Financial Coaching
Download as PPTX, PDF1 like2,346 views
This document outlines the concept and evolution of financial coaching, emphasizing its distinction from financial education and counseling, and its relevance for enhancing financial well-being. It discusses the role of financial coaches, core techniques, and the importance of a collaborative relationship with clients. The document also includes resources for further learning and discusses the application of financial coaching in various settings.
Financial Coaching
- 2. Sign up for webinar email notifications http://bit.ly/MFLN-Notify This webinar is approved for 1.5 CEUs for AFCs & CPFCs A link to the post-test will be provided at the end of the webinar.
- 3. Research and evidenced-based professional development through engaged online communities. eXtension.org/militaryfamilies
- 4. Find us on Twitter by following @MFLNPF Providing continuing education opportunities and resources for financial educators working with military families Join our community on Facebook: MFLN Personal Finance
- 5. Available resources Find slides and additional resources under ‘event materials’ https://learn.extension.org/events/2012
- 6. Jerry Buchko, MA, AFC® Counselor, Coach, & Tutor of Personal Finance ● Prior to private practice, worked for almost 14 years in the employee assistance field ● Provided financial counseling to clients from a diverse range of life circumstances and experiences, including military service members and their families ● B.A. in psychology, an M.A. in counseling psychology, and an Accredited Financial Counselor (AFC®) ● Active member within the eXtension Military Families Learning Network (MFLN) and Network Literacy Community of Practice ● Currently serves as a member of the Board of Directors for the Association for Financial Counseling and Planning Education (AFCPE) ● Currently serves as a Practitioner Consultant with the MFLN Personal Finance team
- 7. Question: Have you ever coached or received coaching? What kind? How?
- 8. Question: Have you ever coached or received coaching? What kind? How? Question: What is coaching? How would you briefly describe it?
- 9. So what is financial coaching?
- 10. So what is financial coaching? ● Broad conceptual history of coaching; its emergence as a form of experiential learning
- 11. So what is financial coaching? ● Broad conceptual history of coaching; its emergence as a form of experiential learning ● Where financial coaching fits within an emerging framework for financial well-being & personal finance capacity
- 12. So what is financial coaching? ● Broad conceptual history of coaching; its emergence as a form of experiential learning ● Where financial coaching fits within an emerging framework for financial well-being & personal finance capacity ● How financial coaching differs from financial education & counseling
- 13. So what is financial coaching? ● Broad conceptual history of coaching; its emergence as a form of experiential learning ● Where financial coaching fits within an emerging framework for financial well-being & personal finance capacity ● How financial coaching differs from financial education & counseling ● Role & primary tasks of a financial coach
- 14. So what is financial coaching? ● Broad conceptual history of coaching; its emergence as a form of experiential learning ● Where financial coaching fits within an emerging framework for financial well-being & personal finance capacity ● How financial coaching differs from financial education & counseling ● Role & primary tasks of a financial coach ● Core elements of the coaching process
- 15. So what is financial coaching? ● Broad conceptual history of coaching; its emergence as a form of experiential learning ● Where financial coaching fits within an emerging framework for financial well-being & personal finance capacity ● How financial coaching differs from financial education & counseling ● Role & primary tasks of a financial coach ● Core elements of the coaching process ● Core techniques of coaching
- 16. Broad Conceptual History of Coaching
- 17. Ways that people have learned and developed knowledge through a process of thinking through what they were doing...
- 18. ~ 1500s “Coach” Source: http://goo.gl/bj8qv6 Ways that people have learned and developed knowledge by thinking through what they were doing...
- 19. ~ 1500s “Coach” ~ 1800s “Coaching”, university slang; the notion of a tutor “carrying” a student through an exam. Source: http://goo.gl/bj8qv6 Source: http://goo.gl/6Zixcn Ways that people have learned and developed knowledge by thinking through what they were doing...
