• Home
  • Multi-Asset
  •  
    Retirement
    • Pensions
    • Income
    • Investment
    • Regulation
    • Estate planning
    • Equity release
  •  
    Your profession
    • Adviser tips
    • Business models
    • Companies
    • People
  • Regulation
  • Tax planning
  • Protection
  • Diversity
  • Events
  • Whitepapers
  • Industry blogs
  • EM and Asia spotlight
  • Newsletters
  • ESG spotlight
  • Sign in
  • Events
    • Upcoming events
      event logo
      Professional Adviser's Working Lunches in partnership with Orbis Investments - 2019

      Join us in March for the Professional Adviser Working Lunch series in partnership with Orbis Investments.

      • Date: 05 Mar 2019
      • Knutsford, Leeds, Surrey, Bristol
      event logo
      Professional Adviser Working Lunches 2019 - Baillie Gifford & First State Investments

      Professional Adviser is delighted to announce the launch of the new Working Lunches in partnership with Baillie Gifford and First State Investments. Travelling across the UK to provide valuable market insights for Senior Financial Advisers.

      • Date: 13 Mar 2019
      • Southhampton, Worcester, Durham, Norwich, Liverpool, Exeter, Sheffield, Leicester, Nottingham
      event logo
      Professional Adviser 360 2019

      The highly anticipated Professional Adviser 360 conference is taking place on 25th April 2019 at The Brewery in London.

      • Date: 25 Apr 2019
      • The Brewery Chiswell Street London EC1Y 4SD, London
      event logo
      Fund Manager of the Year Awards 2019

      The 2019 Fund Manager of the Year returns on Thursday 27th June 2019, Grosvenor House Hotel, London. Save the date.

      • Date: 27 Jun 2019
      • Grosvenor House Hotel 86-90 Park Lane Mayfair London W1K 7TN, London
      View all events
      Follow our events

      Sign up to receive email alerts about our events

      Sign up
  • Whitepapers
    • Find whitepapers
      Search by title or subject area
      View all whitepapers
  • Sign in
  •  
    •  

      Personalise your on site experience

      Download and use the apps

      Access your subscription from outside of the office

      Get relevant news and insight straight to your inbox

      Sign in
     
     
      • Newsletters
      • Account details
      • Contact support
      • Sign out
     
  • Follow us
    • RSS
    • Twitter
    • LinkedIn
    • Newsletters
    • YouTube
  • Register
  • Industry blogs
  • EM and Asia spotlight
  • ESG spotlight
Professional Adviser
Professional Adviser
  • Home
  • Multi-Asset
  • Retirement
  • Your profession
  • Regulation
  • Tax planning
  • Protection
  • Diversity
 
  •  

    Personalise your on site experience

    Download and use the apps

    Access your subscription from outside of the office

    Get relevant news and insight straight to your inbox

    Sign in
 
 
    • Newsletters
    • Account details
    • Contact support
    • Sign out
 
Professional Adviser

Why financial coaching makes good sense

  • Tweet  
  • Facebook  
  • LinkedIn  
  • Google plus  
  • Send to  
0 Comments

Ever passed up a case because it looked like a whole lot of work for very little return? You kn...



Ever passed up a case because it looked like a whole lot of work for very little return? You know the type ' the client who doesn't know their Isa from their elbow and isn't sure they need an IFA anyway. You don't want to show them the door, but charity work won't pay the bills. What if there were a solution that kept them happy? Even better, it cost you nothing and even made them 10% more profitable? 'Financial coaching' might just be the answer.


In the US, where everyone has a fitness instructor, a therapist and a pet psychiatrist, financial coaching is the latest fast-growing fad.

Related articles

  • How online 'nudges' are encouraging women to invest
  • Neuberger Berman hires from Morgan Stanley IM for multi-asset role
  • Why mentoring is key for advisers: 2018 WIFA Award winner Sonia Wheeler
  • What happens to performance after a 'star' fund manager leaves?

Sadly, this might have coloured the view that traditional UK advisers have of financial coaching.


