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The Consumer Financial Protection Bureau listed these defining characteristics of financial coaching:
Goal-oriented and future-focused: Financial coaches help clients define their financial goals, develop specific plans of action, monitor their progress, and adjust their plans as needed.
Client-directed and nonjudgmental: Financial coaches help clients define their goals, but ultimately each client decides which financial goal(s) he or she will pursue.
Strengths-based approach: Financial coaches work with clients to identify clients’ strengths and find new ways of applying those strengths toward their financial goals.
Ongoing support: The coach serves as a source of ongoing encouragement and accountability for clients.
Subject matter expertise: Though client-centered, financial coaches know when to request the client’s permission to provide specific guidance or make referrals.
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Module 1: Introduction to the Financial Coach role. Learners will understand the role of a Financial Coach, different types of coaches, and the learning plan to reach competency.
Module 2: Focuses on the compliance framework for a coaching service including: the difference between advice and guidance in various contexts, the boundaries of the Financial Coach role and understanding financial promotions.
Module 3: Introduces various communication skills and coaching techniques, and a structured framework to the coaching conversation.
Module 4: Provides essential financial service and product knowledge necessary for a credible financial coach.
Module 5: Explores different types of client scenarios, including the definition of a vulnerable client and the boundaries around supporting different types of vulnerability.
Module 6: Applies a framework to provide a consistent and effective coaching service, and shares resources to support this service.
Module 7: Observe and assess the practical application of the skills & knowledge learnt with a recorded coaching session.
Module 8: Assessment phase. Participants will demonstrate competency through a 50-question multiple-choice assessment, requiring an 80% pass mark. Participants will also conduct and report on coaching sessions of their own for assessment.
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Yes, our course is certified by CPD (Continuing Professional Development). On completion, learners can record 12 CPD hours.
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The online assessment is taken on completion of the training material. Learners will be asked 50 multiple choice questions with a pass mark of 80%. The answers are marked automatically so they will instantly know whether you have passed. If they don't pass first time, learners will have a call with the Money First Aid team to discuss the course content and cover any areas the learner would like support with. They can take the test as many times as they need with no extra charge.
Learners will also be required to conduct 3 coaching sessions in their own time and complete a coaching log and send this to the Money First Aid team for review. One of the sessions needs to be recorded as audio and/or video for the Money First Aid team to assess. Detailed feedback will be shared in a live call.
Once both parts of the assessment are complete learners will have successfully completed the training programme.
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Money First Aider® training introduces learners to key concepts that will be required for a Financial Coach, such as financial challenges people may be facing, how these present themselves, and effective resources to utilise.
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Unlike Financial Advice, coaching is an unregulated industry. Financial coaching is still an emerging profession and there is no one way for people to train in this field. This can make it difficult to achieve credibility as a Financial Coach, and difficult for clients to know who to trust.
From our combined 30+ years of experience in the financial services sector and the last 4 years involved in designing and delivering in-person and digital financial coaching services across the UK, the Money First Aid team has developed this Financial Coaching programme to train coaches to a level that is credible and appropriate for providing Financial Coaching as a service.