What is the Difference Between a Financial Coach and a Financial Advisor?

Not to mention all of the crazy financial terms out there…IRA, CD, FHA, APR, DSCR, Equity, LTV, Gross Income, Fiduciary, Bonds, Options, Annuities…Who do you trust? What do you need?

What is the Difference Between a Financial Coach and a Financial Advisor?

You know you will need things like a glove and bat, but you’re not sure what brand or type would be best for you. Plus, you need to learn how to play baseball, right?

Let’s imagine you want to learn how to play baseball.

Here are a few scenarios that you may have been working through or could come up with in the future:

There is a realization that there can be a lot of unknowns that happen, and people need (and want) to get control of their finances so they can be able to handle these challenges that may arise.

Setting up an Emergency Fund

Student Loans

This can be a lot for a student to handle all at once when graduating. Student loans have a lot of complexities.

A financial coach is an advisor who can help you reach your financial goals by teaching you money management skills, such as how to build savings or pay down debt. A financial coach can help improve your financial literacy, but they likely cannot give you investment advice.

What is a financial coach?

A fiduciary standard requires people who might give you financial advice to act in YOUR best interest, recommending or doing whatever will serve you best and avoiding any conflict of interest. .

What is a fiduciary?

A part of a financial coach’s job is to help you understand some of the elements of purchasing a car, a home, changing a career and the financial impact, etc. It can save you a lot of money having a game plan and being educated on things before you go in and talk with people involved in these areas.

Why do I need a financial coach?