Shows
Financial Coaches Network - The Podcast: Build your Financial Coaching Business#100: The State of Financial CoachingJoin Josh AND Emily AND Amelie as we discuss the State of Financial Coaching! We started with a small survey of Launch members to learn about what kinds of programs various coaches use…next year, we’ll do a more detailed survey and continue sharing these results! Listen in as we look at the results and what takeaways we have that you could apply to your business as well.
Top takeaways:
Almost everyone has an initial program of 3 months or less; a few do 6 months.
People prefer shorter-term commitments.
Over 50% of respondents do 6 sessions–and the...2023-11-1550 min
Financial Coaches Network - The Podcast: Build your Financial Coaching Business#99: Timeblocking: Amazing Tool or Pointless Exercise?Join Josh and Emily as they have the showdown that has been 3 years in the making!!! Josh is on the side of time-blocking being a great tool to manage time and see things clearly. Emily is on the side that time-blocking sounds great in theory…but life is so fluid, it’s hard to actually pin things down. Will they find common ground?!
Top takeaways:
Get good at triaging things–if something takes more time than you allotted to it, then leave it to the next day.
Set expectations with people around your response time to email...2023-11-0742 min
Financial Coaches Network - The Podcast: Build your Financial Coaching Business#98: Our top software recommendations - Round 2Join Josh and Amelie as they continue the conversation about software recommendations that Josh and Emily started a few months ago.
Recommended resources:
Contracts: AdvicePay has contract signing built in. DocuSign or HelloSign (now Dropbox Sign) are other reputable signing software.
Document storage: For basic numbers, a basic form on your website is fine. For clients, using your coaching software that has secure document. Don’t use free software. DropBox or OneDrive could work.
Data gathering: Excel spreadsheet uploaded to encrypted form/folder.
Chat software on your website: Just don’t do it.
Communication: MessageWatcher
Course crea...2023-10-3152 min
Financial Coaches Network - The Podcast: Build your Financial Coaching Business#97: Financial Coaching vs Life CoachingJoin Josh and Emily as they discuss the Venn diagram of financial coaching and life coaching. How do they overlap, what similarities and differences there are…and do the words “life coaching” even mean anything…?
Top takeaways:
It’s impossible to draw any hard and fast lines between the two.
“Life coach” is so vague as to be completely useless.
Successful “life coaches” have niched down to the point where they’re career coaches or relationship coaches or parenting coaches etc.
If you’re looking to expand your soft skills around counseling, look for classes in a university extension...2023-10-2432 min
Financial Coaches Network - The Podcast: Build your Financial Coaching Business#96: How to develop an elevator pitchJoin Josh and Amelie as
Top takeaways:
No one likes to be pitched to.
Having a very specific niche will let you practice having positive conversations without the pressure of “I’M GOING TO SELL YOU!”
You want potential clients to recognize that you could help them without you needing to tell them that.
Shorter is always better than longer.
People latch onto pain points.
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? Joi...2023-10-1729 min
Financial Coaches Network - The Podcast: Build your Financial Coaching Business#95: Pros and cons to debt settlement companiesJoin Josh and Emily to discuss debt settlement companies. What should you look for, what are pros/cons, what are red flags?
Top takeaways:
Some just do things that you could do yourself.
Look for connections with other reputable organizations or certifications.
Start by asking what the process will look like–and look for transparency.
Consider starting with the bank directly before reaching out a debt settlement company–BUT be aware of potential minefields.
If there is an attorney involved, you should not talk about any of the settlement etc. so you don’t break (have your c...2023-10-1022 min
Financial Coaches Network - The Podcast: Build your Financial Coaching Business#94: Should I build referral relationships with advisers I wouldn't refer to?Today Josh and Garrett to discuss referral relationships…especially those with advisers/professionals who you disagree with.
Top takeaways:
No, you shouldn’t.
One-sided referral pipelines have an expiration date–the other person WILL be able to see through you.
Stay away from companies with high turnover.
Look at what side offerings potential referral partners have. Are they focused on the thing you would refer a client to do or are they dividing their attention in many other places?
Registered Investment Advisers (RIA) who are only registered as an RIA are the only ones who legally have a...2023-10-0326 min
Financial Coaches Network - The Podcast: Build your Financial Coaching Business#93: Scarcity Mindset In Your BusinessToday Josh and Emily talk about how scarcity mindset is, how it shows up in your business, and some ways to tackle it! Make sure you listen to the end to hear them talk about where scarcity mindset has shown up in their businesses.
Top takeaways:
Scarcity mindset can lead to hyperfixation (I have to make my website perfect) or short-term coping mechanisms as opposed to long-term problem solving.
You cannot cut your way to profitability.
Spending on your business is an investment, not an expense.
Pay attention to the response of “I need to react by...2023-09-2639 min
Financial Coaches Network - The Podcast: Build your Financial Coaching Business#92: What is cashflow budgeting?Today Josh and Amelie dive into a conversation about various budgeting methods, and why the personal finance budgeting methods are all really just…hybrid methods of cashflow budgeting!
Top takeaways:
Technically, rollover budgeting is looking at what was spent/used the previous month and rolling it over to the next month.
Technically, zero-based budgeting is starting over from scratch every year (not month) and receiving requests from various business departments for what they need.
Cashflow budgeting is looking at expenses for the year, planning out when income is coming in, and figure out how to make ev...2023-09-1937 min
Financial Coaches Network - The Podcast: Build your Financial Coaching Business#91: How do you prepare for a known drop in income?When you’re a new financial coach, “where do I find clients” is always one of the top questions. Today, Josh and Emily discuss what to do to find early clients.
Top takeaways:
Put your poker face on! The client probably has lots of emotions…don’t let yours amplify things.
Ask “why,” “when,” and “how long will it last?”
Don’t be afraid to tap into an emergency fund–that’s LITERALLY why it’s there.
Different strategies work better based on whether this is likely to be a short-, medium-, or long-term situation.