- 20. ~ 1500s “Coach” ~ 1800s “Coaching”, university slang; the notion of a tutor “carrying” a student through an exam. ~ 1950s Humanistic psychology movement. Broke away from the medical model; “clients” rather than “patients”. Emergence of “coaching” techniques within various psychotherapy & mental health counseling approaches. Source: http://goo.gl/bj8qv6 Source: http://goo.gl/xae23N Source: http://goo.gl/6Zixcn Ways that people have learned and developed knowledge by thinking through what they were doing...
- 21. Ways that people have learned and developed knowledge by thinking through what they were doing... ~ 1980s Coaching in the corporate business world. ~ 1990s Coaching expanded into different life areas, e.g. life, career, health, etc. Source: http://goo.gl/8f1ZJ1
- 22. ~ 2000s Growth of research in coaching psychology. Emergence of financial coaching. Emergence of an evolving framework about financial well- being and financial capacity. Source: https://goo.gl/VKyHto Source: http://goo.gl/zH9jUi Source: http://goo.gl/SNA9CA Ways that people have learned and developed knowledge by thinking through what they were doing... ~ 1980s Coaching in the corporate business world. ~ 1990s Coaching expanded into different life areas, e.g. life, career, health, etc. Source: http://goo.gl/8f1ZJ1
- 23. Where Financial Coaching Fits within an Emerging Framework for Financial Well- being & Personal Finance Capacity
- 24. 2015 Consumer Finance Protection Bureau (CFPB) research report about financial well-being. How many of you have read it? Consumer Financial Protection Bureau, (2015). Financial well-being: The goal of financial education > Reports > Consumer Financial Protection Bureau. Retrieved 31 March 2015, from http://www.consumerfinance.gov/reports/financial-well-being/
- 25. 2015 Consumer Finance Protection Bureau (CFPB) research report about financial well-being. How many of you have read it? All of it? Consumer Financial Protection Bureau, (2015). Financial well-being: The goal of financial education > Reports > Consumer Financial Protection Bureau. Retrieved 31 March 2015, from http://www.consumerfinance.gov/reports/financial-well-being/
- 26. 2015 Consumer Finance Protection Bureau (CFPB) research report about financial well-being. How many of you have read it? All of it? ● Review of research literature ● In-depth qualitative interviews of consumers & financial practitioners/service providers ● Consultation with a panel of leading academic and practitioner experts in the fields of consumer finance and financial capability 2. Research design and methods Consumer Financial Protection Bureau, (2015). Financial well-being: The goal of financial education > Reports > Consumer Financial Protection Bureau. Retrieved 31 March 2015, from http://www.consumerfinance.gov/reports/financial-well-being/
- 27. Contemporary, evolving framework for financial well- being and financial capacity
- 28. Figure 2. What Influences Financial Well-Being. Consumer Financial Protection Bureau, (2015). Financial well-being: The goal of financial education > Reports > Consumer Financial Protection Bureau. Retrieved 31 March 2015, from http://www.consumerfinance.gov/reports/financial-well-being/ Contemporary, evolving framework for financial well- being and financial capacity
- 29. Contemporary, evolving framework for financial well- being and financial capacity Figure 2. What Influences Financial Well-Being. Consumer Financial Protection Bureau, (2015). Financial well-being: The goal of financial education > Reports > Consumer Financial Protection Bureau. Retrieved 31 March 2015, from http://www.consumerfinance.gov/reports/financial-well-being/
- 30. Definition of Financial Well-being:
- 31. 3. Defining financial well-being Consumer Financial Protection Bureau, (2015). Financial well-being: The goal of financial education > Reports > Consumer Financial Protection Bureau. Retrieved 31 March 2015, from http://www.consumerfinance.gov/reports/financial-well-being/ Definition of Financial Well-being: ○ Having control over day-to-day, month-to-month finances
