A coach is a trusted advisor, educator, guide, interpreter, strategist, & advocate. The term “coaching” literally comes from an old Anglo-Saxon word for a carriage, something that takes you from where you are now to where you want to be. Financial coaching is an important part of the analysis, planning, advice, & education we offer.
Analysis & planning develop & maintain a game plan to reach one's goals. Advice delivers recommendations on what to do to implement the plan & keep it on track. Education builds awareness & explains the "why" behind the advice. Coaching focuses on the "how-to," with specific, tailored guidance to facilitate successful implementation of advice.
Financial & investment success is 80% psychology & behavior, 20% mechanics. Coaching addresses this imbalance. It incorporates discipline, focus, encouragement, accountability (as desired) & countering the psychological biases & behaviors that sabotage investment success.
Sometimes that means helping clients get out of their own way. That might mean discussing inconsistencies between stated goals & behavior. Or it could be standing between a client & the dysfunctional money decisions anyone can make in those instances when emotion, fear or stress combine to cloud judgment, when much is at stake. While meticulously constructed investment portfolios have a high probability of withstanding almost any economic storm, none of them can withstand the fatal blow of an investor who panics in a downturn and sells out, turning temporary declines into permanent losses.
Coaching helps keep your financial decisions & actions aligned with your best interests & the results you want. It helps close the gap between thinking about doing & doing. It gets you from point A to B more efficiently.