Financial Coaches Network - The Podcast: Build your Financial Coaching Business – Details, episodes & analysis

We began a new series about analyzing the gurus! We’ll be spending time discussing several big personal finance names, their recommendations, and why we do or do not agree with those. Josh and Emily discuss Ramit Sethi, his philosophy of a “rich life,” his “conscious spending plan,” and his take on investing.

Top takeaways:

• Broad-based percentage-based structures just don’t work for everyone.
• The emphasis on a rich life and guilt-free spending can lead to people to focus on necessities and fun money at the expense of savings.
• Automation can be great as long as you reevaluate and adjust things over time.
• Houses are great hedges against inflation in retirement.
• Ramit’s rant against AUM and financial advisers just doesn’t make sense.

Related episodes:

• Episode #130: The 411 on HSAs

Want help building or growing a successful financial coaching business? Find resources below based on where you’re at in your journey:

- Deciding whether Financial Coaching is right for you? Join our free Facebook Community with over 5000 current and aspiring financial coaches! https://www.facebook.com/groups/financialcoachescommunity

- Already decided you’re going to be a Financial Coach and want to learn more? Get 30+ tips and best practices in our free 8-part email series! https://www.financialcoachesnetwork.com/pre-launch-email-series

- Ready to Launch your Financial Coaching business? Join FCN Launch, our step-by-step program that will help you successfully launch your business in four months and grow it to a consistent part-time income. https://www.financialcoachesnetwork.com/launch  

- Are you already coaching clients and want to grow your business to a full-time income? Join FCN Grow, our program that helps you scale your business to a full-time income. https://www.financialcoachesnetwork.com/grow

We begin a new series about analyzing the gurus! We’ll be spending time discussing several big personal finance names, their recommendations, and why we do or do not agree with those. First up, arguably the biggest–Dave Ramsey! Josh and Amelie tackle the baby steps.

Top takeaways:

• His foundational advice is not bad, it's just overly simplistic/broad.
• Because of the nature of inflation, $1000 today is much less than it was when he originally came up with it.
• Not all debt is bad.
• It basically never makes financial sense to pay student loans or a mortgage off earlier.
• Dave's investment advice is not good and his return estimate is way too high.

Want help building or growing a successful financial coaching business? Find resources below based on where you’re at in your journey:

- Deciding whether Financial Coaching is right for you? Join our free Facebook Community with over 5000 current and aspiring financial coaches! https://www.facebook.com/groups/financialcoachescommunity

- Already decided you’re going to be a Financial Coach and want to learn more? Get 30+ tips and best practices in our free 8-part email series! https://www.financialcoachesnetwork.com/pre-launch-email-series

- Ready to Launch your Financial Coaching business? Join FCN Launch, our step-by-step program that will help you successfully launch your business in four months and grow it to a consistent part-time income. https://www.financialcoachesnetwork.com/launch  

- Are you already coaching clients and want to grow your business to a full-time income? Join FCN Grow, our program that helps you scale your business to a full-time income. https://www.financialcoachesnetwork.com/grow

Josh and Emily discuss discounts. What happens when you offer discounts, when to offer discounts, alternatives to discounts…and so much more!

Top takeaways:

• Offering a discount can lead to a lot of different places, both positive or negative.
• If you want to offer pro bono services, have a policy in place about what criteria might need to be met; do not decide on the spot.
• Lowering your pricing or offering discounts will not increase the number of people who see your business.

Want help building or growing a successful financial coaching business? Find resources below based on where you’re at in your journey:

- Deciding whether Financial Coaching is right for you? Join our free Facebook Community with over 5000 current and aspiring financial coaches! https://www.facebook.com/groups/financialcoachescommunity

- Already decided you’re going to be a Financial Coach and want to learn more? Get 30+ tips and best practices in our free 8-part email series! https://www.financialcoachesnetwork.com/pre-launch-email-series

- Ready to Launch your Financial Coaching business? Join FCN Launch, our step-by-step program that will help you successfully launch your business in four months and grow it to a consistent part-time income. https://www.financialcoachesnetwork.com/launch 

- Are you already coaching clients and want to grow your business to a full-time income? Join FCN Grow, our program that helps you scale your business to a full-time income. https://www.financialcoachesnetwork.com/grow

Join Josh and special return guest Ryan Roi to discuss how to grow your social media audience! Ryan’s business, the Artful Dollar, works primarily with group coaching for tattoo artists.

