This blog discusses the difference between a Financial Advisor and a Financial Planner/Financial Coach.

The world of finance can be overwhelming and makes it hard for people to know where to start.

There is quite a difference between a Financial Advisor and a Financial Planner/Coach and it is important to understand what service you are needing so that you are getting the best value out of your time and money.

At YouChange we offer financial coaching and financial planning. We do not give any financial advise.

What does a Financial Planner/coach do?

A Financial Planner/coach is someone who is there to help you achieve your financial goals. A Financial planner and coach will work with you to create a personalised plan that helps you to manage your budget and achieve your financial goals. A financial planner/coach will help you to manage your day to day money and stick with a budget to build better money habits.

What does a Financial Advisor do?

A Financial Advisor is someone who is qualified to give personalised advise on investing money, insurance, Kiwisaver, retirement and any other financial services. A Financial Advisor can give you specific advise on how to manage your wealth and what financial products or services you should be purchasing.

Is a Financial Planner and coach worth it?

If you are not optimising your income the best way or lacking in results that you know you should be achieving or just want to look for a few small ways of improving your financial situation, then it will be worthwhile to engage with a financial planner and coach.

A financial planner and coach will work alongside you to understand your financial goals and work with you to create a plan and budget that suits your current life but helps you to achieve your financial goals.

If you have never worked with or created a budget before and you are not sure where to start then a financial planner and coach will help you to get it right so get results faster.
You will find working with a financial planner and coach you will see faster results and they will hold you accountable to making your plan work. This will mean you see improvements and probably save more than what you paid them quite quickly.

My view is that most people would benefit from working with a financial planner/coach in some capacity at least once in their life.

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You can also watch this video on our YouTube channel, which uses a sports coach metaphor to help you understand the difference