's a large range of accommodation in the surrounding area to accomodate any budget, from cheap hotels/guesthouses to boutique hotels/guesthouses or Airbnbs. You could check the following sites:
Or this Airbnb locally run by a friend: https://abnb.me/jr2avAS1mS