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Roadmap to Becoming a Profitable Financial Coach

Jun 28, 2024

Roadmap to Becoming a Profitable Financial Coach

Introduction

  • Presenter: Kel Sidiki, founder of Fiscal Fitness Phoenix and Financial Coach Academy.
  • Objective: Provide a roadmap to becoming a profitable financial coach.

Housekeeping

  • Co-host: Jacqueline Wise will provide resources and links in the chat.
  • Questions: Type 'QUESTION' followed by your query in the chat.
  • Replay: Links will be sent via email.
  • Duration: 90-minute training.

Agenda Overview

  1. Definition: What is a financial coach?
  2. Are financial coaches needed?
  3. Fears and challenges in starting the journey.
  4. Phases of the financial coaching journey.
  5. Steps to launching a financial coaching business.
  6. Increasing your likelihood of success.
  7. Financial Coach Academy enrollment.

What is a Financial Coach?

  • Role: Subset of life coaching, not financial advising.
  • Skills: No license or certification needed, helps achieve financial goals.
  • Comparison: Like a personal trainer but for money.

List of Niches

  • Can specialize in mindset, debt payoff, couples, young adults, newlyweds, professions (nurses, engineers, etc.), bilingual individuals, and more.

Financial Coaching vs. Financial Literacy & Counseling

  • Financial Literacy: Knowledge-based
  • Financial Coaching: Applied knowledge
  • Financial Counseling: Different focus and expertise

Importance of Financial Coaches

  • Statistics: 64% Americans stress about money, 61% live paycheck to paycheck.
  • Clients: Helps people use money as a tool to live their best lives.
  • Market: Few financial coaches compared to other professions.
  • Impact: Achieve tangible and intangible financial results.

Challenges and Fears

  • Fear of Failure: Fear of not cutting it as a coach.
  • Imposter Syndrome: Doubting knowledge and abilities, fearing judgment.
  • Fear of Success: Overthinking future scenarios without present focus.
  • Fear of the Unknown: Feeling overwhelmed by what is unknown.

Four Common Obstacles

  1. Fear of Failure
  2. Imposter Syndrome
  3. Fear of Success
  4. Fear of the Unknown

Stories of Transformation

  • Personal growth in confidence and control over money, witnessing clients transform.

Coaching and Entrepreneurship

  • Failures are learning opportunities, not absolute ends.
  • Phases: You will hit growth and new challenges repeatedly.

Phases of Financial Coaching Journey

Phase 1: Thinking About Becoming a Financial Coach

  • Actions: Be curious, explore niches, start small actions, join communities.
  • Resources: Financial coaching Facebook groups, Playbooks, Podcasts.

Phase 2: Ready to Become a Financial Coach

  • Initial Steps: Determine initial steps, decide investment in time or money, start taking action.
  • Roadmap: Achieve targeted action goals, fill in gaps.

Phase 3: Coaching but Not Consistently

  • Struggles: Lack of confidence, finding clients, inefficient systems.
  • Focus: Prioritize client journey, build systems, capture client results, focus on client-centered marketing.

Phase 4: Coaching Consistently but Overwhelmed

  • Good Problem: More clients than time available.
  • Focus: Learning to delegate, scaling business, saving aggressively, advanced strategies.

Phase 5: Coaching Consistently and Loving It

  • Balance: Coaching clients and mentoring team, enjoy fruits of labor.
  • Focus: Delegation, ownership, communicating vision, mastering skills.

Nine Key Areas of Growth

  1. Leadership Development
  2. Client Journey
  3. Client Acquisition
  4. Client Results
  5. Systems Implementation
  6. Team Management
  7. Business Finances
  8. Marketing Strategy
  9. Client Experience

Launch Steps

  1. Get Clear: On why you want to coach, and who to help (Niche).
  2. Help People: Offer free help, be honest about knowledge gaps.
  3. Design Client Journey: Outline client steps, prepare for consultations.
  4. Capture Client Results: Systematic tracking of results.
  5. Marketing & Selling: Focus on client testimonials, refined marketing messages.

Financial Coach Academy

  • Lifetime Access: Ongoing live coaching, training updates.
  • Completion Rate: High completion rate due to engagement strategy.
  • Result Oriented: Programs designed to ensure client success.
  • Community & Cohorts: Join cohorts to boost accountability and support network.

Full transcript