Don’t rush decisions just because yo...2023-09-1235 min
Financial Coaches Network - The Podcast: Build your Financial Coaching Business#90: How to find clients early in your business?When you’re a new financial coach, “where do I find clients” is always one of the top questions. Today, Josh and Emily discuss what to do to find early clients.
Top takeaways:
Start with…who are you trying to work with? Who is your niche?
Check out conferences associated with your niche.
Go to where your niche hangs out.
Consider focusing on your local area rather across the entire country.
Focus on what problem you solve rather than “I’m a financial coach!”
Want help building or growing a successful financial coaching business? Find resources belo...2023-09-0541 min
Financial Coaches Network - The Podcast: Build your Financial Coaching Business#89: What are my obligations for collecting sales tax?Today’s not the most exciting topic, but it’s an important one! Do we coaches need to collect (and remit!) sales tax? Josh and Amelie discuss!
Top takeaways:
Some states charge sales tax on products, some charge sales tax on services…it’s important to figure out what your state policies are.
Go straight to the state website to get information, not blogs etc.
Make sure you ALSO check city and county taxes!
If your client is in a different state than you, then “economic nexus” applies which depends on how much business you do in that stat...2023-08-2942 min
Financial Coaches Network - The Podcast: Build your Financial Coaching Business#88: When should I start a blog?Many people think starting a blog is a great way to get new clients. When is a blog a good idea and when is it not? Join Josh and Emily to discuss that topic.
Top takeaways:
Do not start a blog when you need clients or when you don’t have time.
Start a blog when you have something to say to a specific group of people.
Start a blog when you have an ecosystem to actually DO something with results.
Building an amazing lead magnet is almost always a better use of your time than bl...2023-08-2239 min
Financial Coaches Network - The Podcast: Build your Financial Coaching Business#87: Launch Sample: Mission & Vision Statements and Vital Few GoalsToday, we have a sneak preview of what Launch is like! Launch includes instructional videos each week, but it also includes two sets of Guided Practice videos, one with Garrett and one with Emily, where Josh walks them through the home/officework of the week. This episode features Garrett going through his Mission and Vision statements, and his Vital Few Goals.
Top takeaways:
These mission and vision statements should be for YOU–it doesn’t matter what anyone else thinks.
The mission and vision statements should serve as focal points for you and your business.
Make sure...2023-08-1529 min
Financial Coaches Network - The Podcast: Build your Financial Coaching Business#86: Let’s Talk Marketing Funnels!Join Josh and Emily to discuss what is marketing, what are marketing funnels, and how do you build one for your business?
Top takeaways:
Marketing is all the activities a business does to satisfy the needs of consumers.
A marketing funnel is an advertising campaign.
The goal is to cast a wide net at the beginning of the campaign, and gradually decrease the number of people who progress through the funnel until you get to the point of having solid leads.
Think about the typical journey that your client will take, and then build the funnel...2023-08-0829 min
Financial Coaches Network - The Podcast: Build your Financial Coaching Business#85: What info should I gather before a first meeting?Join Josh and Amelie to discuss info gathering before your first paid meeting! Many of us have a tendency to make fancy forms to gather lots of detailed info about clients, but…what are the best practices?
Top takeaways:
Ask yourself, “What am I trying to accomplish in this meeting?” and gather the bare minimum possible.
The more information you ask for, the longer it will take them to schedule a first meeting.
Think carefully about what you want to ask in person (and respond to the gut reaction) versus asking ahead of time and getting a more...2023-08-0139 min
Financial Coaches Network - The Podcast: Build your Financial Coaching Business#84: Growing Your Audience with Ryan RoiJoin 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:
Niching down is like putting your thumb on the hose–it helps you focus your message and makes it far more shareable.
People outside of your niche will ask about your services if your personality resonates with them.
Surprisingly…don’t focus as much on quality as on quantity. Don’t post just to post, but also don’t be a perfectionist.
Be human.
Being...2023-07-2538 min
Financial Coaches Network - The Podcast: Build your Financial Coaching Business#83: Marketing options beyond social mediaJoin Josh and Emily to discuss marketing beyond social media.
Top takeaways:
The first question to ask yourself is, “Where do my ideal clients hang out?”
Google ads and websites are a solid combination.
Physically get a booth at events attended by your niche.
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...2023-07-1834 min
Financial Coaches Network - The Podcast: Build your Financial Coaching Business#82: How do you run a sales/prospecting call?Join Josh and Amelie to discuss prospecting calls–what are they, what should you cover, how to handle various situations.
Top takeaways:
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.
You also need to figure out whether you even LIKE them–will you enjoy working with them?
You ALSO need to build trust.
Having a script to start with is great as you learn what works and what doesn’t.
Your first FIVE words are vital–...2023-07-1140 min
Financial Coaches Network - The Podcast: Build your Financial Coaching Business#81: Our top software recommendationsJoin 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...2023-07-0441 min
Financial Coaches Network - The Podcast: Build your Financial Coaching Business#80: Avoiding LiabilityJoin 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:
It’s far easier than most of us would expect to accidentally step into law advice.
Remember how complicated the tax code is, and be VERY cautious when giving tax advice.
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.
Some states prohibit any amount of insurance advice without a lice...2023-06-2750 min
Financial Coaches Network - The Podcast: Build your Financial Coaching Business#79: Clients who don't make habit changes in 6 monthsJoin 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:
There is a potential for brand liability from people who are paying you and aren’t making any changes.
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.
Don’t make empty threats…but sometimes telling a client, “Hey, if you continue...2023-06-2033 min
Financial Coaches Network - The Podcast: Build your Financial Coaching Business#78: How can I respond to the question, "Why is your price so high?"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:
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.
Bring pricing up at the end of the conversation (unless the client brings it up).
Get comfortable with your pricing so that you can validate clients’ feelings that it’s too high, and simply refer them to other resources wi...2023-06-1327 min
Financial Coaches Network - The Podcast: Build your Financial Coaching Business#77: How do I set pricing with my first clients?Join Josh and Amelie to discuss pricing–especially pricing at the beginning of your business.
