The Scott Kolb Blog

Financial Advisor vs. Financial Coach: Which One is Right for You?

Sep 28, 2023 | Dave Ramsey, Financial Coach

Introduction:

When managing your money and planning for the future, getting help from a pro can be super helpful. But sometimes, picking between a financial advisor and a financial coach is tough. They both do important things, but they’re different. In this article, we’ll explain the main differences between a financial advisor and a financial coach. Plus, we’ll talk about what to think about when choosing a financial coach, such as Scott Kolb, a Ramsey Financial Coach that can help guide you on your money journey and help you reach your goals!

Financial Advisor vs. Financial Coach: What’s the Difference?

1. What They Do:

A financial advisor gives advice on things like saving for retirement, planning your estate (which is like making plans for what happens to your money after you’re gone), and managing investments (like buying stocks or bonds). They work with you to make a financial plan that fits your needs and how much risk you’re comfortable taking.

A financial coach looks at money differently. They care about helping you make better choices with your money and teaching you essential financial stuff. They work on your money habits and how you can make smarter decisions with your cash. Financial coaches help you set goals, create budgets, and offer support to keep you on track.

2. How They Get Paid:

Financial advisors usually charge fees based on how much money they manage for you, or they get commissions when they suggest certain financial products. It’s clear how they make their money, but some people worry that they might suggest things just to earn more for themselves.

Financial coaches often charge a flat fee for their services or an hourly rate. That means you pay a set amount no matter what they suggest. This way, you know they’re not pushing anything on you just to make more money.

3. Rules and Oversight:

Financial advisors have to follow rules set by big organizations like the Securities and Exchange Commission (SEC) or the Financial Industry Regulatory Authority (FINRA). These groups keep an eye on them to make sure they’re doing things the right way and protecting your interests.

Financial coaches don’t have the same strict rules to follow. But some of them have special certifications from coaching organizations, showing they know their stuff and are trustworthy.

Top Three Worries When Picking a Financial Coach:

1. Are They Qualified?

The first worry is whether the financial coach knows their stuff. You want someone with experience and knowledge to guide you. Scott Kolb is a Ramsey Financial Coach, and he’s got loads of experience and happy clients to show for it. You can trust him to help you on your money journey.

2. Will They Understand Me?

You might worry if the financial coach will get you and your money situation. Well, Scott Kolb is awesome at understanding his clients’ goals, struggles, and values. He creates personalized plans that work just for you, so you can feel confident that he’s got your back.

3. Will They Stick with Me?

Getting support and staying on track are important. You don’t want a coach who disappears after a session. Scott Kolb is different. He’s there for you whenever you need help or have questions. He’ll check in regularly to make sure you’re doing great on your money goals!

Conclusion:

Managing money can be tricky, but having a pro on your side makes it easier. Financial advisors and financial coaches both play a big role in helping you succeed with money. If you want a coach who cares about your habits and goals, Scott Kolb, the Ramsey Financial Coach, is the way to go. He’s super qualified, understands you, and supports you all the way. To start your money journey with Scott Kolb, schedule a consultation at https://kolbfinancialcoaching.com/schedule-a-consultation/ and get ready for a brighter financial future!

If you’re tired of the stress and strain in dealing with your finances and ready to live in financial freedom, schedule a consultation with Ramsey Financial Coach Scott Kolb.

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3 Steps To Financial Freedom

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During this free 30-minute consultation, we’ll discuss your finances and unique situation.  I’ll then provide a few helpful steps you can take to begin to improve your finances immediately.

We Meet

Find encouragement and learn new money management skills as we walk through the steps together on your path to achieving financial peace.

Find Freedom

Enjoy life and experience the freedom that comes when you are no longer imprisoned by debt and are in control of your finances.

No one should ever be enslaved by debt.

Struggling with debt due to bad habits or lack of knowledge can make you feel hopeless and embarrassed to ask for help. As a Certified Financial Coach, Scott Kolb can help you walk through the steps to eliminate your debt so you can live freely and with financial peace.

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At Scott Kolb Financial Coaching, I know you want to have peace regarding your finances. In order to do that, you need a financial coach who can help guide your financial behaviors and money management. The problem is you struggle to effectively manage your finances due to either a lack of financial knowledge, bad behaviors, or a combination of both. Which makes you feel hopeless and embarrassed that you are in need of help. I believe you should be able to live within your means while living freely and not enslaved to debt.

If I can do it, I know you can too. Several years ago, after a job change and a decline in income, I relied on credit cards to help meet my financial needs. After accumulating around $60,000 in debt from student loans, car loans, and credit card expenses, I decided I had finally had enough. Determined to change our situation, I sought help through programs like Dave Ramsey’s Financial Peace, and within a couple of years of following the steps, I successfully eliminated our financial debt. Today my wife and I live in financial peace, with a surplus of funds for expenses and emergencies, which has given me the freedom to pursue my own business and help others find financial freedom too.

Which is why for over two decades, first working as a mortgage broker and now as a Ramsey Master Financial Coach, I’ve assisted hundreds of individuals in improving their debt profile, saving for a down payment, and overcoming their financial challenges. To share the good news that it’s possible for you to escape the dark cloud that looms over your life and achieve financial freedom.

Here’s how you can find financial freedom in your life.

Step 1: Let’s talk.– During this free 30-minute consultation, we’ll discuss your finances and unique situation.  I’ll then provide a few helpful steps you can take to begin to improve your finances immediately.

Step 2: We Meet. –  Find encouragement and learn new money management skills as we walk through the steps together on your journey to finding financial peace.

Step 3: Find Freedom Over Your Finances. – Enjoy life and experience the freedom that comes when you are no longer imprisoned by debt and are in control of your finances. 

So, schedule a call, and in the meantime, download this free PDF, “Creating A Budget: The Secret To Unlocking Your Financial Freedom.” So you can stop feeling overwhelmed and embarrassed about your finances and instead have the joy of living your life freely with financial peace.