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What is a financial coach and what do they do?

Updated 22 March 2022

2min read

Kate Morgan
Staff Writer

In recent years, there has been a steady increase in financial coaches, but what is a financial coach and what do they actually do? 

What is a financial coach and what do they do?

What is a financial coach?

A financial coach is an expert trained to look objectively at your financial situation and help you make a plan to reach your goals. Think of a financial coach like a personal trainer for your money

Let’s explore the most frequently asked questions about financial coaches. 

Are financial coaches regulated? 

Whereas independent financial advisers are regulated by the FCA, financial coaches aren’t required to pass any type of certification. (You can out more about the differences between financial coaches and advisers here).

However, reputable coaches and apps do hold high professional standards and often choose to complete professional qualifications. All coaches need to have a thorough understanding of the personal financial lifecycle and key retail financial products (including savings, protection, investments, mortgages and tax wrappers). 

What should I expect from a financial coaching session? 

A typical coaching session lasts 45 minutes. During your session, your coach will help you clarify your financial goals, explain the options you have for achieving them, and help you create a plan to get there.

They can also answer any questions you might have about finance. The format is intentionally flexible so that you can guide the session based on your needs and get the most out of it. 

What kind of things can I discuss with a financial coach? 

Coaching is perfect if you’re a financial beginner.

Think about your goals, whether that’s starting a budget, setting up a savings account or starting to invest.

Remember that a financial coach can’t recommend specific products or services. Instead, they aim to inform and empower you by explaining your options clearly. Hopefully, after speaking to a coach, you’ll feel confident in making your own financial decisions. 

How much does a financial coach cost? 

Coaching prices vary depending on the coach and their experience but it’s generally a lower cost than traditional advice.

It’s the perfect way to get started and equip yourself with more knowledge about your financial goals. 

What should I look for when choosing a financial coach? 

If you’re new to coaching, do your homework to make sure your coach has relevant financial services experience, that they are insured and that they are qualified by a recognised body.

Once you know this, you’re ready to take the first step towards your goals.

We’ve partnered with Claro, the UK’s first financial coaching app.

Book a financial coaching session today

Disclaimer: This article does not contain any personal recommendations for a particular course of action, service or product. By clicking on the link to find a financial coach, you will be directed to Claro Money. Unbiased will receive a small fee for this referral. Before subscribing for any services offered by Claro Money, please read their terms and conditions.

About the author
Kate has written for leading publications and blue chip companies over the last 20 years.