Do you want to become a wealth coach?
Not everyone knows the value of a dollar. Some people are unable to figure out where their paychecks are going. This cages them into never-ending debts. Till the time the realization dawns upon them, it is already too late.
Does that mean that a wealth coach only deals with money?
A wealth coach does not only deal with money. “Wealth” is much more than “Money”. A wealth coach deals with the emotional side of money. The coach facilitates important conversations and decisions related to money.
Are you aware of the emotional connection of money that people have with it?
Can you guide them towards better decisions?
Do you prioritize savings?
Are you an unofficial money coach for your friends? Do they seek your guidance when it comes to expenditure and savings?
Then, it is time to take your financial conversations from casual to professional.
Believe me, this isn’t going to be tough. With certain tweaks and great coaching philosophy, you can become a wealthy wealth coach.
By the end of this article, this will become crystal-clear to you. Along with this, we will discuss many other parameters too which will help you to understand the concept well.
What is wealth coaching?
One goal of wealth coaching is to secure a person’s financial future. It aims at bringing the client in a financial position where he/she can fulfil his/her wishes without worrying about the money.
As the Chinese proverb goes – “ A journey of a thousand miles starts with a single step.”
Wealth coaching ensures that the first step gives the client confidence for the upcoming years. It involves creating an action plan to secure the financial future of the client.
The second goal of wealth coaching is to solidify the emotional connection of the client with money.
Wealth coaching is the study of one’s relationship with money.
We all have a relationship with money. At an early stage, this very relationship guides most of our behavior with money for the rest of our lives.
Wealth coaching involves emphasizing the concept – wealth is more than money.
This is a very important concept for a wealth coach.
But what does this mean?
Let me convey it to you through some examples.
There is more value in your life than money. There can be many things in your life that are valuable to you. This may include your family, freedom, health.
Remember the famous quote – Health is wealth?
A person’s relationship with money guides him/her to build wealth. When people are fulfilled in the areas which they value, they often consider themselves rich.
Another great example of wealth is more than money can be turning down a high-paying job. This can be because of many reasons. A person may not be willing to relocate because of kids. He/she might be on the verge of retirement. He/she may want to do away with the hassle of job-switching at this moment.
When someone decides to turn down a better paying job due to such reasons, once again the notion of wealth is more than money is exercised.
Some people who have significant wealth become entrepreneurs. Some of them may donate to social causes. Such investments may generate more money but the joy is hardly in the money earned. Rather, it is more in the impact of that money.
Above examples clear that wealth is more than money!
One part of wealth coaching includes coaching people to become rich (in terms of money). This aims at securing their financial future.
Another and more important part includes building their relationship with money. Guiding them to create wealth by identifying the areas that they value. Making the clients realize that becoming wealthy is more important than becoming rich!
Who is a wealth coach?
A wealth coach coaches the client to manage and create wealth. Such coaches help the clients to feel empowered by taking control over their financial future.
Along with this, a wealth coach helps the client to understand the emotional dynamics with the money. Disagreement and clashes in the family over money are very common nowadays. A wealth coach facilitates such discussions.
The coach guides the clients to take effective decisions. Such decisions provide client financial stability. It also lets the client realize the true meaning of wealth by prioritizing the areas that he/she values.
Most people don’t file their own tax returns. What is the reason?
It is simple- It takes a lot of time and energy. At the same time, a small mistake can be painful.
The same is the case with wealth planning. Many people who lack time and sensibility to plan their wealth management hire a wealth coach.
The client can have various questions varying from simple to complicated:
Should I open a credit card?
I want to buy a house. What can be the best payment option?
How do I make a budget?
I have a family business but I want to make my career in a different field. How do I convince my parents?
A wealth coach by conducting effective coaching sessions clears the confusion of the client. The coach creates an action plan and motivates the client to adhere to it.
The coach ensures that the client is determined and accountable for the actions. Gradually, the coaching process is revised according to the need until the final goal is reached.
The coach also provides support after the foundational relationship of the client with money is built. The coach tracks that significant changes occur in the behavioral dynamics of the client so that he/she can deal wisely with money.
With a wealth coach, a person can become more fluent in taking decisions related to wealth. This leads to a happy and prosperous life.
What do people look for in a wealth coach?
The US coaching industry still lacks regulation. Thus anyone can boast of being a superb coach and become a guru.
Do you think that your prospects will trust you with their wealth management so easily?
After all, they are paying you! You must be worthy enough to earn that penny. Think from the customer’s perspective.
Why should your prospect hire you?
Why are you different?
What questions can the prospect ask you?
Below are a few points that people look before hiring a wealth coach. Preparing for them well will help you to sell high-end coaching packages.
Do you need a website as a wealth coach?
Many times your prospect will reach you only through your web presence. The quality of your site and emotional appeal matters a lot for the viewers. Your site must be informational rather than tacky.
Your prospects may look for educative content. It is important that your coaching website has rich blogs and articles. This will help you to create thought leadership for yourself. Your writings should clearly show your expertise to your prospects. Only then will the prospect move to the next step. Otherwise, there are many fishes in the sea.