Top takeaways:
Benchmarking based on other financial coaches can be very dangerous because what other coaches do may or may not have anything to do with what you do.
The people you work with, length of your program, technology you offer…all of those should impact your pricing far more than what other people are charging.
If your program is about 1-2% of your client’s income over a two-year period, that may be a harder sell.
Sliding scales are dangerous becaus...2023-06-0640 min
Financial Coaches Network - The Podcast: Build your Financial Coaching Business#76: Throwback: What should I cover in my first client meeting?Join Josh and Garrett to talk about the first meeting after a client has signed up! They paid you, now you have to actually…deliver!
Note: This conversation was originally in the Financial Coaches Facebook group in late 2020, but has a lot of great info still! At one point, Garrett talks about wishing for a financial coaching software similar to financial planning software…and how Josh and Garrett were working on getting something put together for the Financial Coaches Network. If you haven’t yet, check out FCN MoneyCoach, our fancy financial coaching software (that yes, Garrett uses...2023-05-3043 min
Financial Coaches Network - The Podcast: Build your Financial Coaching Business#75: What is my liability when answering questions in Facebook Groups?Join Josh and Emily to discuss whether to answer questions in Facebook groups…and if so, what kind of liability could be involved. Disclaimer: As we say numerous times in episode, we are not lawyers and cannot answer exactly what you’re liable for!
Top takeaways:
Yes, there is potential for liability when answering questions on Facebook.
Giving advice online about things you are not licensed to give advice about does create potential for liability.
Giving factual information WITHOUT BIAS probably does not create potential for liability.
When it comes to basic budgeting tips and ideas (thin...2023-05-2336 min
Financial Coaches Network - The Podcast: Build your Financial Coaching Business#74: How do you find a VA and what can they help me do?Join Josh and Amelie to discuss all things VA! How do you find one, and what tasks can they help with?
Top takeaways:
Start by listing all your business taxes, and then go through asking yourself, “how much do I enjoy this?” and “how good am I at this?” and “how important is this to my business?”
Identify the time sucks that aren’t moving the business forward.
When you first start looking for a VA, ask other business owners for VA leads.
If you have a one-time project, hire an expert in that area. If you have an on...2023-05-1625 min
Financial Coaches Network - The Podcast: Build your Financial Coaching Business#73: How do you coach people with irregular income?Join Josh and Emily to discuss a wide range of irregular income
Top takeaways:
Not all irregular income can be treated the same.
The more extreme the scenario, the more you should be concerned over whether your skills as a financial coach are sufficient to give solid advice.
If the income is swingy month-to-month, it’s relatively simple to set money aside in high months to compensate for lower months.
Huge swings year over year should start indicating that perhaps looking at other strategies would be a good idea.
Want help building or growing a su...2023-05-0927 min
Financial Coaches Network - The Podcast: Build your Financial Coaching Business#72: Do you have to file taxes if you didn't earn any income?Join Josh and Garrett as they discuss taxes! Specifically, taxes in the early stages of your business.
Top takeaways:
The government considers you to have a business whether you see it as a side gig/little thing or not.
If you have $1 more today than you did yesterday, you need to file (perhaps in your own Schedule C, but.).
If you had expenses and no income OR expenses that were greater than your income, you should file (the losses could offset active income from other sources).
Want help building or growing a successful financial coaching...2023-05-0227 min
Financial Coaches Network - The Podcast: Build your Financial Coaching Business#71: What should I ask in an "end of service" questionnaire?Join Josh and Emily to talk about end of service questionnaires. When a client is finished working with you, what should you ask them? What kind of feedback is valuable?
Top takeaways:
You should have an alternate way of gathering data like, “How much debt did you pay off?” or “How much were you able to save?”
You can solicit info about “How did you like my program” but it shouldn’t be the focus.
Figure out what you’re trying to learn, and ask very specific questions to answer that question.
Want help building or growing a suc...2023-04-2526 min
Financial Coaches Network - The Podcast: Build your Financial Coaching Business#70: How do you overcome the objection of “I’d love to work with you but I just need some time?"Episode 70: How do you overcome the objection of “I’d love to work with you but I just need some time?"
Join Josh and Emily as they discuss how to handle client objections. Today, they discuss two angles on a “time” objection–either “I need time to decide” or “now isn’t the right time.”
Top takeaways:
Browbeating a potential client over an objection is NOT the way to go.
The way we respond to objections is impacted by our own headtrash.
Always assume the best–assume that “now isn’t the right time” is a genuine reason, and fin...2023-04-1827 min
Financial Coaches Network - The Podcast: Build your Financial Coaching Business#69: Should I create an LLC/S-corp/B-corp/other/nothing? Part 2Episode 69: Should I create an LLC/S-corp/B-corp/other/nothing? Part 2
Join Josh and Amelie to continue discussing business entities!
Top takeaways:
For most coaches who are part-time and making less than $10k annually, an LLC or S-corp is PROBABLY overkill but depends on many things including how many assets you have to protect.
Hiring employees should be an automatic trigger for entity creation.
There are certain things you can write off as a C-Corp that you can’t as other structures.
You CAN use something like Legal Zoom, but…it’s only as good a...2023-04-1125 min
Financial Coaches Network - The Podcast: Build your Financial Coaching Business#68: Should I create an LLC/S-corp/B-corp/other/nothing? Part 1Episode 68: Should I create an LLC/S-corp/B-corp/other/nothing? Part 1
Join Josh and Amelie to discuss entities! Should I form an LLC or an S-Corp or…what?!
Top takeaways:
The answer is always “it depends,” and in this case, one of the things it depends on is how much you have to protect.
Talk to an attorney or a financial advisor who specializes in small businesses, and make sure you have a CPA to make sure your LLC or S-corp business taxes are structured correctly.
In some states, a single-member LLC provides 0 liability protec...2023-04-0429 min
Financial Coaches Network - The Podcast: Build your Financial Coaching Business#67: Client Testimonials Best PracticesEpisode 67: Client Testimonials Best Practices
Join Josh and Garrett for part 2 of a conversation about client testimonials and specifics around what to include, how to format them, and more details!