Top takeaways:

1. Niching down is like putting your thumb on the hose–it helps you focus your message and makes it far more shareable.
2. People outside of your niche will ask about your services if your personality resonates with them.
3. Surprisingly…don’t focus as much on quality as on quantity. Don’t post just to post, but also don’t be a perfectionist.
4. Be human.
5. Being a guest on podcasts that have the same audience as you can be valuable.

Resources:

• Episode #64 - Ryan Roi on the importance of investing in yourself
• Learn more about Ryan at his website (The Artful Dollar), find him on Instagram (again, The Artful Dollar), or listen to his podcast (yet again, The Artful Dollar!)

Want help building or growing a successful financial coaching business? Find resources below based on where you’re at in your journey:

• Deciding whether Financial Coaching is right for you? Join our free Facebook Community with over 5000 current and aspiring financial coaches! https://www.facebook.com/groups/financialcoachescommunity
• Already decided you’re going to be a Financial Coach and want to learn more? Get 30+ tips and best practices in our free 8-part email series! https://www.financialcoachesnetwork.com/pre-launch-email-series
• Ready to Launch your Financial Coaching business? Join FCN Launch, our step-by-step program that will help you successfully launch your business in four months and grow it to a consistent part-time income. https://www.financialcoachesnetwork.com/launch
• Looking for financial coaching software? Sign up for the interest list for FCN MoneyCoach, the premier cash flow analysis software for financial coaches and advisers. https://www.financialcoachesnetwork.com/money-coach
• Are you already coaching clients and want to grow your business to a full-time income? Join FCN Grow, our program that helps you scale your business to a full-time income. https://www.financialcoachesnetwork.com/grow

Join Josh and Emily to discuss marketing beyond social media.

Top takeaways:

1. The first question to ask yourself is, “Where do my ideal clients hang out?”
2. Google ads and websites are a solid combination.
3. Physically get a booth at events attended by your niche.
4. Handing a business card to someone is a great way to get a business card in return.

Continue learning with…

• Episode #43 - Marketing beyond social media
• Episode #64 - Ryan Roi on the importance of investing in yourself

Want help building or growing a successful financial coaching business? Find resources below based on where you’re at in your journey:

• Deciding whether Financial Coaching is right for you? Join our free Facebook Community with over 5000 current and aspiring financial coaches! https://www.facebook.com/groups/financialcoachescommunity
• Already decided you’re going to be a Financial Coach and want to learn more? Get 30+ tips and best practices in our free 8-part email series! https://www.financialcoachesnetwork.com/pre-launch-email-series
• Ready to Launch your Financial Coaching business? Join FCN Launch, our step-by-step program that will help you successfully launch your business in four months and grow it to a consistent part-time income. https://www.financialcoachesnetwork.com/launch
• Looking for financial coaching software? Sign up for the interest list for FCN MoneyCoach, the premier cash flow analysis software for financial coaches and advisers. https://www.financialcoachesnetwork.com/money-coach
• Are you already coaching clients and want to grow your business to a full-time income? Join FCN Grow, our program that helps you scale your business to a full-time income. https://www.financialcoachesnetwork.com/grow

Join Josh and Amelie to discuss prospecting calls–what are they, what should you cover, how to handle various situations.

Top takeaways:

1. The most important part of a prospecting call is to find out what the client’s needs are, and whether that’s something you can help them with or not.
2. You also need to figure out whether you even LIKE them–will you enjoy working with them?
3. You ALSO need to build trust.
4. Having a script to start with is great as you learn what works and what doesn’t.
5. Your first FIVE words are vital–people will listen to the first five words of anything, so don’t make it about you.
6. Save in-depth conversations about goals for a coaching call.

