What is Financial Life Coaching?

colours-of-life
colours up your life

why financial life coaching?

Financial as one important aspect of our life

If you have done a self assessment tool called life wheel balance which  is often used by a coach in goal setting to help the client create more balance and success in their life. You will notice financial is one important area/ aspect in life. Often, by improving in the financial aspect it will impact other areas such as relationship with family, friends and self.

(again referring to my home country) Since the 90’s Financial planning has been a buzz word also in the last few years life planning also becoming popular among the financial planning industry.  Being a strong advocate of life planning some 10 years ago i always believe that financial planning is a process and  it is about one’s life, in which,  a financial planner will hold the client’s hand and walk through the journey to achieve his/her life goals and thus live his/her life fulfilling.  Having also work with many aspiring financial planners/advisors in the local scene, many of the advisors/ planners face challenges in getting clients to engage them as financial planner or even if they did, client always failed to implement the financial plan as the plan may may not be exactly what the client wanted  .

As the public ,  relevant authorities’s and event firms in the financial services industry perceived that financial planning is still at the infancy stage in Malaysia.obviously there are gaps that the industry shall not ignore. As an ICF Credentialed coach and having coached many individuals and financial advisors and planners,  it is not only that people skills are required to be a good advisor/planner.  On top of technical and soft skills such as listening , powerful questioning, feedback and connecting are important.,it would be essential for financial advisors/planners to have some of these qualities such as being non judgemental,curious, passionate about people, emphatic, respectful , compassionate also required in this collaborative relationship. Adding up the two, by applying coaching skills and wearing a coach hat to walk through the process with a client can raise client awareness about what they value most in life.

Just like financial planning,  Financial life coaching is a process whereby a coach listens to you, asks informed questions and helps the client to refine and focus on own goals, objectives and strategies. A coach also plays as a sounding board, holds the person  accountable his/her intended goals and supports the required financial behaviour changes.Financial coaching compliments financial planning, education and management. Financial coaching benefits those who are interested in making improvements in their financial situation, have desires & goals and are ready to begin making changes.

 

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