- 32. Definition of Financial Well-being: ○ Having control over day-to-day, month-to-month finances ○ Having the capacity to absorb a financial shock 3. Defining financial well-being Consumer Financial Protection Bureau, (2015). Financial well-being: The goal of financial education > Reports > Consumer Financial Protection Bureau. Retrieved 31 March 2015, from http://www.consumerfinance.gov/reports/financial-well-being/
- 33. Definition of Financial Well-being: ○ Having control over day-to-day, month-to-month finances ○ Having the capacity to absorb a financial shock ○ Being on track to meet your financial goals 3. Defining financial well-being Consumer Financial Protection Bureau, (2015). Financial well-being: The goal of financial education > Reports > Consumer Financial Protection Bureau. Retrieved 31 March 2015, from http://www.consumerfinance.gov/reports/financial-well-being/
- 34. Definition of Financial Well-being: ○ Having control over day-to-day, month-to-month finances ○ Having the capacity to absorb a financial shock ○ Being on track to meet your financial goals ○ Having the financial freedom to make the choices that allow you to enjoy life 3. Defining financial well-being Consumer Financial Protection Bureau, (2015). Financial well-being: The goal of financial education > Reports > Consumer Financial Protection Bureau. Retrieved 31 March 2015, from http://www.consumerfinance.gov/reports/financial-well-being/
- 35. Figure 1. Four Elements of Well-Being. Consumer Financial Protection Bureau, (2015). Financial well-being: The goal of financial education > Reports > Consumer Financial Protection Bureau. Retrieved 31 March 2015, from http://www.consumerfinance.gov/reports/financial-well-being/
- 36. How Financial Coaching Differs from Financial Education & Counseling
- 37. How Financial Coaching Differs from Financial Education & Counseling Figure 1. Distinctions among financial coaching, education, and counseling. Collins, J. and O'Rourke, C. (2012) "The Application of Coaching Techniques to Financial Issues," Journal of Financial Therapy: Vol. 3: Iss. 2, Article 3. http://dx.doi.org/10.4148/jft.v3i2.1659
- 38. Other characteristics of coaching orientation:
- 39. Other characteristics of coaching orientation: ● Emphasizes well-being and performance improvement (rather than pathology)
- 40. Other characteristics of coaching orientation: ● Emphasizes well-being and performance improvement (rather than pathology) ● Emphasizes a greater focus on the present and future (rather than being grounded in the review and analysis of the past)
- 41. Role & Primary Tasks of a Financial Coach
- 42. Role:
- 43. Role: Facilitating client's ability to discern values, set goals, develop plans of action, and be accountable
- 44. Role: Facilitating client's ability to discern values, set goals, develop plans of action, and be accountable ● Supportive but not prescriptive ○ the coach is not instructing or telling clients what to do or providing solutions to their problems
- 45. Role: Facilitating client's ability to discern values, set goals, develop plans of action, and be accountable ● Supportive but not prescriptive ○ the coach is not instructing or telling clients what to do or providing solutions to their problems ○ instead is supporting clients in exploring their own thinking and understanding, values and goals, and helping them develop action plans
- 46. Role: Facilitating client's ability to discern values, set goals, develop plans of action, and be accountable ● Supportive but not prescriptive ○ the coach is not instructing or telling clients what to do or providing solutions to their problems ○ instead is supporting clients in exploring their own thinking and understanding, values and goals, and helping them develop action plans ○ holds clients accountable to their own stated values, goals, and plans
- 47. As a coach, you are essentially modelling a process of self-regulation and self-learning that the client begins to learn through the experience of the coaching interaction with you.
- 48. Generic Model of Self-Regulation Grant, A. (2009). The Evidence for Coaching. Invited paper; Harvard University Coaching and Positive Psychology Conference, Harvard University, Cambridge, MA. Instituteofcoaching.org, Resources. Retrieved 31 March 2015, from http://www.instituteofcoaching.org/index.cfm?page=resources For example...