Continue learning with…

• Episode #34 - How to follow up with prospects

Want help building or growing a successful financial coaching business? Find resources below based on where you’re at in your journey:

• Deciding whether Financial Coaching is right for you? Join our free Facebook Community with over 5000 current and aspiring financial coaches! https://www.facebook.com/groups/financialcoachescommunity
• Already decided you’re going to be a Financial Coach and want to learn more? Get 30+ tips and best practices in our free 8-part email series! https://www.financialcoachesnetwork.com/pre-launch-email-series
• Ready to Launch your Financial Coaching business? Join FCN Launch, our step-by-step program that will help you successfully launch your business in four months and grow it to a consistent part-time income. https://www.financialcoachesnetwork.com/launch
• Looking for financial coaching software? Sign up for the interest list for FCN MoneyCoach, the premier cash flow analysis software for financial coaches and advisers. https://www.financialcoachesnetwork.com/money-coach
• Are you already coaching clients and want to grow your business to a full-time income? Join FCN Grow, our program that helps you scale your business to a full-time income. https://www.financialcoachesnetwork.com/grow

Join Josh and Emily as they share software recommendations!!

Top recommendations:

• Calendar - Calendly or Acuity (leaning towards Calendly having more features)
• Payment processor - AdvicePay (included with FCN membership)
• Website - FCN offers a customized website template plus hosting, otherwise Squarespace or Wix
• CRM - Dubsado (but it takes a LOT to customize), Wealthbox (but will also take quite a bit of customization), or just a spreadsheet (for your first 5-6 clients)
• Coaching/budgeting software - FCN MoneyCoach
• Accounting software - Quickbooks
• Email marketing software - ehhh? Nothing really stands out as better than the rest.
• Debt management/planning software - undebt.it
• Design software - Canva (or hire someone!)
• Tax planning software - Holistiplan (though Josh is considering switching to FP Alpha)
• Financial Planning software - Right Capital (though Josh is reevaluating this and may switch to eMoney)

Want help building or growing a successful financial coaching business? Find resources below based on where you’re at in your journey:

• Deciding whether Financial Coaching is right for you? Join our free Facebook Community with over 5000 current and aspiring financial coaches! https://www.facebook.com/groups/financialcoachescommunity
• Already decided you’re going to be a Financial Coach and want to learn more? Get 30+ tips and best practices in our free 8-part email series! https://www.financialcoachesnetwork.com/pre-launch-email-series
• Ready to Launch your Financial Coaching business? Join FCN Launch, our step-by-step program that will help you successfully launch your business in four months and grow it to a consistent part-time income. https://www.financialcoachesnetwork.com/launch
• Looking for financial coaching software? Sign up for the interest list for FCN MoneyCoach, the premier cash flow analysis software for financial coaches and advisers. https://www.financialcoachesnetwork.com/money-coach
• Are you already coaching clients and want to grow your business to a full-time income? Join FCN Grow, our program that helps you scale your business to a full-time income. https://www.financialcoachesnetwork.com/grow

Join Josh and Garrett as they start off discussing what coaching means and what future regulations may look like, then continue to talking about liability in multiple areas.

Top takeaways:

1. It’s far easier than most of us would expect to accidentally step into law advice.
2. Remember how complicated the tax code is, and be VERY cautious when giving tax advice.
3. It’s important to be aware of where the liability could be, and be ready to partner with other professionals to work with your clients.
4. Some states prohibit any amount of insurance advice without a license.
5. You have to pay attention to both the laws of your state AND the laws of your client’s state.

Other related episodes:

• Episode #62: Ongoing Coaching: How do I continue to show value?