Top takeaways:
Information-centric testimonials are best in written format; emotion-centric testimonials are best in video format.
When a video is too polished, it can make the testimonial lose credibility.
People will read/listen to/watch the first 5 words of anything, and then decide if they care (and continue for 50 words) or don’t (in which care they’ll stop).
You want your testimonial to be S...2023-03-2827 min
Financial Coaches Network - The Podcast: Build your Financial Coaching Business#66: How do client testimonials fit into marketing?Episode 66: How do client testimonials fit into marketing?
Join Josh and Garrett for part 1 of a conversation about client testimonials and how/whether they fit into marketing!
Top takeaways:
Whether to use testimonials depends on your niche.
If your target clients rely on gut instinct, testimonials could be very influential. For people who are very analytical and are generally skeptical, testimonials are going to be less persuasive.
Case studies (this is what this person did and this is how) could be an interesting alternative to testimonials.
Want help building or growing a successful...2023-03-2123 min
Financial Coaches Network - The Podcast: Build your Financial Coaching Business#65: How can I best bootstrap my financial coaching business?Join Josh and Emily as they discuss bootstrapping! What NOT to invest in, what TO invest in, and make sure to check the Resources section of the show notes for all the software recs we have!
Top takeaways:
Bootstrapping is the process of starting small and building things through profit from the business.
If you’re going to meet people in person (many coaches don’t!), see if you can rent an office space from a local CPA, CFP, attorney, etc.
Spend money on software that adds to the professional experience (Zoom, calendar software).
Buy simple busi...2023-03-1440 min
Financial Coaches Network - The Podcast: Build your Financial Coaching Business#64: Guest Interview: Ryan Roi on the importance of investing in yourselfEpisode 64: Guest Interview: Ryan Roi on the importance of investing in yourself
Join Josh as he interviews guest Coach Ryan Roi of the Artful Dollar about niching and the importance of investing in yourself and your business! Ryan has been a financial coach for almost 3 years and has built his business into a highly successful, 6-figure (maybe 7-figure this year!) business.
Top takeaways:
Ryan started out working with artists in general, but as soon as he narrowed down to tattoo artists, his business began to boom.
“LIfe’s too short to learn from your mist...2023-03-0731 min
Financial Coaches Network - The Podcast: Build your Financial Coaching Business#63: What Do You Discuss on a Prospect Call?Episode 63: What Do You Discuss on a Prospect Call?
Join Garrett and Josh as they talk through…prospect calls! How do you make sure you don’t blow the ONE CHANCE YOU GET to “close the sale?” And is that even true? How should we think about prospect calls?
Top takeaways:
A prospect call should be as much about you deciding if you want to work with a client as it is about them deciding whether to work with you.
You need to figure out what a prospect’s next step is and build your meeti...2023-02-2832 min
Financial Coaches Network - The Podcast: Build your Financial Coaching Business#62: Ongoing Coaching: How do I continue to show value?Episode 62: Ongoing coaching: How do I continue to show value?
Josh and Amelie complete their three-part conversation about ongoing coaching. This week, they discuss how to continue to show value.
Top takeaways:
Things NOT to do:
Just meet and keep them to their budget.
Set yourself up as an unlicensed, bad therapist (whatever they show up and want to talk about is what we’ll talk about.)
I’ll just be available whenever something big happens.
You need to have figure out what to accomplish over the course of a period of time (often a ye...2023-02-2144 min
Financial Coaches Network - The Podcast: Build your Financial Coaching Business#61: Ongoing coaching: How do I structure it?Episode 61: Ongoing coaching: How do I structure it?
Josh and Amelie continue their three-part conversation about ongoing coaching. This week, they discuss how to structure ongoing coaching and transition clients into ongoing coaching.
Top takeaways:
Consider offering accountability meetings (hey, I noticed X is happening in your spending, let’s discuss) or coaching meetings (going into more depth on various topics).
Think about your niche and the service that you’re offering–the more change that’s happening in their lives, the more it suggests that more frequent meetings are called for.
You really have to...2023-02-0739 min
Financial Coaches Network - The Podcast: Build your Financial Coaching Business#60: Ongoing coaching: Should I offer it?Episode 60: Ongoing coaching: Should I offer it?
Josh and Amelie begin a three-part conversation about ongoing coaching, starting with…should I offer it?
Top takeaways:
Many people who offer coaching over time offer it because it seems like the best business decision.
What’s lost in that is…the needs of the client. If your plan for ongoing coaching is, “We’ll meet once a month and talk,” then don’t offer ongoing coaching.
The more change that’s happening in your niche’s life, the more appropriate ongoing coaching will be.
If you’re moving clients fr...2023-01-3137 min
Financial Coaches Network - The Podcast: Build your Financial Coaching Business#59: What are the growing pains when scaling your part-time side hustle to a full-time business?Episode 59: What are the growing pains when scaling your part-time side hustle to a full-time business?
Join Josh and Amelie as they discuss coaching clients with biweekly pay, including what to do with those magical three paycheck months!
Top takeaways:
The biggest mistake is that people view it as replacing an income–but you’re replacing an entire job (salary AND benefits!), not just your gross annual salary.
The second biggest mistake is that people believe they can replace their job without a leap of faith.
If your company’s revenue drops 20%, your paycheck reflec...2023-01-2436 min
Financial Coaches Network - The Podcast: Build your Financial Coaching Business#58: How do you handle a client being paid biweekly?Episode 58: How do you handle a client being paid biweekly?
Join Josh and Amelie as they discuss coaching clients with biweekly pay, including what to do with those magical three paycheck months!
Top takeaways:
Josh’s ONLY (at least possibly only!) answer that isn’t “it depends!” The topic? Whether to budget biweekly pay by paycheck or budget monthly.
Deciding what to do with 3rd paychecks is a FUN money conversation! Pay towards goals? Upgrade goals? Splurge on a night out?