The British version is not about psycho-babble and blaming your parents' behaviour for your debt problems. It is a lot more practical and fills a glaring gap in the market. Most financial coaching companies, do not sell a single product and are therefore not regulated by the FSA. Instead, they focus on the softer side of money advice, the side that isn't very lucrative for advisers:


• Debt management


• Budgeting


• General product advice


• Background and basic explanations of savings, investments and pensions


• Preparing clients to enter the product/investment world


A growing number of financial consulting clients have actually come from IFAs. Rather than seeing a threat to their own investment business, these advisers simply see it as a no-cost investment in existing and potential clients.


Their clients may want or feel the need to invest but, frankly, their finances are a mess and spare cash is swallowed by debt repayment. Others simply want to talk ' not something from which a regular adviser can earn an honest crust.


Tackling the whole learning process and counselling on individual issues takes time. And clients typically pay upwards of £45 per hour. Most recoup the cost through better money management within months.


When clients are more confident about their finances, they want to take charge and plan for the future. The moment they want to talk product, they go back to their original adviser, primed and perfectly able to understand investment product information.


This approach has been successful for some well-known IFA companies. Clients come back ready and willing to take control of their finances and know what they need. Intermediaries who have advised people who have seen a coach say it also saves them money.


One such adviser estimates coached clients need 10% to 20% less time having things explained, making each case potentially more profitable.


Financial coaching is a good, low cost add-on service. At a third of the price of a typical fee-charging adviser, many clients jump at the chance.


It may also be a future legal requirement. Much of the Government's and FSA's plans for developing advice centre on reaching more people with generic and low cost information. Even the Consumers' Association is on the act, calling for a national financial adviser network. Perhaps it's time you started a trend.


Visit the Wise Monkey Financial Coaching website at http://www.financial-coaching.co.uk


Simonne Gnessen, Founder of Wise Monkey Financial Coaching





  • Tweet  
  • Facebook  
  • LinkedIn  
  • Google plus  
  • Send to  

More news

Woman and apps
  • Your profession
How online 'nudges' are encouraging women to invest

Regular reminders and updates

  • 19 February 2019
  • Regulation
Sean Kulan: How prepared are solo-regulated firms for SM&CR?

9 December 2019 deadline

  • 19 February 2019
Head of EMEA and Latin America at Neuberger Berman, Dik Van Lomwel
  • Investment
Neuberger Berman hires from Morgan Stanley IM for multi-asset role

Joe McDonnell joins as head of portfolio solutions (EMEA)

  • 19 February 2019
Sonia Wheeler & Zoe Lyons
  • Your profession
Why mentoring is key for advisers: 2018 WIFA Award winner Sonia Wheeler

Adviser of the Year - South East

  • 19 February 2019
James Bateman of Fidelity International
  • Managed solutions
Multi-asset insight: Video interview with James Bateman

Fidelity Multi Asset CIO's outlook

  • 19 February 2019
Back to Top

Most read

Three stones
The Value Perspective: Warren Buffett's key tenets of value investing
Arbitration
Sarah French: Why advisers should consider Resolution accreditation
Managers warn quantitative tightening could see "large swathes" of BBB-rated bonds tumble into the high yield index
Asset allocators sell down credit holdings ahead of 'bond catastrophe'
Pension scam report shines light on quality of advisers
Sonia Wheeler & Zoe Lyons
Why mentoring is key for advisers: 2018 WIFA Award winner Sonia Wheeler
  • About Us
  • Contact Us
  • Marketing solutions
  • Terms and conditions
  • Privacy and Cookie policy
  • RSS
  • Twitter
  • LinkedIn
  • Newsletters
  • YouTube

© Incisive Business Media (IP) Limited, Published by Incisive Business Media Limited, New London House, 172 Drury Lane, London WC2B 5QR, registered in England and Wales with company registration numbers 09177174 & 09178013

Digital publisher of the year
Digital publisher of the year 2010, 2013, 2016 & 2017