Understand When You Need a Financial Wellness Coach & a Financial Planner

If you need help to get your finances back or track or if you wish to learn the fundamentals of budgeting, you must schedule an appointment with a financial wellness coach. A financial wellness coach is not the same as other financial experts. Are you not sure what sort of help you require? The following write-up specifies the difference between financial wellness coach and financial professionals. Please check it out right now.

Who is a Financial Wellness Coach?

Financial wellness coaches help the clients with money management. They are usually appointed by the modern-day individuals who have a difficult time in making budgets or handling finances properly. They provide financial literacy so that it becomes easy to understand the complexities of money.

If you wish to seek the services of financial wellness coach, know that they work with one client for over a period of many months. Financial coaches set definite goals and create a plan for getting there. They check in with the clients to offer advice, serve the role of an accountability companion, and keep a record of the progress.

The experts providing top-notch sessions of financial wellness in South Africa said at the end of the stipulated period, you must have enhanced your financial literacy and be properly equipped to continue on the road to monetary freedom and accomplish the monetary objectives in a seamless manner.

Who is a Financial Planner?

A qualified financial planner is actually an expert in the varied areas of taxes, monetary planning, estate planning, insurance, and retirement. They take examinations and then continue education to keep the certifications updated.

Financial planners generally provide advice on the investments that they consider the best for the clientele, and at times sell the best investment products. They have license and their operations are controlled by government.

When Must I Hire a Financial Wellness Coach vs. Financial Planner?

You must hire a financial wellness coach when you have unfortunately maxed out free resources and realized you need third-party assistance. You may have tried budgeting but could not adhere to it. You have read the financial books or articles but do not how to implement them. Almost all the information in these articles is generalized and you would want one who can strategize as per your requirements.

Schedule an appointment with a financial wellness coach if:

  • You are not disciplined or motivated enough to handle finances on your own.
  • You do not know how to accomplish your financial goals.
  • You want to save enough money and avoid the mistakes.
  • You want to change your financial situation within a short period.

You must hire financial planners only when you are thoroughly acquainted with your monetary condition and are prepared to discuss or invest in estate planning. They are ideal in case you possess disposable income at the end of every month and you want that income to grow. Financial planners have negligible asset need to start working with clients.

Go through the aforementioned write-up twice or more before you hire someone. You would not want to get stuck with someone who does not understand your situation, and would just waste your time with tested-and-tried tactics.