- 49. Tasks: The tasks of coaching are related to the common elements of the coaching process
- 50. Client Driven, Collaborative Relationship & Communication: ● Establish & maintain trust, and a safe coaching environment ● Active Listening ○ Verbal ○ Non-verbal ● Critical/Perceptive/Thoughtful Questioning ○ Open-ended ○ Closed-ended ○ Probing/Exploratory ○ Clarifying ○ Exception Seeking ○ Scaling ● Direct Communication ○ Clear feedback ○ Clear presentation of objectives, agenda, & purpose ○ Appropriate & respectful
- 51. Client Driven, Collaborative Relationship & Communication: ● Establish & maintain trust, and a safe coaching environment ● Active Listening ○ Verbal ○ Non-verbal ● Critical/Perceptive/Thoughtful Questioning ○ Open-ended ○ Closed-ended ○ Probing/Exploratory ○ Clarifying ○ Exception Seeking ○ Scaling ● Direct Communication ○ Clear feedback ○ Clear presentation of objectives, agenda, & purpose ○ Appropriate & respectful Assessment: ● Determining the appropriateness of coaching to meet client’s needs. ● Managing Progress & Accountability/Follow Through ● Maintain perspective of the big picture and the current context for moving forward
- 52. Client Driven, Collaborative Relationship & Communication: ● Establish & maintain trust, and a safe coaching environment ● Active Listening ○ Verbal ○ Non-verbal ● Critical/Perceptive/Thoughtful Questioning ○ Open-ended ○ Closed-ended ○ Probing/Exploratory ○ Clarifying ○ Exception Seeking ○ Scaling ● Direct Communication ○ Clear feedback ○ Clear presentation of objectives, agenda, & purpose ○ Appropriate & respectful Assessment: ● Determining the appropriateness of coaching to meet client’s needs. ● Managing Progress & Accountability/Follow Through ● Maintain perspective of the big picture and the current context for moving forward Establishing Values & Goals: ● Will inform the exploration of options.
- 53. Client Driven, Collaborative Relationship & Communication: ● Establish & maintain trust, and a safe coaching environment ● Active Listening ○ Verbal ○ Non-verbal ● Critical/Perceptive/Thoughtful Questioning ○ Open-ended ○ Closed-ended ○ Probing/Exploratory ○ Clarifying ○ Exception Seeking ○ Scaling ● Direct Communication ○ Clear feedback ○ Clear presentation of objectives, agenda, & purpose ○ Appropriate & respectful Assessment: ● Determining the appropriateness of coaching to meet client’s needs. ● Managing Progress & Accountability/Follow Through ● Maintain perspective of the big picture and the current context for moving forward Establishing Values & Goals: ● Will inform the exploration of options. Exploration & Expanding of Possibilities & Options: ● Will inform the establishment of the action plan.
- 54. Client Driven, Collaborative Relationship & Communication: ● Establish & maintain trust, and a safe coaching environment ● Active Listening ○ Verbal ○ Non-verbal ● Critical/Perceptive/Thoughtful Questioning ○ Open-ended ○ Closed-ended ○ Probing/Exploratory ○ Clarifying ○ Exception Seeking ○ Scaling ● Direct Communication ○ Clear feedback ○ Clear presentation of objectives, agenda, & purpose ○ Appropriate & respectful Assessment: ● Determining the appropriateness of coaching to meet client’s needs. ● Managing Progress & Accountability/Follow Through ● Maintain perspective of the big picture and the current context for moving forward Establishing Values & Goals: ● Will inform the exploration of options. Action: ● Develop action plan ● SMART goals/results ● Specific steps that client will take towards goals. ● Prioritizing steps, and adjust as needed ● Identify & access learning resources Exploration & Expanding of Possibilities & Options: ● Will inform the establishment of the action plan.
- 55. Client Driven, Collaborative Relationship & Communication: ● Establish & maintain trust, and a safe coaching environment ● Active Listening ○ Verbal ○ Non-verbal ● Critical/Perceptive/Thoughtful Questioning ○ Open-ended ○ Closed-ended ○ Probing/Exploratory ○ Clarifying ○ Exception Seeking ○ Scaling ● Direct Communication ○ Clear feedback ○ Clear presentation of objectives, agenda, & purpose ○ Appropriate & respectful Assessment: ● Determining the appropriateness of coaching to meet client’s needs. ● Managing Progress & Accountability/Follow Through ● Maintain perspective of the big picture and the current context for moving forward Establishing Values & Goals: ● Will inform the exploration of options. Action: ● Develop action plan ● SMART goals/results ● Specific steps that client will take towards goals. ● Prioritizing steps, and adjust as needed ● Identify & access learning resources Exploration & Expanding of Possibilities & Options: ● Will inform the establishment of the action plan.
