Find a financial coach in Australia

If you're seeking financial coaching from someone, you'd expect their own finances to be in decent shape if they practice what they preach.

When you're hiring a personal trainer, it's relatively easy to see whether they're getting results themselves as you can phsyically see it. When it comes to personal finances, it's largely invisible and looks can be deceiving - those living the high life can be deep in debt.

While it might feel rude, I'd suggest asking a potential coach about their own net worth and where they're at with their own financial journey. Does it sound like they've got their finances under control and that they've been able to achieve their financial goals?

This is a big 🚩

You must be authorised under an Australian financial services licence (AFSL) to provide financial product advice. Unless the financial coach is also a licensed financial advisor, they should NOT be offering any financial product advice.

How does the coach make money? Do they want you to sign up to a long-term contract with a large upfront fee that pays their bills before you get any benefits? Are they masquerading as a financial coaching service when they really make their money off debt consolidation loans?

At Afford a House Financial Coaching, we use a simple fee-for-service coaching model with no large upfront fees, no commissions/kickbacks, and no lending business on the side. We understand that many people that seek out coaching may not have much cash on hand, so we spread our fees over a 6-month period to ensure you're only paying our fee as you realise the benefits. Our coaching-focused model means we're out there supporting you all the way - not trying to upsell you to another program, sell you a product, or sign you up to a new loan.

When you read through the coach's website, do they sound like someone you'd like to work with?

All coaches should be able to help with the basics of goal setting, budgeting and saving. However, each coach will have their own life experiences and focus areas that allow them to serve some clients even better.

Our Find a Financial Coach tool highlights each coach's niche to help you find the right coach for you.

Can they demonstrate their approach has been effective in helping clients take control of their finances?

They don't need to have all five star feedback (no one is perfect), but you'll want some proof that their approach works.

Some coach's basic package only includes development of a budget or money plan with no support in implementing the plan.

Be sure to ask a potential coach about what support they provide after your session together:

• Do they stick around until you've got it under control, or are you on your own (unless you sign-up to a more expensive program)?
• Are there limits on how much you can contact them, or the channels you can use to communicate with them?

At Afford a House Financial Coaching, we include implementation support in all our packages as we believe the job is not done until you feel in control of your finances and on-track for your financial goals.

Both have their place.

The question is what do you need most at this point of your financial journey and can the coach provide it?

A good coach should be willing to acknowledge the areas that aren't in their sweet spot and refer you on to someone that may be a better fit.

If you can't afford a financial coach because you're in financial hardship (e.g., unable to repay loans), then you should get in touch with a free, confidential, independent Financial Counsellor via the National Debt Helpline on 1800 007 007.

It's a free service, delivered by not-for-profit organisations, that's available to people experiencing financial difficulty or who have problems with debt. They can help you manage your debts and get your finances back under control.

Financial coaches help people align their spending with their priorities and change their relationship with money.

Financial coaches do not provide financial product advice as that's the role of a licensed financial adviser in Australia.

In practical terms, financial coaches typically help clients understand where their money is going, develop a cash flow plan that aligns their spending with their priorities, implement their plan (e.g., automating savings), and shift their money mindset.

Financial coaching programs generally cost $400-700 in Australia.

Programs typically include 2-4 hours of private coaching covering goal setting, budget development, money mindset, identifying necessary actions, and a check-in call.

It's important to ask what's specifically included in each coach's program to ensure it suits your needs and you're comparing apples with apples.

Yes, financial coaching can definitely be worth it. They can help you reduce financial stress, afford your preferred lifestyle, and reach your goals sooner.

However, these benefits are dependent on your commitment to being open and making the necessary changes.