When working with a client who works on commission, figure out a baseline of “here...2023-01-1033 min
Financial Coaches Network - The Podcast: Build your Financial Coaching Business#57: Holiday Special with Josh, Garrett, Amelie, and Emily Part 2Episode 57: Holiday Special with Josh, Garrett, Amelie, and Emily Part 2
Join the whole FCN team as we reunite for the second half of a massive AMA grab bag of questions! If you missed last week’s episode, check that out as well.
AMA questions in this episode:
How do you pitch your services to a company?
How do you decide when to charge for workshops etc.?
How do you help clients evaluate job offers?
How do I market myself as a disembodied voice coach? 😂 (Garrett had his video off!)
Is marketing simply crafting a messa...2023-01-0331 min
Financial Coaches Network - The Podcast: Build your Financial Coaching Business#56: Holiday Special with Josh, Garrett, Amelie, and Emily Part 1Episode 56: Holiday Special with Josh, Garrett, Amelie, and Emily Part 1
Join the whole FCN team as we reunite for a massive AMA grab bag of questions! This will be a two part episode, so tune in next week for the second group of questions.
AMA questions in this episode:
A potential client says, "I'm interested!" but then they ghost me - how do you follow up/how often do you follow up?
What is the best workflow software for beginners to automate both tracking my pipeline and sending emails or forms (maybe texts as...2022-12-2727 min
Financial Coaches Network - The Podcast: Build your Financial Coaching Business#55: Imposter Syndrome Part 3: How increasing your technical knowledge can help reduce Impostor SyndromeJoin Josh and Garrett as they continue the conversation around imposter syndrome and how to increase your technical knowledge.
Top takeaways:
It’s very important that anyone giving financial advice knows their stuff because the consequences are VERY real. You could end up causing literal generational damage.
Stay in your lane–identify your blind spots and work to fill them in so you know who to refer clients to!
Consider taking classes on personal finance (whether just classes or getting a Bachelors or Masters or even a PhD!) or getting certified with a reputable organization (AFC, CFP...2022-12-2041 min
Financial Coaches Network - The Podcast: Build your Financial Coaching BusinessEpisode 54: Imposter Syndrome Part 2: Impostor Syndrome around your coaching processEpisode 53: Imposter Syndrome Part 2: Impostor Syndrome around your coaching process
Join Josh and Garrett as they continue the conversation around imposter syndrome and how it can impact your business.
Top takeaways:
You can build the plane as you’re flying…but it’s still important to have a basic framework to start!
Having an external process to help your internal coaching process can 100% help alleviate imposter syndrome.
Having a set program planned out helps build confidence because you already know what you’re going to do.
Your clients don’t know your process—your clients will...2022-12-1335 min
Financial Coaches Network - The Podcast: Build your Financial Coaching Business#53: Imposter Syndrome Part 1: What is Impostor Syndrome?Episode 53: Imposter Syndrome Part 1: What is Impostor Syndrome?
Join Josh and Garrett as they lay the groundwork for next week’s in-depth conversation around Imposter Syndrome! In order to have a more detailed chat, we all need to understand what exactly imposter syndrome is!
Top takeaways:
The Dunning-Kruger effect - the relationship between confidence in a field and competence in a field. As you get smarter/more knowledgeable, confidence drops.
Imposter syndrome comes in once someone has joined an enormous amount of knowledge in an area (such as doctoral degrees) and still feels like an...2022-12-0617 min
Financial Coaches Network - The Podcast: Build your Financial Coaching Business#52: Jason Sandmann's journey to becoming a behavioral wealth coachJoin Josh as he interviews FCN member Jason Sandmann about Josh’s journey to becoming a behavioral wealth coach.
Top takeaways:
Jason had no desire to learn insurance and investing and such, and found that people were being drawn to him to have those discussions. By rebranding himself and focusing so specifically on what he was passionate about, he’s found opportunities to work on what he wants to be focusing on.
Be careful about judging your success based on criteria given to you.
The scariest thing about starting the business was betting on himself...2022-11-3032 min
Financial Coaches Network - The Podcast: Build your Financial Coaching Business#51: Sales Promotion ActivitiesEpisode 51: Sales Promotion Activities
Join Josh and Garrett as they discuss what sales promotion activities ARE…and how to choose which are right for you.
Top takeaways:
Sales promotion is all the activities/materials/elements of what you do in your marketing that directly support sales. Advertising is indirect; sales promotion directly support–like when you’re talking to a salesperson in a store and they have a little cardboard display that directly supports the conversation.
You want to support the sales in three time periods: before your conversation, during the conversation, and after the sa...2022-11-2241 min
Financial Coaches Network - The Podcast: Build your Financial Coaching Business#50: Refining Your Value PropositionEpisode 50: Refining Your Value Proposition
Join Josh and Garrett as they help Elana, an FCN Launch member, work through her value proposition!
Top takeaways:
Human attention spans aren’t very long, so your value proposition needs to be concise!
A concise value proposition tells someone what you do and also takes you out of it so they can think about how they relate to it.
The words “financial coach” don’t mean anything (or at least anything consistent!) to 99.9% of people out there!
Consider whether your answer/words will encourage the conversation or make the othe...2022-11-1537 min
Financial Coaches Network - The Podcast: Build your Financial Coaching Business#49: Group Programs: How do you run them?Episode 49: Group Programs: How do you run them?
Join Josh and guest cohost Emily as they finish the three-part series around group coaching! Today, they discuss how to fill a group coaching program–with a special emphasis on how group coaching could fit in your marketing ecosystem!
Top takeaways:
Three formats to choose from: financial literacy classes (this is a budget), workshops (open up a budget sheet and work through it together), or accountability sessions (did you stick to your budget? If so, great! If not, let’s discuss!). Sessions could involve a combination of a...2022-11-0837 min
Financial Coaches Network - The Podcast: Build your Financial Coaching Business#48: Group Programs: How do you fill them?#48: Group Programs: How do you fill them?
Join Josh and guest cohost Emily as they continue a three-part series around group coaching! Today, they discuss how to fill a group coaching program–with a special emphasis on how group coaching could fit in your marketing ecosystem!
