WW 260: 6 Challenging Financial Coaching Scenarios and How To Handle Them - Solo Show
This podcast is about helping you to learn how to build a life changing coaching program and be a better coach and this week is all about that! I want to share with 6 challenging scenarios that financial coaches face and how you can navigate them with ease. Loving this episode? Take a screenshot and share it on Instagram! Tag me so I can send you some love (@Tess_Wicks)
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A Quick Recap from this episode
This podcast is about helping you to learn how to build a life changing coaching program and be a better coach and this week is all about that! I want to share with 6 challenging scenarios that financial coaches face and how you can navigate them with ease.
Scenario 1: Your client might feel embarrassed or shameful about their financial situation when they start working with you.
This one is probably the most common because it’s just an assumption that your client could make because of how taboo the topic of money is. One way to avoid this happening is to set the tone before you and the client even start digging into those numbers. Consider even setting that tone during the sales conversation. Get their permission and remind them what kind of space you’re creating here.
It also helps to build curriculum that supports the coaching session. You can build it in early on to have them go through their financial situation and to be open and let go of any shame about their financial situation. It’s important to remind them that the past is the past and that you’re working with them to look forward.
Scenario 2: You’ll have a great session with a client and then a client shows up to the next session and hasn’t doesn’t any of the work between sessions.
This is going to happen a lot with clients who are avoidant. It’s important to discuss with your client by asking “what got in the way here?” Instead of asking why they didn’t do it, you want them to acknowledge what’s actually getting in the way and start to problem-solve that. You need to know if it’s an internal thing or external thing and then problem-solve with them on how to avoid this bump in the future. Breaking down tasks and making them bite-sized pieces that feel easy for the client helps them to start taking action. If all else fails, do a working session with the client to get the ball rolling.
Scenario 3: Your client asks you for investing advice.
You’re helping them with some how-to’s but sometimes they gray the line by asking investing advice, and that’s where you have to pump the brakes and let them know that you aren’t licensed to give investment advice. Provide your client with some resources for them to do their own research and education. For the most part, this is outside of the scope of our work unless you’re specifically providing investment education. Just let them know and refer them to the right person for that.
Scenario 4: Your client shows up and has blown their budget or overspent significantly.
Your job isn’t to shame or punish your client. Your job is really to understand where the client is and inform them that your job is to problem-solve the situation and help them move forward from where they are now. If it happens often, remind your client that they’ll be way better off if we can stop the backsliding. But again, ask them “what got in the way?” You can reflect and learn, but then remind them that your job isn’t to punish them for this.
Scenario 5: The actual budget or cash flow system that you’ve set up just isn’t working for the client.
I like to start my clients off with a budget that I know is a great starting point and works for a majority of my clientele, but it doesn’t work for all of them. It’s better to adjust a budget to a client’s natural habits and behaviors and find those triggers instead of trying to get them to develop entirely new habits and behaviors. It’s okay to start with a budget because you don’t know what’s going to work or not until you get data and start to understand your client more.
Scenario 6: Your client gets themselves into a financial situation that is beyond your scope or expertise.
The odds of this happening are actually pretty rare but it’s important to remember that you have permission to let the client know that this is outside of your expertise and refer it out. Identify the situation and help the client understand who the professional is that can help them with the situation. A lot of money coaches have a fear of thinking that the client will be mad if they say something is outside their scope, but your client will actually be better off by having multiple financial professionals who are experts in that area.
So that’s a wrap on the 6 financial coaching challenges that you could potentially face and I think these are the most common ones that get us stuck in our head and makes us want to avoid taking on more clients. Despite the challenges, you know how to overcome them and handle them with your client. So I hope this was helpful!
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