Financial Adviser. Money Coach. Wealth Strategist … I mean really, does it matter what we call ourselves these days?
If you spend a lot of time in the online space, you’ll know that people give themselves all sorts of different job titles, that none of us had ever heard of them 20 years ago.
I meet people every week who tell me what they do. Sometimes I stop and think “you get paid for that? Really?!”
You know what I’m talking about – the types of job title that would’ve made your careers adviser back at school do a double take and fall off their chair.
They’d probably have told you not to be so silly, that it wasn’t a ‘proper job’. Because back in the day we were all encouraged to get a sensible career that would pay ok, offer safe career progression and a pension at the end.
I don’t know about you but at my school, it was all about being an employee. Being a business owner was never even offered as an option at any of my career fairs.
So when you’re looking at people online – when it comes to the money space, which is where I sit at the moment – does it matter whether that person is a Financial Adviser or a Money Coach , Wealth Strategist or anything else?
Well, the short answer is YES. Because the two roles are really very different. I’m one of the few people that actually does both, and it’s an important difference to understand when you’re taking on board what anyone online is saying!
As an FCA regulated Financial Adviser, I do all the things that you would expect a financial adviser to do. I help people get mortgages and buy houses; to protect their income and save for retirement. All the things that sensible grown-up people need to do but they can feel really complicated and totally overwhelming, which is why people often need and want a professional to help.
But as well as this, I also run a money coaching and wealth strategy business, where I help people (mainly business owners) with their strategy to grow their wealth. I give them insider tips and ideas they’d never even thought about before; provide them with the high-level training they need; and help them crunch their numbers so they can bring that vision for their dream life into reality.
Of course lots of people call themselves money coaches, and we all have different specialisms.
Some money coaches focus on money mindset and behaviour. Some focus on trauma and the emotional response that we have to money. Others, like me, focus on more practical solutions, which is why in recent months I’ve been moving towards describing myself as a Wealth Strategist and Money Mentor rather than a Money Coach.
If you have multiple offerings in your business or wear different ‘hats’, you’ll know how valuable that crossover can be. The different sides of your knowledge and experience combine to make your services even more powerful for your clients. It all goes together to create your unique offering and the results that only you can deliver, for the lucky people who get to work with you.
For example, because I’m a fully qualified FCA regulated Financial Adviser, I have to do 35 hours of CPD every year. This means that although my money coaching clients don’t get advice as such – it’s more to do with guidance and suggestions that they can then go off and make their own decisions about – they know that the ideas I share with them are coming from a place of knowledge, education and current thinking.
There are several people in the online space who talk about themselves being money coaches – but what they’re selling to their clients is what worked for them, which actually might not be something that is working now (and of course just because that strategy did work for them, doesn’t mean it’s right for you, me or anyone else).
It might be something that worked for them 5, 10 or even 20 years ago. Even if it was more recent, we all know how quickly things change, especially working in the online space!
When you look at the background of lots of people offering money coaching online, they often have a background in finance. They might have worked for a bank or been an investment manager – but they don’t have qualifications and they’re not actively practising.
Other money coaches are also accountants and depending on the type of help that you need in your business or with your finances, this can be a great option too.
It’s so easy to get sucked in by glossy marketing and slick branding, but ultimately it’s about doing your homework and properly understanding any coaches background, so you can choose the right person for you. Which is more important than EVER when it comes to working with someone on your money stuff!
Last November, I was voted ‘Financial Adviser Of The Year’ at The Financial Reporter Awards, which was an amazing accolade to receive.
If you’ve ever won anything like that, you’ll know it feels pretty incredible to be recognised for the contribution you make and the results your clients achieve. I’ve also won awards in the past for ‘Outstanding Customer Service’ and ‘Best Caring and Supportive Business’, both of which I’m really proud of and are amazing things to have.
But ultimately, what makes me stand out is that I can be a one-stop solution for you and your financial needs.
When I look at it logically, not a lot of what I do is actually money coaching – because coaching is essentially asking questions and helping a person find their own solutions.
When it comes to money, often people don’t know. That’s why they’ve come to me for help.
Yes, there’s an element of coaching, when I’m helping my clients to see their ideas and get clear on their vision for their future and what they actually want. It sounds simple, yet so many people don’t actually know what that looks like, or certainly not in any real detail.
If I was being more accurate though, I would describe myself as a Wealth Strategist, because that’s what I’m going to help you do – to come up with a strategy to grow your wealth and give you a simple step-by-step plan to make it happen.
If you need to put some financial products in place as part of growing your wealth, then I can put my Financial Adviser hat on.
Either my in-house team can handle it for you, or you can go back to your own financial adviser feeling educated and empowered to make better decisions and ask better questions about what your investments are doing, how they’re performing and whether you’re going to meet your goals.
So if you want to know more about working with together with me as YOUR Wealth Strategist, here’s where you can book you can book a free intro call now!
Until next time,
Claire