Solidifying web presence also includes managing your LinkedIn and other social media accounts. This will build trust in your services. Take care that you share effective posts and case studies. This plays a great role in creating a good image in the minds of your clients.
Actively answer the questions of your prospects/share success stories and testimonies. This will attract prospects to hire you as their wealth coach.
Do you need experience as a wealth coach?
Short answer? Yes!
Your coaching experience will matter a lot to your prospects. Your prospects may ask you various questions to check what level of experience you have.
Generally, prospects are more likely to trust a wealth coach who has a greater number of experiences. If you are new, convincing a prospect may be difficult for you. Don’t worry in that case there are other parameters that you should focus on to win their confidence.
Do you need certification to become a wealth coach?
Not all of the prospects pay much attention to certifications provided you have enough clients’ testimonies. Unfortunately, some do. If you are a new wealth coach then your coaching credentials may give you an edge on other coaches.
Showing advanced training from an accredited coaching organization often impresses the prospects. You must be aware of the upside and downside of coaching certifications.
How much do you earn as a wealth coach?
The price that you charge will matter a lot to your prospects. Fix your charges keeping the affordability of your target audience in your mind. At the same time make sure that you aren’t undercharging as a wealth coach. Pricing and packaging your coaching services is an art. Make sure that you become an artist!
You must offer prospects models in which they are comfortable. Long-term contracts that minimize the chances of exit might not be the choice of many. Take care that you design pricing packages that are flexible.
Style of the wealth coach
Your coaching style and approach would be the prime focus of your prospect. This will include your coaching model and process. Wealth coaching demand patience. As a wealth coach, you coach your clients for two major things:
- Creating more wealth
- Wisely saving the existing wealth
This involves coaching the client to bring a change in behavioral dynamics. You must keep this in mind while deciding your coaching model.
Do you think one-to-one coaching sessions will be good?
How many will you have and of what duration?
What will you cover?
What are your prime objectives?
How is your style different from other wealth coaches in the market?
You must be prepared with all these questions while pitching to a prospect.
This isn’t difficult, believe me. You just need to address the pain points of customers. You should be able to connect with your prospects. Convey to them that you understand what are they struggling with. Narrate how can you provide a solution. Once you are able to build that connection, convincing your prospect will become a cakewalk.
How to show off testimonials as a wealth coach
Client testimonials are the best way to showcase your expertise. Testimonials speak the results that your previous clients achieved. Testimonials exhibit the value of your coaching services.
More than you speaking about your own mastery, let the testimonials speak for you.
Don’t worry if you don’t have many testimonials at this time. Concentrate on how you can add more to the testimonial page. Alternatively, try to earn more endorsements and recommendations on LinkedIn. Positive comments on Instagram and Facebook from friends and family can be a good beginning.
Once you crack your first ideal clients, gaining client testimonials will become easy.
Tips for becoming a successful wealth coach
Understand the situation of your client
You may have tackled various wealth problems before but this doesn’t mean that you won’t always encounter the same. Your clients may have new problems. In order to coach your clients best, you must listen and try to understand their problems. One way to get a hold on the entire picture is by asking great coaching questions.
Your clients may be weak at managing their wealth. They may overspend. Some of your clients may not know how to prioritize areas.
Direct your coaching sessions to understand what is the root cause.
Is the problem occurring because of the behavior of your client?
Are there any external factors?
Always keep the end goal in your mind throughout the coaching process. Listen more than what you hear. Keep on asking questions until you are confident that you are completely aware of the client’s situation.
Build a solid action plan
After you identify the problem and clear the end goal. It’s time to build a solid action plan for your client. Take into consideration the strengths and weaknesses of your clients while making it. As a wealth coach, you must drive your efforts to develop the wealth management behavior of your client. If money is the main cause, orient your action steps in coaching your client for spending wisely.
At the same time, ensure that wealth is created. This means, make sure that your clients are spending their time and energy on stuff that they prioritize. Coach your clients to take decisions that can make them wealthy.
For instance, You may get a client who is spending too much on junk food. Teach the client how avoiding it will not only save money but also keep him healthy. Make sure that your action plan revolves around the client’s end goal. Perform certain tweaks in the course if the need arises.
Give hope to your clients
As a wealth coach, you will get any clients for whom bringing a positive change in wealth management will be difficult. They might not be able to follow the action steps and overcome their weakness. This may plunge into grief. The realization that they are good for nothing may further demoralize them.
One of your major responsibility is to inject hope in the client. Motivate your client to keep on moving. Praise your clients for their small steps. Teach them how they can overcome setbacks. Make your clients realize that they are not alone in the journey.
As a wealth coach, it is your duty to build a solid action plan for your clients. But taking the action steps is the responsibility of your client. Prepare your client to take accountability. Also, remember that “No” is a sentence in itself. If you feel that your client is asking for anything which is unacceptable, never fear to refuse. Never compromise with your principles for short-term happiness.
Avoid drive-by wealth coaching
One of your clients may ask- “Should I sell my car which is the last thing I have to clear my debt?”
At first, this may seem an easy question to answer for you. You may quickly respond with a “Yes”, without understanding the whole picture. This is what we call drive-by coaching. You must avoid practicing it.
