Financial Coaches Network - The Podcast: Build your Financial Coaching Business

Today, join Josh and Garrett as they discuss what Paid Search Advertising is and when it’s relevant to financial coaches! 3 (+2!)  key takeaways: The benefit of paid search is that IF (big if) you do it right, it gets you in front of people who are actively looking for a solution to a problem that you solve through your coaching. Paid search gives you keyword targeting abilities AND audience...

We began a new series about analyzing the gurus! We’ll be spending time discussing several big personal finance names, their recommendations, and why we do or do not agree with those. Josh and Emily discuss Ramit Sethi, his philosophy of a “rich life,” his “conscious spending plan,” and his take on investing. Top takeaways: Broad-based percentage-based structures just don’t work for everyone. The...

We begin a new series about analyzing the gurus! We’ll be spending time discussing several big personal finance names, their recommendations, and why we do or do not agree with those. First up, arguably the biggest–Dave Ramsey! Josh and Amelie tackle the baby steps. Top takeaways: His foundational advice is not bad, it's just overly simplistic/broad. Because of the nature of inflation, $1000 today...

Josh and Emily discuss the fourth chapter of the Financial Counseling textbook, A Systemic Approach to Understanding Diversity in Financial Counseling.  Top takeaways: Our systems have a huge impact on us. Your race, sexuality, gender, relationship status, background, socio-economic status, abilities/disabilities, religion etc. all have huge impacts. We come at things believing that what’s no...

Josh and Emily discuss the third chapter of the Financial Counseling textbook, The Practice of Financial Counseling. Top takeaways: Relationship building is key. There’s a fine line between being supportive and being an enabler. Make sure you set boundaries around what you can and cannot do for clients. It’s important to leave space for clients to suggest their own ideas. The more time you spend l...

Josh and Emily discuss the idea of an authentic brand, how to build one, and some common misconceptions! Top takeaways: Don't shy away from sharing potentially controversial opinions. You have to be clear on yourself before you can have an authentic brand. The overlap between your personality/interests and your niche is the low-hanging fruit for content. Think about your non-money-related core sto...

Josh and Amelie discuss various situations where people have limits to savings amounts due to governmental programs such as Medicaid or Disability. Top takeaways: Many of the limits are state-specific. Figure out what someone in this situation would need an emergency fund for–it might be fewer things than you think. Do not think of “savings” as a monolith–each individual problem should be tackled...

Josh and Amelie discuss the second chapter of the Financial Counseling textbook by Durband, Law, and Mazzolini.  Top takeaways: Financial knowledge is very baseline (what is a savings account). Financial literacy is the understanding of how to apply the knowledge. Financial literacy only really works when you’re teaching people about things that are directly relevant to their lives at that po...

Josh and Amelie discuss the first chapter of the Financial Counseling textbook by Durband, Law, and Mazzolini.  Top takeaways: Many AFCs work on military bases, in non-profits, or in private practice, but there are also opportunities in banks, schools, hospitals, and more. For one-time engagements, technology isn’t as important, but for longer-term engagements, most clients are going to expec...

Josh and Emily discuss how to collect feedback from clients at the end of your work together. Top takeaways: Have a plan for what to do with ALL the data you gather–don’t ask a question if there’s not something specific to do with that info. People who loved you or hated you are the most likely to fill the survey out. The shorter a survey is, the more likely it is that people will fill it out. You...

Josh and Amelie discuss credit cards–how do you build good habits? The strategies are slightly different  Top takeaways: The proper way to use a credit card is to use it exactly like a debit card–use it for everyday purchases and pay it off every month. For new users (whether brand new or people who have had debt recently), start with something small and simple–put gas purchases on your card,...

Josh and Emily discuss discounts. What happens when you offer discounts, when to offer discounts, alternatives to discounts…and so much more! Top takeaways: Offering a discount can lead to a lot of different places, both positive or negative. If you want to offer pro bono services, have a policy in place about what criteria might need to be met; do not decide on the spot. Lowering your pricing or...