- 56. In what settings could we use a financial coaching approach?
- 57. In what settings could we use a financial coaching approach? When and how might we be able to use aspects of the coaching approach and particular techniques?
- 58. Coaching Key Takeaways ● A form of experiential learning ● About helping clients explore their own thinking and understanding, values and goals, and helping them develop action plans ● Rests on a foundation of a client driven, collaborative relationship ● Models a process of self-learning through ○ assessment ○ discerning values & goals ○ exploring possibilities ○ taking action ○ further assessment & accountability.
- 59. Citations: ● Collins, J. and O'Rourke, C. (2012) "The Application of Coaching Techniques to Financial Issues," Journal of Financial Therapy: Vol. 3: Iss. 2, Article 3. http://dx.doi.org/10.4148/jft.v3i2.1659 ● Consumer Financial Protection Bureau, (2015).Financial well- being: The goal of financial education > Reports > Consumer Financial Protection Bureau. Retrieved 31 March 2015, from http://www.consumerfinance.gov/reports/financial-well-being/ ● Grant, A. (2009). The Evidence for Coaching. Invited paper; Harvard University Coaching and Positive Psychology Conference, Harvard University, Cambridge, MA. Instituteofcoaching.org, Resources. Retrieved 31 March 2015, from http://www.instituteofcoaching.org/index.cfm?page=resources
- 60. Citations: ● Oxforddictionaries.com, (2015). Coach: definition of coach in Oxford dictionary (American English) (US). Retrieved 31 March 2015, from http://www.oxforddictionaries.com/us/definition/american_english/ coach ● Wikipedia, (2015). Experiential learning. Retrieved 9 April 2015, from http://en.wikipedia.org/wiki/Experiential_learning ● Wikipedia, (2015). Humanistic psychology. Retrieved 14 April 2015, from http://en.wikipedia.org/wiki/Humanistic_psychology
- 61. Additional Reading: ● Armypubs.army.mil, (2015). Chapter 2. Counseling Fundamentals. ATP 6-22.1 The Counseling Process. ATP - Army Doctrine and Training Publications. Retrieved 18 May 2015, from http://armypubs.army.mil/doctrine/DR_pubs/dr_a/pdf/atp6_22x1.p df ● Collins, J. (2014). Financial Coaching, An Asset Building Strategy. A brief written and published collaboratively with the Asset Funders Network and the Center for Financial Security. Retrieved 20 April 2015, from http://assetfunders.org/images/pages/AFN_FinacialCoaching(WE B_version).pdf
- 62. Additional Reading: ● Collins, J., Olive, P., and O’Rourke, C. (2013). “Financial Coaching’s Potential for Enhancing Family Financial Security.” The Journal of Extension, 51(1). Retrieved 16 April 2015, from http://www.joe.org/joe/2013february/a8.php ● Coachfederation.org, (2015). Core Competencies - Individual Credentialing - ICF. Retrieved 31 March 2015, from http://www.coachfederation.org/credential/landing.cfm?ItemNumb er=2206&navItemNumber=576 ● Instituteofcoaching.org, (2015). Resources. Retrieved 31 March 2015, from http://www.instituteofcoaching.org/index.cfm?page=resources ● Lee, M. (2013). Solution-Focused Brief Therapy. Socialwork.oxfordre.com. Retrieved 19 May 2015, from http://socialwork.oxfordre.com/view/10.1093/acrefore/9780199975 839.001.0001/acrefore-9780199975839-e-1039
- 63. Additional Reading: ● Psychology.org.au, (2015). Australian Psychological Society : Coaching psychology: How did we get here and where are we going? . Retrieved 31 March 2015, from http://www.psychology.org.au/publications/inpsych/coaching/ ● University of Wisconsin-Extension, (2015). Financial Coaching Strategies. Retrieved 19 May 2015, from http://fyi.uwex.edu/financialcoaching/ ● Wikipedia, (2015). Health coaching. Retrieved 31 March 2015, from http://en.wikipedia.org/wiki/Health_coaching ● Wikipedia, (2015). Solution focused brief therapy. Retrieved 1 May 2015, from http://en.wikipedia.org/wiki/Solution_focused_brief_therapy
- 64. CEU Credit • If you would like to receive CEUs, click here to take the post-test: https://vte.co1.qualtrics.com/SE/?SID=SV_e4zFHez du5nJX8h • Enter your email address and name. • Complete the 10-question post-test and pass with 80% or higher. • You will receive a Certificate of Completion email immediately after passing the test to the email address provided. • Save the email as a document and upload to AFCPE or FinCert. No attached certificates will be sent. • Contact [email protected] with questions.
