When it comes to financial well-being, there are two distinct but equally important approaches: financial coaching and financial planning. Both serve different needs, focus on different aspects of life, and require different mindsets from professionals who choose to offer them.
Financial Coaching: Building Stability and Security
Financial coaching is about helping people meet their basic needs—ensuring they have the resources, knowledge, and mindset to achieve financial security. It centres on self-enhancement, conservation, and self-protection, which in the Schwartz Values Wheel relate to fundamental needs like stability, security, and personal success.
This work is deeply connected to our beliefs, past experiences, and emotions around money. It focuses on how we sense, think, and feel about finances, helping individuals develop confidence and control over their financial situation. The aim? To create a stable and comfortable life, ensuring a sense of security in day-to-day living.
Financial Planning: A Journey of Personal Growth
Financial planning, on the other hand, is about transformation. It goes beyond security and asks bigger, more meaningful questions:
- Who are you?
- Why are you here?
- Where do you want to be?
Financial planning takes you beyond your comfort zone, guiding you towards a values-led, purpose-driven life of significance. It aligns with openness to change, financial growth, and self-transcendence, meaning it isn’t just about making more money—it’s about using excess wealth to serve others and make a meaningful impact on the world.
This approach shifts the focus from simply managing money to aligning financial decisions with core values and long-term aspirations. It’s about growth in all areas of life—personal, emotional, and financial—so that you can leave a lasting legacy.
Which Role Do You Want to Play?
As a financial professional, you have a choice.
Many choose to stay in the comfort zone of coaching, helping clients build security and stability—a valuable and much-needed role. But a few take a different path. They stand as financial planners at the curtain between ego-driven needs and soul-driven desires, helping clients accelerate their personal growth journey and truly live with purpose.
Are You a Coach or a Planner?
If you feel called to do more than just help people survive—if you want to guide them to thrive, grow, and leave a lasting impact—then financial planning might be your true path. Join our tribe at the Academy of Life Planning, where we empower professionals like you to transform lives through holistic financial planning.
It’s time to step into your purpose. Are you ready?
Appendix: Frequently Asked Questions
Q: What is the main difference between financial coaching and financial planning?
A: Financial coaching focuses on helping individuals develop financial security, confidence, and stability, often by addressing past experiences and beliefs around money. Financial planning, on the other hand, is about guiding individuals towards long-term growth, aligning financial decisions with personal values, and achieving a purpose-driven life.
Q: Who benefits most from financial coaching?
A: Those who are looking to build financial stability, manage debt, and develop better money habits will benefit most from financial coaching. It’s ideal for individuals who need support in creating a secure financial foundation.
Q: Who should seek financial planning?
A: Those who have achieved a level of financial security and are looking to grow their wealth, align their finances with their values, and create a legacy of impact will benefit from financial planning. It’s for people ready to move beyond financial survival and into financial purpose.
Q: Can someone benefit from both financial coaching and financial planning?
A: Absolutely! Many individuals start with coaching to build a stable foundation and later transition to planning as they seek greater financial and personal growth. Both approaches complement each other.
Q: What kind of financial professionals typically choose coaching vs. planning?
A: Many financial professionals opt for coaching because it addresses immediate, tangible concerns and offers a clear sense of support. However, a select few take on the role of planners, helping clients navigate deeper personal growth and purpose-driven wealth management.
Q: How can I transition from financial coaching to financial planning?
A: Transitioning involves expanding your focus from short-term financial stability to long-term wealth-building, personal values alignment, and legacy planning. At the Academy of Life Planning, we support financial professionals in making this shift through education, mentorship, and a strong professional community.
Q: How do I get started with the Academy of Life Planning?
A: If you’re ready to take the next step in your professional journey and make a bigger impact, get in touch with us today. We offer training, resources, and a supportive network to help you excel in values-led financial planning.
Understanding the Schwartz Values Wheel
Q: What is the Schwartz Values Wheel?
A: The Schwartz Values Wheel is a model that categorises universal human values into different domains, showing how they relate to one another. It helps individuals understand their core motivations and how these drive their decisions, including financial choices.
Q: How does the Schwartz Values Wheel apply to financial coaching and planning?
A: Financial coaching aligns with values of self-enhancement, conservation, and self-protection, ensuring security and stability. Financial planning aligns with openness to change, growth, and self-transcendence, helping individuals build wealth and use it for meaningful impact.
Q: How can I use the Schwartz Values Wheel to understand my clients better?
A: By recognising where your clients’ values sit on the wheel, you can tailor your approach—whether they need financial security (coaching) or long-term growth and purpose (planning).
Q: Can financial values shift over time?
A: Absolutely! As people grow, their financial needs and motivations change. Someone focused on security today may later prioritise values-led growth and contribution.
Q: Why is it important for financial professionals to understand values?
A: Understanding values helps professionals provide aligned, personalised guidance that resonates deeply with clients, making financial decisions more meaningful and effective.
Q: How can I integrate values-based financial planning into my practice?
A: The Academy of Life Planning provides tools, training, and community support to help you integrate a values-driven approach into your work, ensuring you make a lasting impact on your clients’ lives.
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