Top takeaways:
The timing on getting group coaching clients is much more specific than individual clients–you don’t have the luxury of allowing people to work through the funnel at their own pace.
Have a limited number of spots–one group, only a few times a year, only 6...2022-11-0233 min
Financial Coaches Network - The Podcast: Build your Financial Coaching Business#47: Group Programs: Should I do them?Episode 47: Group Programs: Should I do them?
Join Josh and guest cohost Emily as they kick off a three-part series around group coaching! Today, they discuss whether group programs are the right choice for you!
Top takeaways:
Who is your niche? What would their comfort level be around sharing in a group?
If your group coaching is a prospecting tool, then you should start it as soon as you have a process in place.
If you’re starting group coaching because you’re at capacity, you should start it 12 months before you run out of c...2022-10-2529 min
Financial Coaches Network - The Podcast: Build your Financial Coaching Business#46: Facebook Ads! An IntroductionEpisode 46: Facebook Ads! An Introduction
Join Josh and Garrett to discuss Facebook ads! We’d all like Facebook ads to be a cure-all and magic tool to get you clients, but…are they?
Top takeaways:
Facebook’s advertising is worthless, but their targeting is awesome.
If you don’t have a specific niche and understanding of their psychographics…you’re wasting the best part of Facebook ads (the targeting).
The Facebook ad text needs to meet clients where they’re at in their journey and encourage them to take THEIR next step, not the next step you w...2022-10-1838 min
Financial Coaches Network - The Podcast: Build your Financial Coaching Business#45: Navigating Self-Employment TaxesEpisode 45: Navigating Self-Employment Taxes
If you are self-employed, you are responsible for paying self-employment taxes. What does that mean, are there ways to reduce that amount, and how do you actually do it?! Join Josh and guest cohost Emily Blain to discuss!
Top takeaways:
Marginal tax rate: you’ve added one more dollar to your income; what is that dollar taxed at? Effective tax rate: when you look at all of your dollars, what is the weighted average tax rate on everything?
The best way to predict how much you’ll owe is to do a...2022-10-1134 min
Financial Coaches Network - The Podcast: Build your Financial Coaching Business#44: How to build workflows in your business?Episode 44: How to build workflows in your business?
What are workflows and why are they important? Join Josh and Garrett as they discuss how work flows help you save time and mental energy!
Top takeaways:
You cannot scale your business without workflows.
Identify what are the steps, what are the decision points, what are the deliverables, what are the conversations… and in what order do all those things happen?
Start with a very linear workflow, then start thinking about how to respond when life happens and things aren’t linear. Also, include time periods betw...2022-10-0431 min
Financial Coaches Network - The Podcast: Build your Financial Coaching Business#43: Marketing beyond social mediaEpisode 43: Marketing beyond social media
There’s a general sense among people, especially entrepreneurs and small business owners, that social media posts are the end-all, be-all of advertising. Join Josh and Garrett as they discuss what else exists!
Top 4 takeaways:
Options: Social media, print, TV/youtube, radio/podcasts/direct mail (targeted mail)
Social media is good at connecting the product with people’s interests. Television is great at conveying emotion but horrible at conveying information. Print is great at conveying information, and not great at conveying emotion.
Just because social media is “free” doesn’t mean it’...2022-09-2746 min
Financial Coaches Network - The Podcast: Build your Financial Coaching Business#42: When is debt good?Episode 42: When is debt good?
Let’s talk about…debt! Josh and Garrett discuss the practicalities of debt while taking the emotion and value judgments out (hopefully!).
Top 4 takeaways:
Money today is worth more money than the same amount would be in the future.
How do you determine if debt is good or bad? Ask “Will my/your financial situation be better or worse at the end of the debt payoff period?”
Mortgages and student loans both often lead to dramatic wealth-building opportunities (a house where your entire investment, not just downpayment, has probably apprecia...2022-09-2032 min
Financial Coaches Network - The Podcast: Build your Financial Coaching Business#41: How to keep track of where clients are in the processEpisode 41: How to keep track of where clients are in the process
As clients move through your coaching process…how do you track what they’ve done? It may not be the most thrilling topic, but it’s vitally important.
Top 3 takeaways:
Create your process FIRST, then find technology to assist you in solving that problem.
First, think about what milestones you hope your clients will achieve so you know what you’re tracking progress towards.
Don’t start with automation and tech; start with milestones until you have solidified those.
Want help building o...2022-09-1341 min
Financial Coaches Network - The Podcast: Build your Financial Coaching Business#40: Rent vs. BuyEpisode 40: Rent Vs. Buy
One common mantra is that renting is throwing money away. Is that true? What are other things to consider?
Top 5 takeaways:
It’s easy to understand where the “Homeownership is the best answer” comes from: If you rent for 30 years, you have “nothing” to show for it. If you pay a mortgage for 30 years, you have a house.
If you buy a $400k home, you can figure roughly $3k a month in the mortgage payment (including taxes and insurance) plus average maintenance costs. Rent for a similar property would be roughly $2...2022-09-0632 min
Financial Coaches Network - The Podcast: Build your Financial Coaching Business#39: What to do when couples have a different view of managing money than you?Episode 39: What to do when couples have a different view of managing money than you?
What do you do when your client has a forceful personality and believes in managing their money in a very different way than you do, or has very strong opinions in general? Join Josh and Garrett as they discuss!
Top 3 takeaways:
You cannot force or logic someone into doing something. You have to identify something they care about more.
Sometimes the solution to the issue is outside our financial coaching realm of expertise.
If you understand your clients and...2022-08-3018 min
Financial Coaches Network - The Podcast: Build your Financial Coaching Business#38: How much time to have between your meetings?Episode 38: How much time to have between your meetings?
Josh and Garrett talk about how to structure your meeting schedule and what to consider when scheduling meetings.
Top 3 things to consider when deciding meeting schedule:
What is YOUR clients’ tolerance for how often meetings should happen? (Clients think more meetings seem better until they get into the process.)
What do you want to accomplish over what period of time? Don’t put multiple Big Deals into one meeting.
