Is having a financial coach as important as people say?
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Is having a financial coach as important as people say?
A coach will help you establish your own plan, while a financial advisor usually creates a dependent relationship that forces you to rely on them for information, rather than teaching you correct principles that you can then use to govern your own financial life.
A financial coach encourages you to be accountable and responsible for your own financial decision making, while a financial advisor expects to be paid to take responsibility for what happens to your money.
The goal of a financial coach is to develop an educated client, one who can see what his or her values are, while an advisor usually imposes their own set of values and will often recommend spending money on insurance products, investment services, estate planning, and so forth.
The goal of a financial coach is to develop an educated client, one who can see what his or her values are, while an advisor usually imposes their own set of values and will often recommend spending money on insurance products, investment services, estate planning, and so forth. While financial coaches are important in terms of helping you manage retirement funds and investment portfolios, they are usually not able to educate you on how to manage all areas of your finances so that you are in control.