Financial Advisor vs. Financial Coach

What is the difference between a Financial Advisor and a Financial Coach?

While both financial advisors and financial coaches can provide guidance on personal finance, there are some key differences between the two.
A financial advisor typically works with clients to manage their investments, provide investment advice, and help clients plan for retirement. They may offer services such as asset allocation, tax planning, estate planning, and insurance planning. Financial advisors are often licensed professionals who are registered with regulatory bodies and are authorized to sell financial products.
On the other hand, a financial coach is focused on helping clients improve their overall financial situation. They may provide guidance on budgeting, debt management, saving for specific goals, money mindset, overall financial planning and helping with day-to-day financial decision-making. Financial coaches are not typically licensed professionals, and they do not sell financial products. Instead, they work with clients to provide education, accountability, and support as clients work towards their financial goals.
While both financial advisors and financial coaches can be helpful in improving your financial situation, the key difference is in their focus. Financial advisors tend to focus on investment management and retirement planning, while financial coaches tend to focus on overall financial wellness and money management skills. Depending on your specific needs and goals, you may benefit from working with one or both types of professionals.