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.

The information contained in this article is general information only. It is not intended to be a recommendation, offer, advice or invitation to purchase, sell or otherwise deal in securities or other investments. Before making any decision in respect to a financial product, you should seek advice from an appropriately qualified professional. We believe that the information contained in this document is accurate. However, we are not specifically licensed to provide tax or legal advice and any information that may relate to you should be confirmed with your tax or legal adviser. 


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