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"Financial Coaching" Sounds Like a Scam

Updated: Aug 27, 2023

What is Financial Coaching?

Let’s start by asking Bard, Google’s AI tool, what is financial coaching?

“Financial coaching is a process where a trained professional helps you improve your financial situation by teaching you money management skills and helping you develop a plan to reach your financial goals. Financial coaches can help you with a variety of financial issues, including:

  • Budgeting: Creating and sticking to a budget is one of the most important things you can do to improve your financial health. A financial coach can help you understand your spending habits and create a budget that works for you.

  • Debt management: If you're struggling with debt, a financial coach can help you create a plan to pay it off. They can also help you negotiate with creditors and find ways to reduce your interest payments.

  • Saving for retirement: Saving for retirement is a long-term goal, but it's never too early to start. A financial coach can help you create a retirement plan and make sure you're on track to reach your goals.

  • Investing: If you're interested in investing, a financial coach can help you develop an investment strategy and choose the right investments for your needs.

Financial coaches can also help you with the emotional aspects of money. They can help you understand your relationship with money and develop healthy money habits.”

Why Does it Sound Like a Scam?

The nature of the word “coach,” gives people reason to pause, myself included. Unless you are a professional athlete or a child, it unfortunately doesn’t resonate. That being said, if we can get past the word “coach,” we still need to answer the question of why it could be a scam. That answer lies in the first sentence of Bard’s definition:

  • “Financial coaching is a process where a trained professional helps you improve your financial situation by teaching you money management skills and helping you develop a plan to reach your financial goals.”

Anyone can call themselves a “Financial Coach,” regardless of their qualifications or lack thereof. There aren’t regulations or rules surrounding the term, similar to those which exist for financial planners or advisors. This is why financial coaching could be a scam.

Why is Walk You To Wealth different?

As a CFP®, CPA, and PFS, I’m more than qualified to be a financial coach. I am choosing to coach instead of being a traditional financial advisor to help an underserved community who are often left with no viable option for financial guidance. Traditional advisors typically require a high asset or income minimum, while some “financial coaches” may be unqualified individuals who never graduated from high school and are drowning in credit card debt.

What Makes a Great Financial Coach?

A great financial coach is:

  1. A teacher

  2. A guide

  3. An accountability partner

  4. A certified expert

Infographic about financial coaching

Time for Change!

It's time to revolutionize financial guidance by providing affordable, accessible, and expert-led support and knowledge.

Couple thinking about money

Simple Steps To Wealth is our one-year educational and coaching program for young adults!

If you or someone you know would benefit from personalized coaching, please schedule a free introductory meeting to learn more!

Disclaimer: The information in this post is provided for your convenience only and is not intended to be treated as financial, investment, tax, or other advice. The information is intended to be educational and is not tailored to the investment needs of any specific individual.  It is also not intended to be relied upon as a forecast and is not an offer or solicitation to buy or sell any securities or to adopt any investment strategy.  The opinions expressed are those of the author.  Reliance upon the guidance and information in this presentation is at the sole discretion of the individual.


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