What has to happen in between the meetings? If you’re asking them to categorize all their...2022-08-2324 min
Financial Coaches Network - The Podcast: Build your Financial Coaching Business#37: How to turn social media followers into clients?Episode 37: How to turn social media followers into clients?
Today, join Josh and Garrett as they discuss how to follow up with those people who didn’t book during a prospect call.
Key takeaways:
Rather than thinking about how to convince people to work with you, think about how to form a relationship with them so that you are top of mind when they’re ready to hire someone.
In order for someone to work with you, they have to be ready, willing, and able…and only a tiny fraction of your audience will be rea...2022-08-1631 min
Financial Coaches Network - The Podcast: Build your Financial Coaching Business#36: Life Insurance: The thunderdome throwdown!Episode 36: Life Insurance: The thunderdome throwdown!
It’s time for one of the most contentious topics out there…life insurance!! We’ve got team TERM LIFE INSURANCE ONLY! facing off against team LIFE INSURANCE IS THE BEST INVESTMENT EVER!
Key takeaways:
Team Whole Life is mostly made up of people who make commissions on whole life policies…and Team Term is mostly made up of people who don’t really understand life insurance. There are pros/cons to both sides!
Approaching anything from a dogmatic viewpoint is harmful to clients.
Whenever we don’t center what...2022-08-0933 min
Financial Coaches Network - The Podcast: Build your Financial Coaching Business#35: Responding to Emotion - Navigating Emotional Client ConversationsEpisode 35: Responding to Emotion - Navigating Emotional Client Conversations
Today, Josh and Garrett talk about the “softer” side of coaching—beyond the budgets and debt payoff and savings goals, we coaches need to be able to handle the emotions that come up when talking about money!
Key takeaways:
Most humans get very uncomfortable with strong emotions (internally or externally!), so we react to other people’s strong emotions by trying to brush them under the rug.
We cannot and should not change or control other people’s emotions; our job is to sit with our client...2022-08-0229 min
Financial Coaches Network - The Podcast: Build your Financial Coaching Business#34: How to follow up with prospectsEpisode 34: How to follow up with prospects
Today, join Josh and Garrett as they discuss how to follow up with those people who didn’t book during a prospect call.
Key takeaways:
Read every communication you send in the angriest possible voice so you can make sure it’s positive (and not passive-aggressive!).
Be careful about using the cliches - “Just sending you an email…” “Wanted to circle back around…”
Write your own emails to show some of your personality and avoid cliches. Look for ways to personalize emails to the client as well (“I hope your kid’s...2022-07-2626 min
Financial Coaches Network - The Podcast: Build your Financial Coaching Business#33: What to do when a client asks to take out a loan for home renovations?Episode 33: What to do when a client asks to take out a loan for home renovations?
Today, Josh and Garrett discuss financial coaches’ often dogmatic approach to clients’ ideas about taking debt on for things like home renovations.
Key takeaways:
We have to be careful about this conversation because it’s not really about the numbers, it’s about people’s lives.
You WILL have an emotional reaction, whether positive or negative, so recognize that you’re having that reaction and notice how it could impact your coaching.
Your client WILL have an emotional reaction to...2022-07-1928 min
Financial Coaches Network - The Podcast: Build your Financial Coaching Business#32: When to hire helpEpisode 32: When to hire help
Today, Josh and Garrett discuss their thoughts around hiring help for your business!
Key takeaways:
We cannot look at business and personal finances the same way.
Hire help as quickly as you can (as soon as you have recurring income) and reinvest as much money as possible into your business.
The more money you can afford to spend to get your time back, the better.
Want help building or growing a successful financial coaching business? Find resources below based on where you’re at in your journey:
De...2022-07-1231 min
Financial Coaches Network - The Podcast: Build your Financial Coaching Business#31: Should I list my prices on my website?Episode 31: Should I list my prices on my website?
Today, join Josh and Garrett as they discuss the hot topic of whether or not to list prices on your website!
Key takeaways:
A lot of our decisions are based on driving away hypothetical, mythical clients…who don’t exist in the first place!
If you approach the decision from the lens of consumerism (aka what’s best for the client), it’s pretty clear that maximum price transparency is the best path. US healthcare is a great example of the mess that a lack of tr...2022-07-0544 min
Financial Coaches Network - The Podcast: Build your Financial Coaching Business#30: Should I get the AFC (Accredited Financial Counselor) designation?Episode 30: Should I get the AFC (Accredited Financial Counselor) designation?
Today, join Josh and Garrett as they talk to special guests Jarod Taylor (Certification Manager at the AFCPE) and Ambus Hunter (AFC Candidate) from the AFCPE to talk about financial coaching certifications.
3(+2) key takeaways:
There is no legal requirement to be a financial coach, but the AFC certification gives you credibility and confidence, helps you minimize blind spots in your coaching, and gives you access to continuing ed.
Just because no one has asked you what your qualifications are doesn’t mean that...2022-06-2841 min
Financial Coaches Network - The Podcast: Build your Financial Coaching Business#29: Paid Search AdvertisingEpisode 29: Paid Search Advertising
Today, join Josh and Garrett as they discuss what Paid Search Advertising is and when it’s relevant to financial coaches!
3 (+2!) key takeaways:
The benefit of paid search is that IF (big if) you do it right, it gets you in front of people who are actively looking for a solution to a problem that you solve through your coaching.
Paid search gives you keyword targeting abilities AND audience targeting capabilities.
Three things that impact where your ad is placed: price (how much are you paying), competition (how many others an...2022-06-2141 min
Financial Coaches Network - The Podcast: Build your Financial Coaching Business#28: What is a good account for an emergency fund besides a savings account?Episode 28: What is a good account for an emergency fund besides a savings account?
Today, join Josh and Garrett as they discuss emergency funds and where to put emergency fund money other than savings accounts!
3 key takeaways:
Savings accounts are FINE but it’s easy to transfer money back out, so sometimes it’s easier to set up some barriers to easy transfers.
The purpose of an emergency fund is NOT to get a return on it!
