People have a lot of different opinions and thoughts on what a financial advisor is and does. For some, they envision the Wall Street stockbroker often depicted in movies who chases the hottest stocks. Others envision a professional who works solely with affluent families.
While some depictions may be accurate, many people don’t know there are advisors who also serve as a coach and partner, serving as a sounding board for a number of other financial and life questions a person may have. This is how I like to view my role in my clients’ lives and the services I provide.
Life Coaching versus Financial Planning
Life coaching and financial planning are two very different things, but both share similar goals and processes. Life coaching is designed to provide guidance, empowerment, and improvement to your life. Similar to a therapist or mentor, a life coach helps you tackle life’s biggest questions regarding both your personal and professional life.
Financial planning, on the other hand, is focused on a person’s entire financial life, from daily budgeting and spending to retirement goals. A financial planner works with his or her clients to help them improve their financial health and guide them toward their objectives.
Both financial planning and life coaching are forward-focused strategies designed to get people from Point A to Point B. And both adhere to a comprehensive and holistic process that addresses the entire landscape of your life to develop a personalized roadmap you can follow to work toward your ultimate goals.
Because the two share so many similarities, life coaching and financial planning can work together nicely, although not many financial advisors or life coaches can provide both.
Integrating the Two Together
While I am not a life coach, I like to infuse an element of coaching into my financial planning services. Financial planning shouldn’t just be about numbers and the stock market. When I work with clients, I frequently spend countless hours consulting and advising clients on a multitude of other matters in life that can impact or be impacted by their finances. I like to think of myself as a painter, and my canvas may be a vision for someone else’s life that they had never previously thought was possible.
Many of my clients come to me not because their goals and questions are strictly financial; but more so because they’re experiencing a pivot point in life and their finances play a role in their decision-making. Some examples of this include experiencing a divorce, losing a spouse, expanding your family, or sending a child to college. When these events happen, they wonder, “now what?”
During these very emotional times, it can be hard to rationally see all angles of a situation and make an informed decision. This is when it can be a good time to turn to an advisor for help. Before I provide financial advice or recommendations, I like to get a thorough understanding of my client’s situation and needs.
Sometimes, we spend the first several meetings getting to know each other without ever looking at a financial statement. While not all advisors may be willing or able to dedicate this much personalized attention to their clients, I make it a priority, even if it means working with a smaller client base.
The Next Steps
Everyone will experience events and moments in their life when they have the opportunity to make a decision that will impact the rest of their life, such as changing careers, retiring, or following a lifelong dream. These decisions require thoughtfulness and time to make sure they work out in the best possible way.
Working with an unbiased partner can help you see past the uncertainty and focus on the decisions at hand. Whether you’re currently facing a big life decision, have questions about how your goals and finances intersect, or just want to learn more about how life coaching and financial planning work, I encourage you to reach out to me. I’d be happy to answer your questions and see if I can be of assistance. When you are ready to chat, you contact me at (626) 529-8347 or email me directly at email@example.com.
Ricky Biel, CRPC® is a wealth manager with Haydel, Biel & Associates, an independent financial advisory firm serving individuals and families near Pasadena, California. The firm was founded in 2004 by Chris Haydel and Ricky Biel with a desire to provide unbiased, client-centered, community-based financial advice. Together, they have built a practice that has grown into a family of caring, smart professionals committed to blending proven investment methodologies with creative financial technologies that make it easier than ever to accomplish your goals. They strive to keep things simple and fun to give their clients peace of mind and alleviate financial stress. HBA Wealth takes care of their clients’ needs first and foremost and goes the extra mile to make their clients’ finances grow. To meet and see how the HBA Wealth team may be able to help, contact them today at (626) 529-8347 or email Ricky directly at firstname.lastname@example.org.