A Financial Coach can help you put a financial plan in place, whether your financial goals are to go on holidays, buy property, raise children, retire comfortably or anything in between.
Your plan will often tell you how much to spend, save, invest or set aside for the long term (pensions, life insurance…).
Once you have your plan, a coach can teach you everything you need to know to choose the right products, funds and policies - or point you to the right expert / source of advice.
Financial Coaches’ limitations
Financial Coaches usually can’t help people with complex situations, for example people:
With savings over £100,000
Deciding between retirement income options or in later life
Not from the EU
Wishing to transfer pensions
Struggling with debts
Financial Coaches also cannot recommend specific regulated products. For example, they could recommend you invest £100/mth in a “stocks and shares ISA”, but they could not recommend the “Vanguard Life Strategy Fund”. Instead they will teach you how to choose your own funds, and/or point you in the direction of useful information.
Financial Coaches are trained to identify whether people need more advanced advice and refer them to an appropriate specialist.
Why VouchedFor lists Financial Coaches
The UK faces a large “advice gap”. There are not enough financial advisers to help everybody, and most people don’t need the level of advice (or fees) which a Financial Adviser has to charge to cover all their regulatory and qualification costs.
Financial coaches usually charge a lot less than Financial Advisers, reflecting the lighter-touch service that they provide.
How VouchedFor vets and monitors Financial Coaches
Like all forms of coaching, financial coaching is not a regulated activity. It is not regulated by the Financial Conduct Authority, which does regulate Financial Advisers.
We therefore take great care to check and monitor the quality of guidance provided by Financial Coaches listed on VouchedFor.
This includes ensuring that the coach is supervised by a reputable financial advice company, which routinely monitors coaches against best-practice financial coaching standards.
The first such financial coaching company that we have verified is Hatch Financial Planning. Hatch is the UK’s first nationwide provider of financial coaching, and has won numerous accolades. Hatch was started by founding members of the VouchedFor team, having seen first hand the growing need for a simpler and more affordable alternative to full financial advice.
Other financial coaching companies are welcome to apply for similar verification, by contacting firstname.lastname@example.org
Financial Advisers interested in partnering with or hiring a financial coach can learn more from Hatch.
If you are interested in becoming a Financial Coach learn more from Hatch
If you are a financial coach and want to be listed on VouchedFor, please contact email@example.com.