Coaching a client. Coaching a Client on Finance. Financial management

Finance Coaching
Student’s Name
Institutional Affiliation
Coaching a Client on Finance
Financial coaching is a niche form of wellness coaching where a coach focuses singularly on the financial management capabilities of a struggling client. Not to be confused with a financial advisor, they differ in two major respects. First, a financial coach educates and equips a client with the requisite skills and thought processes to build wealth where none existed, whereas, a financial advisor assists clients to properly manage already existing wealth assets. Secondly, financial advisors aim to implement financial products and to make recommendations on where to invest client assets, for example, in mutual funds. A financial coach does not sell products but instead offers guidance in goal setting, motivates clients and holds them accountable for their decisions. Coaches prepare clients for financial advisors.
An effective questioning strategy is focused on asking the right question at the right time in the right way and defines top-tier coaching practice. Questions that mentally engaged the client, invited maximum cooperation, openness and idea brainstorming were utilized(Mumford, 2013). The questioning strategy employed was useful in determining the client's financial goals and focused on first identifying their value system (Martin, 2001). This included important aspects such as family, independence and security, so that they aligned well with their objectives of raising a family and avoiding over-dependence on their job income. The strategy also focused on identifying potential obstacles to attaining set objectives (Mumford, 2013). Finally, these questions were aimed at identifying resources already possessed by the client to achieve said goals.
It was during the preliminary session where the client's goals were laid out in the open after applying an elaborate questioning strategy. The goals included paying down credit debt, creating a savings and budgeting strategy, tracking spending habits and buying a family home in the future. Thereafter, the client's readiness to pursue said objectives was critically assessed by asking specific questions about the client...