Instead, invite the client to your session. After a detailed session, you may come up with a solution to deal with the financial condition in a better way without even selling the car.
Cost v/s value
What’s critical is showing how valuable are your services to your clients. I have seen some of the wealth coaches who will directly jump to their prices without emphasizing on what change their services will bring.
If you start this way- “I want to be totally transparent and that is why I want to tell you that this is going to cost you $2000.”- This won’t help you to crack the deal.
Of course, you need to mention the charges, after all, wealth coaching is your business but not at the start. This shows you as a greedy salesperson who is least worried about helping his/her coaches. Always highlight how every penny that the client invests is worthy enough for him/her.
Increase the money inflow
You can complement your coaching sessions by including other services in your coaching package. This may include video series, e-books and free webinars. This will make your clients realize that you have strong knowledge in your coaching niche.
Along with this, it helps to build your e-mail lists and generate leads. Efficient video marketing can fetch you more clients and establish your expertise.
Know your limits as a wealth coach
Never hesitate to say- “I don’t know”. As a wealth coach, you may not be aware of many aspects. Don’t worry! Even I learned many things during my coaching journey. You also don’t need to know everything under the sky. If you aren’t aware of something that your client needs, you can always seek the guidance of family, friends or an expert.
Suppose your client needs help with bankruptcy, you can suggest him/her an adviser in the area. Telling your client that you don’t know about a particular thing doesn’t reduce your worth. Instead, it makes the client realize that you care and therefore do not want to give any wrong information just for the sake of money.
So, how can you become a wealthy wealth coach?
You don’t need to be wealthy in order to become a wealth coach. On the contrary, you can become wealthy and successful in your career by becoming a wealth coach. Below are a few things to consider that can make you a wealthy wealth coach.
- Increase your marketing efforts: Nobody will know about you until you decide to tell them. Efficient marketing is the key to drawing prospects. Learn the tactics of Facebook ads and LinkedIn marketing. Take your marketing game to the next level. At the same time, take care that you do not invest heavily in your marketing efforts. Resort to organic marketing than paid marketing in the beginning. As and when you start generating profits, you can switch to paid marketing tricks as well.
- Increase your online presence: Don’t stop after building the website. Check it regularly for SEO and quality. Keep posting articles and outstanding blogs. Share them on different platforms. Use tools like google analytics to measure the traffic and analyze your target audience.
- Leverage your expertise: Attend relatable seminars and workshops. Read good books related to wealth coaching. Listen to the podcasts of popular wealth coaches. Watch interviews to gain insights. Never become overconfident about your knowledge expertise. Remember that there is always scope for improvement.
Most coaches start with a zero-zero reputation, zero client and zero profits. Don’t fear if you are new to the coaching industry. If you are aware of the dynamics related to wealth, you are good to go. Much of the learnings will eventually come during the process. Initially, what is required is a solid coaching business plan.
Not having the certifications would do, what cannot be neglected is a convincing coaching philosophy and knowledge in your domain. You must be on par with all the coaching tools that you may need during your coaching sessions. This may include popular budgeting tools like Personal capital and quicken. Along with this, you must be well-versed with the recent coaching trends and coaching skills.
A deep insight into human psychology will add a cherry to the cake. Different people have different ways of handling wealth. Start by analyzing the same by choosing the people around you. This will develop your perspective. The more situations you see, the better you will get at handling them.
Frequently Asked Questions (FAQs)
What is a wealth coach?
Wealth coaching is a coaching profession where a coach works with clients to create a plan to build wealth, reduce debt or build a business. The wealth coach helps the client determine his or her priorities and the steps they need to take in order to reach their goal.
What does a wealth coach do?
A wealth coach provides mentorship for the people who want to be financially independent in the shortest possible time. They are motivational speakers and provide the necessary guidance to achieve financial goals.
Do you need experience as a wealth coach?
Experience is one of the most important attributes of a good wealth coach. It is very important that a coach is capable of guiding his clients, and must have a clear idea of the goal of his clients. Experience is the most important tool for a successful coach.
Do you need certification to become a wealth coach?
Becoming a certified wealth coach is not required. There is no such thing as a piece of paper, a certification that guarantees you immediate success. The whole idea of certification is getting a title that proves to your customers that you are a professional, not that it guarantees success. In fact, many certified wealth coaches have failed. However, certification is a good way to prove your knowledge and skills.
Do financial coaches make money?
It’s not easy to make money in this profession. The reason being is that starting a business, even with the help of a coach, is time-consuming. Most people, including financial coaches, don’t have time to put into a business that they are also trying to build. The only way that a financial coach could make money is if they have a reachable goal, and that requires a lot of effort.
How do you charge for financial coaching?
As a financial coach, there are many ways that you could charge. Some people charge a flat rate by the hour, or by the project. You could also charge a monthly retainer. There are people who will offer their service for free, but usually this is the exception, not the norm. I recommend setting a rate that seems fair to you. If you’ve been in the field for a while, you probably have a good idea of what other coaches are charging. If not, ask colleagues what they are charging. Find out what they are offering, and come up with a plan that works for you.