- 65. VLE Evaluation We appreciate your feedback! Please share your thoughts on the 2015 VLE experience: https://vte.co1.qualtrics.com/jfe/form/SV_9BnYfvTZfYhjtY x Contact [email protected] with questions.
- 66. Personal Finance Virtual Learning Event #MFLNchat Join us today at 1 p.m. ET for a Twitter chat with Jerry Buchko Upcoming Personal Finance Webinars: • July 28, 11 a.m. ET: Predatory Lending Practices & How to Avoid Them – Dr. Barbara O’Neill and Marcus Beauregard. More information:learn.extension.org/events/2113
- 67. Find all upcoming and recorded webinars covering: http://www.extension.org/62581 Personal Finance Military Caregiving Family Development Family Transitions Network Literacy Nutrition & Wellness Community Capacity Building
Editor's Notes
- #18: The underlying learning process that we identify or call coaching today has been around for a long time. It’s essentially a form of experiential learning, i.e. broadly, learning by thinking through what you’re doing, that gradually evolved out of traditions or schools of learning and human development practice that applied this approach. This is in contrast to didactic learning, i.e. learning by being told about what you need to know and do.
- #19: Within the fields of psychotherapy and counseling, this kind of learning process and many of the techniques associated with coaching today have been most recently associated with the Humanistic psychology movement. The thinking and effort within the movement became more client centered and about supporting client growth and well-being, in contrast to the medical model that came before it, where the thinking and effort was illness centered and about diagnosing and treating illness.
- #20: Within the fields of psychotherapy and counseling, this kind of learning process and many of the techniques associated with coaching today have been most recently associated with the Humanistic psychology movement. The thinking and effort within the movement became more client centered and about supporting client growth and well-being, in contrast to the medical model that came before it, where the thinking and effort was illness centered and about diagnosing and treating illness.
- #21: Within the fields of psychotherapy and counseling, this kind of learning process and many of the techniques associated with coaching today have been most recently associated with the Humanistic psychology movement. The thinking and effort within the movement became more client centered and about supporting client growth and well-being, in contrast to the medical model that came before it, where the thinking and effort was illness centered and about diagnosing and treating illness.
- #22: In the 2000s we start to see coaching psychology growing as an area of research and scholarship. During this time we’ve also seen the coaching process being applied to developing financial capacity. As well as the emergence of a framework for thinking about financial well-being and financial capacity.
- #23: In the 2000s we start to see coaching psychology growing as an area of research and scholarship. During this time we’ve also seen the coaching process being applied to developing financial capacity. As well as the emergence of a framework for thinking about financial well-being and financial capacity.
