Financial coaching vs advice: Understanding the difference

‘People still call me a financial adviser when I am a coach’

Isabel Baxter
clock • 3 min read

The term ‘financial coach’ is still relatively new to the advice industry and there remains a misunderstanding as to what it is, according to Mind Money Soul founder and podcast host Laura Ann Moore.

The financial coach and financial wellbeing speaker shared her thoughts on a recent NextGen Planners Podcast, as well as the benefits of financial coaching and understanding the emotions behind money. The difference between coaching and advising Moore explained that the main difference is that financial advice is specific and an adviser will recommend financial products for clients to utilise, whereas coaching is more focused on education and giving people the knowledge they need. "Guiding and mentoring to help people grow confidence to make certain decisions," she said. Moore ad...

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