I’m now a Certified Financial Coach!
In the throes of the first national lockdown I committed to undertaking additional qualifications to develop greater skills when working with my clients. Last month, after 12 months of hard work, I became a Certified Financial Coach.

So, what is a financial coach? A financial coach empowers others to develop their practical and emotional relationship with money without advising them on products. It’s complementary to the service we can give clients as financial planners.
You see, we all have a money story. It drives our behaviour and decisions. In fact, most people make over 90% of their financial decisions based on emotions, not logic.
Much of our money story has been inherited from parents, family, and friends. Yet it is rarely discussed and considered when we start to think about our finances.
The training that I’ve undertaken in the last year has meant I have needed to address my own money story and my limiting beliefs. It has been quite emotional and an interesting journey – but I now have a much greater understanding of why I make the decisions that I do.

Unsurprisingly, and I don’t mind sharing this with you, my money habits lean highly towards ‘Planning’ – which means I act intentionally with my money habits.
When used effectively this habit will mean that I:
• Make intentional financial decisions based on values and desired long-term outcomes.
• Have money reserved to pay for the unexpected.
• Set and accomplish goals.
• Buy items I really want that will retain value.
• Have a sense of well-being and control.
But I’ve learnt that it can present its own challenges which include:
• Feeling pressured by others to spend money on things that do not fit my budget or values.
• Feeling expected to help others who did not plan.
• I do have difficulty responding to new opportunities – when it means changing or abandoning my plan.
• I can be intolerant or impatient when others do not meet my standards or have different values.

It’s highlighted to me that I could look to be a little more carefree or spontaneous in my decisions, which is something I will work on!

This qualification has further cemented to me that it’s vital to consider every client’s self-limiting beliefs and money drivers when we start to plan for the future with their money – and sometimes by asking ‘Why?’ – we can suddenly understand with greater clarity the things that are really important to them.

Moving forward I’m very excited to be able to use my new skills and some of the Financial Coaching techniques I have learnt to better enhance the conversations I have with clients and the service Magenta can provide.

If you think some financial coaching could benefit you, or someone you know, just get in touch.