A Money Coach is a professional financial advisor who assists with any aspect of someone’s personal finances without selling financial products. The Money Coach works closely with an individual or couple to address their questions and concerns, gearing the advice and recommendations around the goals set.
Because no financial products are sold (like mutual funds, insurance policies or loans) the Money Coach can work with complete objectivity in assessing the needs of clients. Having ‘no product pitch’ means a Money Coach can focus on the expressed needs identified, instead of relying on a product sale for compensation. They will help educate and empower clients with information and tools that will solve virtually any money challenge facing them.
A single and transparent flat fee is how the Money Coach is paid. The fee charged should be reasonable and discussed as part of the Letter of Engagement. The Money Coach should be able to assist with a payment plan that suits the clients’ situation. This is not a typical payment plan though – most clients consider Money Coaching to be an investment in their future. And selecting the right Money Coach is critical.
Independent – If objectivity is what you are looking for, watch for ties to other companies. Ask the questions that help you get comfortable before moving forward. Sign nothing in the first meeting (which should be at no cost to you). After that meeting, take the time to discuss your options with trusted family and friends.
Qualified – A Money Coach’s educational qualifications are very important. Ask for their degrees, designations and educational background. Make sure the advice you receive is qualified and coming from someone who knows what they are talking about. A Money Coach should have a long list of qualifications that will give you comfort in trusting their advice – the golden standard being the Certified Financial Planner® designation – and testimonials from past clients on request.
Experienced – When it comes to understanding your situation and being able to help, it is important to know what experience your Money Coach has in dealing with similar circumstances. Consider asking this question: “Can you tell me about another situation where you helped someone solve challenges similar to mine?” This can only be answered in the affirmative by someone with extensive experience.
Confidential – A Money Coach should promise in writing how your personal information will be protected. Some clients find it comforting to know their Money Coach will not access their money or investments directly. Account numbers do not need to be shared, since Money Coaches are hired to empower you to manage your money better – not do it for you.
A Brief Introduction: Niagara Region Money Coaches is a proudly-independent sole proprietorship with no financial ties to any other company. Trevor Van Nest, Owner/Founder has a Bachelor of Commerce Honours Degree from Queen’s University, and is a Certified Financial Planner®. With 28 years in the financial industry he has worked as an executive at a Fortune 500 company for 8 years and has a depth of experience with investing, cash flow and debt management.
As the first Money Coach in Niagara Region in 2014 (and prior to this the first Money Coach in York Region in 2010), Trevor has worked with hundreds of individuals and couples from every walk of life across Canada, helping them take control of their money situation and enjoy financial peace.