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

Join Josh, Amelie, and Emily to discuss how we talk to our kids about money and how we handle allowances! Emily has a 6-year-old daughter (1st grade), Amelie has an 11-year-old daughter (5th grade) and a 9-year-old son (3rd grade), and Josh has a 6-year-old son and a 4-year-old daughter. Top takeaways: Everything should be tied to childhood development stages. Make money relatable and tactile. Let...

Join Josh and Amelie to discuss everyone’s favorite…taxes! What are your obligations in sending 1099s to someone? Did you know that there may be requirements for you to send 1099s to someone?! Top takeaways: If you receive over $600 income through a third party (AdvicePay/Stripe/Paypal etc.), that third party will issue you a 1099 (though this has and will continue to change a lot). Double check 1...

Join Josh and Amelie to discuss investment advice and what you need to do to legally/ethically give investment advice. Top takeaways: You do not need a CFP to give investment advice; you need to register as an investment advisor with your state. There are licenses to sell and earn commissions, sell insurance, give investment advice, etc. Series 65 is license to give advice as an investment advisor...

Join Josh and Emily as they discuss coaching and retirement planning. We dive into legality, morality, and everything in between! Top takeaways: Without licenses, you cannot give advice on specific investments. You can legally give advice on types of accounts, but be very careful that you don’t give bad advice (tax implications, client protection implications). There are a LOT of things you can le...

The FCN team is taking this week off, so we’re re-releasing one of our most popular episodes! Join Josh and Garrett as they discuss what you need to spend money on as you start focusing on your coaching business. The most important takeaway is that the #1 thing that limits the growth of businesses is the business owner’s time! 3 key takeaways: Business finances are different than personal finances...

Join Josh and Amelie to discuss teaching personal finance to groups of kids! Top takeaways: Do NOT take your presentation created for adults and just start using it for kids even if you add in a few memes and make it less complex. Do your research into what is applicable to the group (age, demographics, interests etc.) You probably won’t get clients out of it. Make it interactive and make sure the...

Join Josh and Emily to discuss client wins! What counts as a win and how should you celebrate them? Top takeaways: What counts as a client win depends on your niche. Break big, long-timeline wins into milestones. The best way to celebrate is with trophies that mean something–progress reports, documentation of milestones along the way. Want help building or growing a successful financial coaching b...

Join Josh and Amelie to discuss encouraging clients to send you referrals…AND legality/morality.   Top takeaways: There’s no legal problems but you do lose control of communication when a client refers you, so you don’t know what the referred person is expecting. Most professions/certification programs etc. have a ban on paying for referrals. Introducing money into the equation can affect whe...

Join Josh and Emily to continue the discussion on perfectionism. First, they discuss the root drive for the need to be right. Second, they dive into why that drive doesn’t always lead us correctly. Top takeaways: You don’t have to be perfect or have all the answers in order to be effective. It’s suspicious to know all the answers! Starting a successful business is an exercise in sequential failure...

Join Josh and Emily to discuss what to do when a client asks you a question that you don’t know the answer to. Top takeaways: It’s more than ok to not know everything! Realize that just Googling something may not yield accurate information. Figure out what the correct response is: Refer out to an expert? Research (I know where this is but I need time to find it)? Reject (I cannot help with this)?...

Join Josh AND Emily AND Amelie as we discuss the State of Financial Coaching! We started with a small survey of Launch members to learn about what kinds of programs various coaches use…next year, we’ll do a more detailed survey and continue sharing these results! Listen in as we look at the results and what takeaways we have that you could apply to your business as well.   Top takeaways: Almo...

Join Josh and Emily as they have the showdown that has been 3 years in the making!!! Josh is on the side of time-blocking being a great tool to manage time and see things clearly. Emily is on the side that time-blocking sounds great in theory…but life is so fluid, it’s hard to actually pin things down. Will they find common ground?! Top takeaways: Get good at triaging things–if something takes mor...

