How to Become a Financial Coach

Cash Flow

Are you a bit of a pro when it comes to keeping your finances in check? Do you feel like you could easily help other people with their finances, coaching them to a better, more abundant lifestyle? If the answer to those questions is yes, then maybe financial coaching/advising is your calling. Bear in mind you need many different skills to be a great financial advisor, including maths, communication, and an eye for detail. It isn’t all about maths, like many people think it is. Here, we’ll explore how you can become a qualified coach/advisor, and even discuss whether starting your own business could be an option. Read on to learn more!

Are You Willing To Start From Square One?

Many people who go into financial advising must start from square one and work their way up to the top. To get to where you want to be, you might even need to start out as an unpaid intern. Of course, before you can begin this, you must work on getting a bachelor’s degree or the equivalent, depending on where you’re from. Having a 4 year degree is usually a requirement for licensing. In order to create a resume that looks good, you may want to major in something along the lines of mathematics, economics, accounting, or finance. You can pretty much do anything, but doing something closely relating to financial coaching will help you leaps and bounds. The key to selecting your major is showing that you have the determination to stick something through.

Get Some Work Experience

Getting some work experience in the form of an internship or something similar will help to give you a feel for the industry. You may even be able to secure an entry level job in a bank. By gathering as much information as possible you’ll be able to get an accurate idea of the various financial career paths you can take. You may also get a good idea of which company you specifically want to work for; CreativeOne financial advisors can enjoy exclusive offers, for instance. Different companies can offer different bonuses to you. Gain experience and aim to learn as much as you possibly can.

Search For An Appropriate Training Program

You may be able to find an appropriate training program at a large company. Bear in mind that these can be extremely competitive to get into, so you should be determined that this is what you want to do before applying. You must be prepared to demonstrate your passion for this industry.  

Once you’ve been through your training program, you need to be prepared to get your license. There are a number of different licenses you can apply for depending on where exactly you want to be. Once you’ve done this, you’ll either need to find a job or consider setting up your own practice! Either way, it’s going to be hard work.

Starting Your Own Financial Coaching Firm

If you think you want to go the route of starting up your own financial coaching firm, you have a number of things to consider first. You’ll have start up costs to contend with, including rent, furniture, bills, advertising, technology, and more. How will you secure this funding? You need to make sure you’ll be able to get your hands on the money, as well as have money in reserve just incase you need it.

Creating a business plan is also recommended if you decide to go this route. Your goals need to be outlined, as do the current financial markets, a flexible marketing plan, a business model, and services offered. Outlining everything you can think of will help you to develop a well-rounded plan that could very well help you to secure funding. Not only that, it will help to keep you focused further on down the line.

Some people prefer to work within a financial coaching business or something similar as soon as they qualify to help them get even more experience, and work on making contacts and strong relationships. If you’re totally new to this industry, as well as having your own business, this could be a better option for you to begin with. It’ll take longer, but it could help you to experience more success.

Is financial coaching still calling to you? Don’t put it off any longer! It might take at least 4 years before you’re qualified enough to get your foot in the door, so you want to get started as quickly as possible. Leave your thoughts and ideas below!

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