Amelie and Josh discuss top takeaways from the inaugural State of Financial Coaching survey! Top takeaways: Coaches with niches have more paying clients and higher prices. Counselors with high revenue have niches. Year 1 revenue is REALLY BAD across the board (less than minimum wage bad). Many coaches with high revenue have some form of training and recognized credentials. Counselors with high rev...

Amelie discusses FINRA Foundation Military Spouse Fellowship Program, a path to AFC Certification for mil spouses! She is joined by Valerie Richards from AFCPE and Cherie Stueve, a frequent FINRA Fellowship Instructor to discuss the process! Top takeaways: The FINRA Fellowship process is a great networking and community building opportunity. The AFCPE Symposium is a huge networking and community b...

Josh and Amelie discuss the conversation around getting a loan. When does it make sense, and when does it not make sense? Top takeaways: The first–and most important question–is “why do you want to spend this money?” It’s also very important to weigh the cost of interest versus the benefits of having it sooner. Another question is “will this help you build wealth?”  It’s also worth considerin...

Josh and Emily discuss fintech “banks” through the lens of Yotta’s collapse. Should we be steering clients away from fintechs? How do you evaluate the security of a fintech? Top takeaways: Using a fintech doesn’t necessarily mean it’ll take longer to get your money back if the underlying bank goes under. You do have liability as a coach if you advise a product/fintech etc. that goes under and caus...

Josh and Amelie discuss things to think about when separating from federal government jobs. Top takeaways: Before deciding whether to take a separation package, try to take the emotion out and instead think about what you want the next phase of your life to look like. If you’re going through a big career transition, think of your next position as a transitional and perhaps temporary job. The first...

Josh and Emily discuss a question from the Financial Coaches Community facebook group. Turns out, it’s actually two separate questions. Top takeaways: A brand new business is not going to provide you with a steady income quickly. Potential clients can smell desperation. If you need help getting a job, check out your local community college for career tips or career fairs. The first things to inves...

Josh and Emily discuss AI Notetakers! What concerns should we have, what features should we look for, and what can they do to help? Top takeaways: When you’re handling people’s sensitive data, don’t use anything free because their information may be used for various purposes (training their model, etc.) A company that has booths at industry conferences and/or partnerships with other large companie...

Top takeaways: Josh’s onboarding is a 3-month, 4- or 7- 7-meeting process for people who are not psychologically ready to be financial adviser clients. The first full 60-minute meeting is devoted to short- and long-term goals. It’s very hard to build a real budget without knowing where you are and where you’re going. Having short, regular accountability/working meetings is ok–Josh does 30-minute m...

Josh and Emily talk about pricing–both raising and lowering prices. When should you consider adjusting your prices downward? What about up? Top takeaways: Don’t lower your prices because you’re looking for more clients. If what you’re offering isn’t different from what they could get from a book or any other coach, you should not charge a super premium rate. When you raise prices, raise them on al...

Today, Josh and Amelie discuss how to help clients set goals! How can you facilitate the goal setting process? Top takeaways: Keep the conversation lighter and casual. The goals need to be internally set goals rather than external pressure. Big goals need to be broken down into smaller, faster pieces to add quick wins to build motivation. Ask questions to get clear on details. Want help building o...

Today, Josh and Amelie discuss how to set motivating goals–and stick to them!  Top takeaways: There’s a difference between a goal and a dream. Most purely financial goals are not really goals–they’re the Measurable part of another goal. If you think your goal is getting out of credit card debt, the question is “why?” It’s hard to focus on the future when you’re stressed about the present. Wan...

Today, Josh and Emily discuss side hustles.  Top takeaways: Side hustles are one of the worst ways to increase your income. If you don’t have enough income, switching careers is the best way to solve that problem. Using a traditional side-hustle as a very short-term solution can work. Side hustles will exacerbate stress. Consider what you’re losing by doing a side hustle. Want help building o...

Today, Josh and Emily discuss how to talk about money with non-client friends and family? If you don’t approve of how they’re handling their money…can you talk about it? What about if they ask you? Top takeaways: If you don’t have all the information, do not give a clear answer (because you can’t know!). If someone is just casually chatting with you, you will not have all the information. In gener...