A Financial Coach Is a Lot Like a Personal Trainer. Let Us Explain.

A Financial Coach Is a Lot Like a Personal Trainer. Let Us Explain.

March 10, 2022

A number of months back a friend of mine posted a picture of his wife with a 25-pound dumbbell, congratulating her on the success of losing the same amount of weight. That image was powerful to me for a number of reasons. First, losing 25 pounds takes a lot of work and it was a proud moment for her. Second, it’s symbolic that she had been carrying the weight around and not only the physical strain but also the mental strain of wanting to get in shape, but not allowing herself to do so. The amazing thing is that she sought out help on something that was literally weighing on her for a long time. The epiphany that I had is that getting into financial shape (and getting a financial coach) is very similar to getting into physical shape (and getting a personal trainer). 

A personal trainer inspires, motivates, and guides their clientele to success. They help you set and achieve goals and keep you accountable. A financial coach does the same thing, but for your finances. So, when it’s time to get in financial shape, it only makes sense to work with an experienced professional. That’s where we come in. 

Both your personal trainer and your financial coach should be determined to get you in shape

Many of us have had the experience of being coached at some point in our lives. Our first memories may even be of a Little League coach who first taught us the rules of play and teamwork. Or, more recently, hiring a personal trainer to coach us in the gym. While the two don’t seem related at first, a personal trainer shares many traits with a financial coach. 

We may not be able to help you prepare for a marathon or get fit for summer. But we can apply the same principles in daily practice and help you:

Set goals and motivations 

A personal trainer helps clients establish healthy habits. At our wealth management firm, we always say our job is to help you make healthy financial decisions.  

When you work with us, we take stock of your situation with our Complete Financial Outlook—where we check how strong your financial muscles are per se and determine your goals. Then, after implementing a plan, we monitor it to see progress in real-time. You can compare it to a weekly progress check-in with your trainer. 

This is because goal setting is crucial to achieving your dreams. When you make a plan to achieve those goals and seek help from professionals, you have the tools you need to make them a reality. 

Find your inspiration

A financial coach, like any good trainer, inspires. After all, if you don’t have the right motivation it can feel impossible to obtain your goals.

Finding the right inspiration starts with a deep understanding of your unique goals and circumstances. For example, if you go to a personal trainer and want to deadlift 500 pounds but their focus is weight loss, you’re going to have a problem. 

The same is true of a financial advisor who’s not on the same page as you. That’s why our process includes a continuing conversation, so we make sure we’re on the same page—and can help you spark that motivation and inspiration again when needed.

Bottom line, like any personal trainer, we help you find and keep your motivation so getting your goals seems easy.

Track your progress

Another important principle that stays true whether you work with a financial coach or a personal trainer is the importance of tracking your progress. With a trainer, this probably means checking your weight, muscle mass, eating habits, and progression with certain exercises. When getting into financial shape, you’ll be tracking your cash flow, investments, debt review, and personalized savings strategies. 

The beauty of tracking your progress is that you can see where you started, where you’re going, and navigate obstacles and changes in between. You can also start to recognize patterns, both in how you view your finances and how you’ve changed your habits for future success. 

Use the tools at your disposal 

Both personal trainers and financial coaches should ultimately give clients the resources and tools they need to succeed. This is the teach-a-man-to-fish concept.

Just like a personal trainer, we might tap into our professional network to help you meet your goals. But instead of a nutritionist, acupuncturist, or therapist a personal trainer might recommend, ours includes accountants, lawyers, and other advisors. 

Once you have the tools to succeed, your goals become that much more attainable. 

The many benefits of finding a financial coach 

Hiring a financial coach is an investment in your future self. We are there to guide you through best practices, offer their expertise, give you the tools to implement a sound plan, and cheer you on. By doing this, you have the added benefits of confidence, routine, and a sense of achievement. Much like you’d have with a personal trainer. At the end of the day, a coach is there to root you on from the sidelines as you put in the effort to get your goals. Ready to get started?