Join Josh and Amelie as they continue the conversation about software recommendations that Josh and Emily started a few months ago. Recommended resources: Contracts: AdvicePay has contract signing built in. DocuSign or HelloSign (now Dropbox Sign) are other reputable signing software. Document storage: For basic numbers, a basic form on your website is fine. For clients, using your coaching softwa...

Join Josh and Emily as they discuss the Venn diagram of financial coaching and life coaching. How do they overlap, what similarities and differences there are…and do the words “life coaching” even mean anything…? Top takeaways: It’s impossible to draw any hard and fast lines between the two. “Life coach” is so vague as to be completely useless. Successful “life coaches” have niched down to the poi...

Join Josh and Amelie as Top takeaways: No one likes to be pitched to. Having a very specific niche will let you practice having positive conversations without the pressure of “I’M GOING TO SELL YOU!” You want potential clients to recognize that you could help them without you needing to tell them that. Shorter is always better than longer. People latch onto pain points. Want help building or growi...

Join Josh and Emily to discuss debt settlement companies. What should you look for, what are pros/cons, what are red flags? Top takeaways: Some just do things that you could do yourself. Look for connections with other reputable organizations or certifications. Start by asking what the process will look like–and look for transparency. Consider starting with the bank directly before reaching out a...

Today Josh and Garrett to discuss referral relationships…especially those with advisers/professionals who you disagree with. Top takeaways: No, you shouldn’t. One-sided referral pipelines have an expiration date–the other person WILL be able to see through you. Stay away from companies with high turnover. Look at what side offerings potential referral partners have. Are they focused on the thing y...

Today Josh and Emily talk about how scarcity mindset is, how it shows up in your business, and some ways to tackle it! Make sure you listen to the end to hear them talk about where scarcity mindset has shown up in their businesses. Top takeaways: Scarcity mindset can lead to hyperfixation (I have to make my website perfect) or short-term coping mechanisms as opposed to long-term problem solving. Y...

Today Josh and Amelie dive into a conversation about various budgeting methods, and why the personal finance budgeting methods are all really just…hybrid methods of cashflow budgeting! Top takeaways: Technically, rollover budgeting is looking at what was spent/used the previous month and rolling it over to the next month. Technically, zero-based budgeting is starting over from scratch every year (...

When you’re a new financial coach, “where do I find clients” is always one of the top questions. Today, Josh and Emily discuss what to do to find early clients. Top takeaways: Put your poker face on! The client probably has lots of emotions…don’t let yours amplify things. Ask “why,” “when,” and “how long will it last?” Don’t be afraid to tap into an emergency fund–that’s LITERALLY why it’s there....

When you’re a new financial coach, “where do I find clients” is always one of the top questions. Today, Josh and Emily discuss what to do to find early clients. Top takeaways: Start with…who are you trying to work with? Who is your niche? Check out conferences associated with your niche. Go to where your niche hangs out. Consider focusing on your local area rather across the entire country. Focus...

Today’s not the most exciting topic, but it’s an important one! Do we coaches need to collect (and remit!) sales tax? Josh and Amelie discuss! Top takeaways: Some states charge sales tax on products, some charge sales tax on services…it’s important to figure out what your state policies are. Go straight to the state website to get information, not blogs etc. Make sure you ALSO check city and count...

Many people think starting a blog is a great way to get new clients. When is a blog a good idea and when is it not? Join Josh and Emily to discuss that topic. Top takeaways: Do not start a blog when you need clients or when you don’t have time. Start a blog when you have something to say to a specific group of people. Start a blog when you have an ecosystem to actually DO something with results. B...

Today, we have a sneak preview of what Launch is like! Launch includes instructional videos each week, but it also includes two sets of Guided Practice videos, one with Garrett and one with Emily, where Josh walks them through the home/officework of the week. This episode features Garrett going through his Mission and Vision statements, and his Vital Few Goals. Top takeaways: These mission and vis...

Join Josh and Emily to discuss what is marketing, what are marketing funnels, and how do you build one for your business? Top takeaways: Marketing is all the activities a business does to satisfy the needs of consumers. A marketing funnel is an advertising campaign. The goal is to cast a wide net at the beginning of the campaign, and gradually decrease the number of people who progress through the...