During times of high inflation, when many Americans are feeling financial pressure, it can be helpful to get financial advice. Not everyone can afford (or needs to hire) a financial planner or investment advisor; instead, many people need help with their everyday personal finances, like budgeting, spending, and saving.
Unfortunately, this type of "middle class financial advice" is often hard for people to find. How can you get help with managing your money, in a way that's reliable and trustworthy?
The good news is: financial coaching is available in a number of ways. Let's look at the best options to get financial coaching to improve your personal finances.
Talk to someone at your bank or credit union
The best place to find financial coaching might be your local bank or credit union branch. Many credit unions offer financial counseling for people who are struggling to pay bills or who just need some helpful advice on what to do differently with their money. Other types of financial coaching and advice that you might find at a bank or credit union could include:
- Recommendations for how to budget
- Understanding your credit score and how to build credit
- Ideas for how to invest for retirement
- Best ways to save money for college
- How to improve your home with a home equity loan or line of credit
A few prominent national banks also offer free financial coaching and mentoring programs. Capital One offers free financial mentoring through its "Money & Life Program," with coaching sessions available in-person at Capital One Cafés. Wells Fargo is partnering with Operation HOPE to provide free one-on-one financial coaching sessions at over 150 Wells Fargo branches in 20 cities.
Banks and credit unions are ultimately supposed to serve as a "home base" for your financial life. The best financial institutions don't just take deposits and charge fees; they want you to succeed. When you make more money, save more money, and invest to build wealth, that's ultimately good for your bank, too.
No matter where you have your bank account, if you're struggling with bills, or just want some expert advice on how to handle a big financial decision, contact your local bank branch. See what kind of financial coaching might be available for you.
Ask about financial wellness benefits at work
Does your company offer a generous package of employee benefits? Many companies are going beyond health insurance and 401(k) matches to offer a wider range of financial wellness benefits -- which sometimes can include free financial coaching or access to a financial advisor.
Ask human resources or check your employee benefits handbook or website to see if there are any special programs available for you to get free (or low-cost) financial advisor services. For example, Financial Finesse is a company that works with employers to provide financial coaching benefits for employees. If your employer offers it, Financial Finesse's service can help you get free financial coaching from a Certified Financial Planner (CFP®).
Need serious help? Try consumer credit counseling
Do you need financial coaching, or something more urgent? If you're having serious financial trouble, such as falling behind on credit card payments or becoming delinquent on an auto loan, you might need to consider a more serious step: and sign up for consumer credit counseling.
Credit counseling is a special kind of financial help for people who are at risk of defaulting on their debts or declaring bankruptcy. If you are struggling to pay credit card bills, don't despair: you can get help from a nonprofit credit counseling agency near you. These organizations can help you set up a payment plan with your credit card companies so you can pay off your debts at a more manageable monthly payment. They can also help you learn a lot about credit scores, budgeting, and saving money. Learn more at the National Foundation for Credit Counseling.
Bottom line
Financial advice isn't always about retirement planning or choosing investments. Financial coaching can help you navigate the money decisions of everyday life, like saving, spending, budgeting, and paying off debt. You might find great financial coaching help at your local bank or credit union, or through your employee benefits at work. People who are going through severe financial distress should consider signing up for consumer credit counseling.
FAQs
Talk to someone at your bank or credit union
How much does a financial coaching session cost? ›
Rates for financial coaches can vary, but hourly rates of $100 to $300 are fairly common. Annual packages with a financial coach may run into the thousands of dollars, so you'll want to have specific goals in mind when you start working with a coach so that the costs don't become a financial burden.
How do I find the right financial coach? ›
You can find a financial coach through the NFEC who has expert-level knowledge in a certain area; these coaches also provide a conduit to niche financial industry experts in other fields when you need specific guidance. For example, if you're anxious about selecting a retirement plan, the NFEC has an expert to help.
How to find clients for financial coaching? ›
Financial coaches have many ways to find potential clients, including email or content marketing, social media campaigns, and asking for referrals. The key to finding new clients is understanding your audience and who fits your target market best.
Is it worth getting a financial coach? ›
A coach can help you unearth what drives your financial decisions, so you can create a healthier attitude that leads to better money habits. Feeling overwhelmed? If thinking about money is stressful, it may help to talk with a financial therapist.
How much does Dave Ramsey pay financial coaches? ›
The estimated total pay range for a Senior Financial Coach at Ramsey Solutions is $57K–$100K per year, which includes base salary and additional pay. The average Senior Financial Coach base salary at Ramsey Solutions is $63K per year.
What is the difference between a financial coach and a financial planner? ›
Financial advisors manage money for clients, often in the form of managed investment portfolios. Financial planners provide comprehensive money management services, including advice on saving, investing, and taxes. Financial coaches are money experts that provide reliable advice to help you manage your own finances.
Is there a demand for financial coaching? ›
Financial coaching: a business benefit that's gaining serious traction in the employee benefits world, and beyond. Demand for the service has risen exponentially. 'Financial coaching near me' gets searched hundreds of times a month, and 9 in 10 people would like someone to talk to about their finances.
Do banks offer financial coaching? ›
Whatever our clients' backgrounds and ambitions, we offer education and advice that empowers them to build their preferred future. We're committed to providing extensive, personalized support to help people gain the knowledge they need to make confident financial decisions.
How do I get my first client coaching? ›
6 Actionable Tips to Attract Your First Coaching Clients
- #1. Create Lots of Free Content. ...
- #2. Be Specific About Your Value Proposition (Niche Down) ...
- #3. Get Out There. ...
- #4. Exchange Your Services for (Honest) Reviews. ...
- #5. Create Your Sales Funnel and Value Ladder. ...
- #6. Promote Your Online Coaching Business. ...
- Conclusion.
Help you uncover your financial goals. Work with you to make a plan (so you'll actually achieve them) Hold you accountable to your plan (with a budget that works) Help you change your money behaviors.
How much is Dave Ramsey master coach training? ›
Dave Ramsey's Financial Coach Master Training
Then, his Financial Coach Master Training might align with your career goals. The cost is approximately $4,000 (higher than most other certifications) but also includes marketing tools and mentorship to help establish your practice quickly once certified.
How much money should you have before hiring a financial advisor? ›
Very generally, having between $50,000 and $500,000 of liquid assets to invest can be a good point to start looking at hiring a financial advisor. Some advisors have minimum asset thresholds. This could be a relatively low figure, like $25,000, but it could also be higher, such as $500,000, $1 million or even more.
How much should a coaching session cost? ›
Personal life coaching typically costs $75 to $200 per hour, with an average of $120 per hour. Packages of four 30-minute sessions may cost $300 a month, while programs of eight 90-minute sessions can cost up to $2,000. Corporate life coaches typically have monthly charges of between $750 and $1,000.
What should I charge for a coaching session? ›
They will have to do their homework and research the state of the market for their area and align their prices with the competition finding the perfect "relative market price". Usually, a personal coaching session will waver between €60 and €100 per session.
How much does the average coaching course cost? ›
The cost of a coaching certification
Our market research on dozens of accredited coach training providers has shown that the cost of a 60 to 70-hour coaching certification can vary between €/$4,500 and €/$7,000 including taxes.
How much does a financial coach make? ›
Personal Finance Coach Salary
| Annual Salary | Hourly Wage |
|---|
| Top Earners | $68,500 | $33 |
| 75th Percentile | $64,000 | $31 |
| Average | $56,712 | $27 |
| 25th Percentile | $51,000 | $25 |