Want help building or growing a successful financial coaching business? Find resources below based on where you’re at in your journey:

• Deciding whether Financial Coaching is right for you? Join our free Facebook Community with over 5000 current and aspiring financial coaches! https://www.facebook.com/groups/financialcoachescommunity
• Already decided you’re going to be a Financial Coach and want to learn more? Get 30+ tips and best practices in our free 8-part email series! https://www.financialcoachesnetwork.com/pre-launch-email-series
• Ready to Launch your Financial Coaching business? Join FCN Launch, our step-by-step program that will help you successfully launch your business in four months and grow it to a consistent part-time income. https://www.financialcoachesnetwork.com/launch
• Looking for financial coaching software? Sign up for the interest list for FCN MoneyCoach, the premier cash flow analysis software for financial coaches and advisers. https://www.financialcoachesnetwork.com/money-coach
• Are you already coaching clients and want to grow your business to a full-time income? Join FCN Grow, our program that helps you scale your business to a full-time income. https://www.financialcoachesnetwork.com/grow

Join Josh and Amelie to follow up on a conversation about those clients who just don’t change in 6 months. What are red flags? How do you handle that situation?

Top takeaways:

1. There is a potential for brand liability from people who are paying you and aren’t making any changes.
2. Red flags to look out for: debt balances going the wrong way without reasons, no progress towards objectives, if they’re accomplishing the easy but less important things but not the bigger things.
3. Don’t make empty threats…but sometimes telling a client, “Hey, if you continue in this way, I can’t work with you anymore.” is the best thing for that client.

Other related episodes:

• Episode #62: Ongoing Coaching: How do I continue to show value?

Want help building or growing a successful financial coaching business? Find resources below based on where you’re at in your journey:

• Deciding whether Financial Coaching is right for you? Join our free Facebook Community with over 5000 current and aspiring financial coaches! https://www.facebook.com/groups/financialcoachescommunity
• Already decided you’re going to be a Financial Coach and want to learn more? Get 30+ tips and best practices in our free 8-part email series! https://www.financialcoachesnetwork.com/pre-launch-email-series
• Ready to Launch your Financial Coaching business? Join FCN Launch, our step-by-step program that will help you successfully launch your business in four months and grow it to a consistent part-time income. https://www.financialcoachesnetwork.com/launch
• Looking for financial coaching software? Sign up for the interest list for FCN MoneyCoach, the premier cash flow analysis software for financial coaches and advisers. https://www.financialcoachesnetwork.com/money-coach
• Are you already coaching clients and want to grow your business to a full-time income? Join FCN Grow, our program that helps you scale your business to a full-time income.https://www.financialcoachesnetwork.com/grow

Join Josh and Emily to discuss a common fear among new financial coaches. What do you say if a client asks “why do you charge so much?!”

Top takeaways:

1. If one person asks, that’s a reflection of their thoughts/opinions. If 50% of people are saying something, then that’s a pattern that you may want to examine.
2. Bring pricing up at the end of the conversation (unless the client brings it up).
3. Get comfortable with your pricing so that you can validate clients’ feelings that it’s too high, and simply refer them to other resources without being tempted to offer discounts.

Other related episodes:

• Episode #31 - Should I list my prices on my website?
• Episode #77 - How do I set pricing with my first clients?

Want help building or growing a successful financial coaching business? Find resources below based on where you’re at in your journey:

• Deciding whether Financial Coaching is right for you? Join our free Facebook Community with over 5000 current and aspiring financial coaches! https://www.facebook.com/groups/financialcoachescommunity
• Already decided you’re going to be a Financial Coach and want to learn more? Get 30+ tips and best practices in our free 8-part email series! https://www.financialcoachesnetwork.com/pre-launch-email-series
• Ready to Launch your Financial Coaching business? Join FCN Launch, our step-by-step program that will help you successfully launch your business in four months and grow it to a consistent part-time income. https://www.financialcoachesnetwork.com/launch
• Looking for financial coaching software? Sign up for the interest list for FCN MoneyCoach, the premier cash flow analysis software for financial coaches and advisers. https://www.financialcoachesnetwork.com/money-coach
• Are you already coaching clients and want to grow your business to a full-time income? Join FCN Grow, our program that helps you scale your business to a full-time income.https://www.financialcoachesnetwork.com/grow