Financial Coach vs Financial Advisor?

Nov 13, 2020 | Financial Education | 0 comments

What is the difference?


financial coach


A Financial Coach focuses on helping you optimize your income and creating a strategy that improves your financial well-being. A good financial coach takes a holistic approach to their advice and helps you improve your money mindset, grow your Financial IQ, and cultivate healthy habits and behaviors like delayed gratification and planning for the future. All so you can use your money more intentionally and have confidence in your financial stability.

A coach teaches you how to:

  • Master your Budget

  • Increase your Cash Flow 

  • Improve your Credit Score

  • Optimize your Insurance strategy

  • Eliminate Debt

  • Grow your Income, and  

  • Increase Investment Contributions

Ultimately, a Financial Coach helps you create new wealth.

Financial Advisors or Planners (CFP), help you create a strategy for your investments using the money you have accumulated, with the goal of having it grow in the stock market.  These professionals help you build investment portfolios that reflect your values, and your risk tolerance so that you can reach your long-term goals.

But a financial plan is more than making sure your money is in the right investments. A good advisor is a coach in their own right but in one very specific area. They address their client’s concerns related specifically to investing and your retirement goals. This is especially helpful in volatile times as in 2020 when investors have an emotional response to the market and need further coaching and insights to keep them on track when things get rocky.

Financial Advisors or Planners, help you manage existing wealth, money that has already been acquired.

So who should you work with?

Both play a separate role in your financial journey, but if you are just getting started or you want to talk about more than just retirement, it’s a good idea to work with a Financial Coach.

Not only does a coach help you create a strategy that will incorporate consistent contributions to your retirement, but they also help you build a strategy that gets you to Financial Freedom, faster!

Since a Financial Advisor or Planner helps you manage the wealth you have created, the best time to meet with one of these professionals is when you are debt-free and ready to make consistent contributions to your retirement accounts.

At R&D Financial Coaching, LLC we have financial advisors and planners in our network that we work closely with and a robust knowledge of online trading methods to meet the needs of our clients.

Have a question about retirement? Just ask! We are happy to answer any questions for you or get you in touch with someone who can.


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