Recently, I found myself in a class that was primarily stockbrokers. One of the speakers told the attendees that they had to be more than mere financial advisors. They must also become financial coaches, he told them.
That jarred me slightly, thinking "doesn't everybody know that?" Of course, I'm used to the world of Certified Financial Planner (R) professionals -- not stockbrokers. In addition to our legal obligations to the client as a fiduciary , we are also trained in estate planning, retirement planning, education planning, and tax planning. We are uniquely qualified to be a "financial coach" to our clients. A stockbroker is a mere investment salesman.
I have no idea how many times I've given advice on buying new cars or selling old homes. Estate planning should be a continuous process, which means a continuous flow of advice. I've helped clients negotiate severance payments, as well as making gifts to children and grandchildren. A growing area, unfortunately, is advising the children of clients on their education loans. This year, I even advised a client on funding a university professorship. That's what you call "financial coaching," not merely selling investments.
Sorry about you stockbrokers out there! Maybe, I should be more careful in the classes I attend?
That jarred me slightly, thinking "doesn't everybody know that?" Of course, I'm used to the world of Certified Financial Planner (R) professionals -- not stockbrokers. In addition to our legal obligations to the client as a fiduciary , we are also trained in estate planning, retirement planning, education planning, and tax planning. We are uniquely qualified to be a "financial coach" to our clients. A stockbroker is a mere investment salesman.
I have no idea how many times I've given advice on buying new cars or selling old homes. Estate planning should be a continuous process, which means a continuous flow of advice. I've helped clients negotiate severance payments, as well as making gifts to children and grandchildren. A growing area, unfortunately, is advising the children of clients on their education loans. This year, I even advised a client on funding a university professorship. That's what you call "financial coaching," not merely selling investments.
Sorry about you stockbrokers out there! Maybe, I should be more careful in the classes I attend?
