Welcome back to the 104th episode of Financial Advisor Success Podcast!
My guest on today’s podcast is Saundra Davis. Saundra is the founder of Sage Financial Solutions, which provides training and develops certification programs to teach people the skills of financial coaching.
What’s unique about Saundra, though, is the way that she’s integrating together financial coaching with low-income financial counseling on one end, and also with financial planning for more affluent clients at the other end, and highlighting how, regardless of one’s income and affluence, anyone can struggle from time to time in their ability to align their financial behaviors with their financial goals.
In this episode, we talk in depth about what the financial coaching approach really entails and how it both differs from and complements financial planning, because, as Saundra puts it, financial planning covers the what, but financial coaching covers the why in order to jointly arrive at the how, how the process of financial coaching leads the advisor to ask substantively different questions and navigate the client discovery process in a different way, and how financial coaching helps to address the common challenge that we face as financial planners, where clients come in and engage us for financial planning and then fail to actually follow through and implement the recommendations that would clearly benefit them.
We also talk about some of the key tenets of effective financial coaching itself, including why the essence of financial coaching is not about asking questions about the client’s financial situation in order to get data but