Do I need a financial planner, money coach, or both?

Financial planners and money coaches are both able to help improve your finances, but their approaches are quite different. A financial planner usually focuses on the external or physical factors of your finances, while a money coach starts working with you on the internal or psychological factors.

financial planner focuses on your investments, debts, income, and expenses, and provides strategic, investment, and insurance product advice in these areas. You can outsource the management, advice, and control of your assets, and they can manage the money you have available for wealth creation.

money coach does not manage your investments, nor can they give you specific investment advice. Instead, they focus on transforming your relationship with money including your mindset, behaviours, unconscious patterns, actions, and outcomes. They do this by examining your ‘financial story’ and attitudes toward money, so you can better understand your why and make more conscious money choices.

Together, a money coach and financial planner can help you as their skills can complement each other.

If you’re looking at engaging both a financial planner and a money coach, you should consider seeing a coach first. They can help you understand and improve your relationship with money, so you are better engaged to work with a financial planner. Many financial planners also offer money coaching services. Keep in mind, money coaching isn’t regulated in Australia like financial planning is, so it’s critical you do your research when selecting a money coach to ensure they have specific training, education, and experience to assist you.

Information on this site may be regarded as general advice. That is, your personal objectives, needs or financial situations were not taken into account when preparing this information. Accordingly, you should consider the appropriateness of any general advice we have given you, having regard to your own objectives, financial situation and needs before acting on it. Where the information relates to a particular financial product, you should obtain and consider the relevant product disclosure statement before making any decision to purchase that financial product.

Liked this article? Share it!