- #25: How many of you are aware of the research report about financial well-being released by the Consumer Finance Protection Bureau (CFPB) earlier this year? In Short: Review of the research literature (>150 articles across a dozen fields, including Consumer Finance, Economics, Behavioral Economics, Cognitive & Developmental Psychology, Health, Education, Philosophy, Conservation, Environmental Science, Sociology and Marketing) Qualitative, one-hour, in-depth, one-on-one interviews with both adult consumers (59) and financial professionals (30) who provided financial advice, education, services or products to consumers, about how they defined financial well-being for themselves or their clients and what factors they felt were associated with different levels of financial well-being. And, finally, consultation with a panel of a dozen leading academic and practitioner experts in the fields of consumer finance and financial capability to give further shape to the common sets of themes that emerged from the literature review and survey research, and to develop a set of hypotheses about key drivers of financial well-being.
- #26: How many of you are aware of the research report about financial well-being released by the Consumer Finance Protection Bureau (CFPB) earlier this year? In Short: Review of the research literature (>150 articles across a dozen fields, including Consumer Finance, Economics, Behavioral Economics, Cognitive & Developmental Psychology, Health, Education, Philosophy, Conservation, Environmental Science, Sociology and Marketing) Qualitative, one-hour, in-depth, one-on-one interviews with both adult consumers (59) and financial professionals (30) who provided financial advice, education, services or products to consumers, about how they defined financial well-being for themselves or their clients and what factors they felt were associated with different levels of financial well-being. And, finally, consultation with a panel of a dozen leading academic and practitioner experts in the fields of consumer finance and financial capability to give further shape to the common sets of themes that emerged from the literature review and survey research, and to develop a set of hypotheses about key drivers of financial well-being.
- #27: How many of you are aware of the research report about financial well-being released by the Consumer Finance Protection Bureau (CFPB) earlier this year? In Short: Review of the research literature (>150 articles across a dozen fields, including Consumer Finance, Economics, Behavioral Economics, Cognitive & Developmental Psychology, Health, Education, Philosophy, Conservation, Environmental Science, Sociology and Marketing) Qualitative, one-hour, in-depth, one-on-one interviews with both adult consumers (59) and financial professionals (30) who provided financial advice, education, services or products to consumers, about how they defined financial well-being for themselves or their clients and what factors they felt were associated with different levels of financial well-being. And, finally, consultation with a panel of a dozen leading academic and practitioner experts in the fields of consumer finance and financial capability to give further shape to the common sets of themes that emerged from the literature review and survey research, and to develop a set of hypotheses about key drivers of financial well-being.
- #28: So out of this study...
- #29: One of the first things that stood out to me about this model, because it fit my experience as a practitioner working with people, is that it acknowledges that people exist within an environment, and that environment or set of life circumstances has an influence on the outcome/the state of a person’s financial well-being at any given time. So where do you think the work of coaching fits within this framework?
- #31: They came to a working definition of financial well-being composed of four elements....
- #38: As a practitioner, I found a useful starting perspective for thinking about financial coaching specifically is one provided by Collins & O’Rourke, general interaction & process characteristics that generally distinguish coaching, education, and counseling. This basic framework appears to have been further developed, see: Collins, J. (2014). Financial Coaching, An Asset Building Strategy. A brief written and published collaboratively with the Asset Funders Network and the Center for Financial Security. http://assetfunders.org/images/pages/AFN_FinacialCoaching(WEB_version).pdf
- #41: Similar to positive psychology and solution focused counseling approaches, client as an essentially capable and active agent in the change process, pursuing meaningful goals and figuring out effective solutions with some collaborative support or facilitation from the coach.
- #43: So if a financial coach isn’t telling clients what to do and not solving their problems for them, then what role does the financial coach play? Given what we’ve covered so far, any thoughts about what the role of a coach might be?
- #49: One basic model of self-regulation might look like this. There are some common elements here of what we might think of as a process of problem solving.
- #51: Specific, Measurable, Attainable, Relevant, Time-bound
- #52: Specific, Measurable, Attainable, Relevant, Time-bound
- #53: Specific, Measurable, Attainable, Relevant, Time-bound
- #54: Specific, Measurable, Attainable, Relevant, Time-bound
- #55: Specific, Measurable, Attainable, Relevant, Time-bound
- #56: Specific, Measurable, Attainable, Relevant, Time-bound
- #57: So what do you think?
- #58: So what do you think?