Finance Fridays – Financial Adviser or Money Coach?

We were looking at how to get compensation for train delays in last week's Finance Fridays. A couple of weeks ago I talked about choosing a financial adviser. Until recently if you needed to plan your financial future whether for the long or short term you could get help from a financial adviser. People's attitudes to money are now very different and many are finding they have problems with money. This can be debt related, career goals or behavioural issues to do with money. If you are needing help with your finances which one should you turn to – financial adviser or money coach?

What does a financial adviser do? - A financial adviser will look at your situation and advise the best products for you to use. This could be a one-off event such as obtaining a mortgage or long term planning such as life assurance and pensions.

What does a money coach do? - A money coach will look at you as a person and your relationship with money. They will work with you to see where you are going wrong. Why do you overspend each month? What is holding you back from investing in a big project?

Are money coaches regulated? - No they are not. Technically anyone can set themselves up in business as a money coach. There are a number of qualifications that financial advisers can obtain and they should seek authorisation from the Financial Conduct Authority (FCA).

I have complex financial questions who can help me? - You will need to ask a financial adviser. If it is a specialist area such as taxation then find one that focuses on that. You can ask friends and family for recommendations or use Unbiased.

Can I use a combination of both? - You could do depending on your circumstances. If you find yourself constantly in debt a financial adviser could suggest products and companies who could lower or manage your debts. You may approach a money coach to try and help curb your expenditure and work out why you are always going into the red.

If you want to join in with this week's Finance Fridays then add your link to the linky below. Any post concerning financial matters is allowed. Full details here. It doesn't have to be published today as you have until 23.55 on Tuesday 17th July 2018 to join in.

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