Financial coaches help people document their financial goals and provide general tips and frameworks to help reach them. Unlike a licensed financial advisor, they do not build a detailed financial plan, make specific recommendations, or implement strategies on your behalf.
For example, if you asked a financial coach about term life insurance, they might explain what it is, the different types, and general considerations. They would not recommend a specific policy, death benefit, or coverage length.
Some financial coaches offer excellent education and guidance, but it’s important to know that the profession is largely unregulated. Unlike licensed financial advisors, financial coaches are not overseen by FINRA or the SEC. Essentially, anyone can call themselves a financial coach - even my 2-year-old niece!
If you’re unsure whether someone is a licensed financial advisor or a financial coach, the best approach is to ask directly. Most coaches are transparent and will clarify their role.
You can also verify credentials independently:
If you cannot find their information, they are not a licensed financial professional.
Check out where we covered if you even need a financial advisor, as maybe a financial coach makes sense in your financial situation.
Financial coaches can provide motivation, education, and guidance, but they cannot replace a licensed financial advisor for tailored advice, investment strategies, or implementing a financial plan. Knowing the difference ensures you’re working with the right professional for your goals.
IRS audits on corporate jets are up recently for business and personal use…must be a nice problem to have!
If you could fly anywhere in the world on a private jet, where would you go? And if finances weren’t a factor, what’s holding you back? Life is short - chase your dreams!
"You have brains in your head. You have feet in your shoes. You can steer yourself any direction you choose.” - Dr. Seuss
Ready to Take Off?
📩 Have a financial question? Visit The Financial Takeoff and our Ask a Question page.
🚀 Want to explore working together? Schedule your Initial Collaboration meeting to see what’s possible with your financial planning. We look forward to meeting you!
Life is short and time is precious. Thanks for taking yours to read this and I hope to be a part of your Financial Takeoff!
Disclaimer: This is just for informational purposes and should not be used or viewed as tax, legal, or financial advice. Work with your tax professional, legal professional, and financial planner to evaluate which strategies would be the best for your situation.