Options for where clients should put their emergency funds:
High Yield Savings Account (consider accessibility)
CDs (consider liqu...2022-06-1440 min
Financial Coaches Network - The Podcast: Build your Financial Coaching Business#27: How do I fire a client?Episode 27: How do I fire a client?
Today, Josh and Garrett have a conversation about how to deal with clients who aren’t working out.
3 key takeaways:
Reasons to fire clients: philosophical differences, clients who are a PITA (pain in the ass..ets), and unethical or illegal actions/activities.
If the client is doing illegal things or trying to involve you in illegal things, no kid gloves. Be as blunt as “I cannot be involved in this so I cannot work with you.”
Consider having a “budget review” where you look at what the recommenda...2022-06-0730 min
Financial Coaches Network - The Podcast: Build your Financial Coaching Business#26: How do I do quarterly tax filings?Episode 26: How do I do quarterly tax filings?
Join Josh and Garrett as they discuss the boring-yet-super-important topic of quarterly taxes!!
3 key takeaways:
Each quarter's tax payment is due 2 weeks after the end of that quarter. Thus Q1 (Jan/Feb/March) payment is due April 15, Q2 is due July 15 etc.
Do you have to pay quarterly estimates?
Yes - if your tax liability is over $1000.
No - if you look at TOTAL tax payments from ALL taxes (W2, 1099, self-employed, all) and your withholdings from all jobs are going to equal at least 90% of next...2022-06-0134 min
Financial Coaches Network - The Podcast: Build your Financial Coaching Business#25: What software is there designed for financial coaches?Episode 25: What software is there designed for financial coaches?
Join Josh and Garrett as they talk about what software is out there to make your life easier as a coach. It’s not really feasible to trust clients on their rough estimates of how much they spent; we as coaches really need hard numbers.
3 key takeaways:
Software for financial advisers just doesn’t really cut it; it often doesn’t have great cashflow planning AND can open you up to liability with tools that you’re not legally allowed to use. Plus they’re super expe...2022-05-2432 min
Financial Coaches Network - The Podcast: Build your Financial Coaching Business#24: How Fellow Financial Coach Amelie Found her Niche, and Early SuccessEpisode 24: How fellow financial coach (and FCN team member!) Amelie found her niche and early success
Garrett and Amelie discuss Amelie’s coaching journey so far, from being one of FCN Launch’s first members to receiving a scholarship for the AFCPE (Association for Financial Counseling & Planning Education) program.
3 key takeaways
Niches are important, even though it can be scary to narrow things down.
It’s ok to change your niche!
Think about WHY you want to start your own business. Entrepreneurship is glorified and not easy!
Resources mentioned in this episode:
FCN Fi...2022-05-1041 min
Financial Coaches Network - The Podcast: Build your Financial Coaching Business#23: Investments to make in your business as a new financial coachEpisode 23: Investments to make in your business as a new financial coach
Join Josh and Garrett as they discuss what you need to spend money on as you start focusing on your coaching business. The most important takeaway is that the #1 thing that limits the growth of businesses is the business owner’s time!
3 key takeaways:
Business finances are different than personal finances!
Starting: Focus on short-term wins that provide a return on monetary AND time investments. (Examples: minimum viable marketing, processes that allow you to NOT reinvent the wheel with every client, set up...2022-05-1033 min
Financial Coaches Network - The Podcast: Build your Financial Coaching Business#22: How to Navigate When Couples Fight or Argue During SessionsEpisode 22: How to navigate when couples fight or argue during sessions
Couples may not openly start yelling at each other during sessions very often, but passive aggressive snips are certainly a possibility. How do you handle those situations?
3 key takeaways
Don’t take sides, as hard as it can be sometimes!
Help each person understand their partner’s perspective.
When one person doesn’t want to take your recommendations, first recognize that your recommendation isn’t always right and then dig into why.
Want help building or growing a su...2022-05-0336 min
Financial Coaches Network - The Podcast: Build your Financial Coaching Business#21: Best Practices for Asking for Referrals from Referral PartnersBest Practices For Asking For Referrals From Referral Partners
02:23 - Why Not Make Referral Partners Your Priority When First Starting Off
02:55 - Building Up Referral Partners, Building Up That Trust
04:18 - Having a Certain Level of Vulnerability and Honesty With Your Referral Partners
05:29 - No Successful Business Owner Looks Badly Upon You For Having No Clients
06:14 - Every Business Owner Experiences Ups and Downs
07:41 - Maintaining the Relationship With Your Clients
10:42 - Care to Understand What's Going On With the Clients Across the Real or Virtual Table
11:35 - Referral Partnership is Very Much a Personal Relationship
12:45...2022-04-2727 min
Financial Coaches Network - The Podcast: Build your Financial Coaching Business#20: What Bookkeeping Software Should I Use And Do I Need It?Episode 20: What Bookkeeping Software Should I Use And Do I Need It?
01:20 - Bookkeeping Defined
02:50 - The Tax Rules Related to Bookkeeping
05:13 - Start Doing Bookkeeping Sooner Rather Than Later
08:45 - The Categorization of the Income and Expenses
10:26 - The More Serious You are in Business, the Earlier You Should Start Getting Help in Bookkeeping
11:56 - The Help of CPAs and Bookkeepers in Setting Up Your Business
16:48 - Finding a Good Bookkeeper Helps Save Time and Money
23:52 - The Way You Should Get B...2022-04-1937 min
Financial Coaches Network - The Podcast: Build your Financial Coaching Business#19: What is a Marketing Funnel and How Do I Create One?Episode 19 : What is a Marketing Funnel and How Do I Create One?
00:46 - Everyone Wants to Know What Funnels are
01:39 - Marketing Funnels That Work…Don’t Work
02:24 - Marketing Funnel = Advertising Campaign
05:26 - Aligning Your Marketing Campaigns with Your Client’s Journey
07:09 - Having Success with a Marketing Ecosystem
08:12 - The Ecosystem and the Funnel Defined
09:33 - The Overview of a Marketing Funnel
11:24 - Understanding the Different Stages of Becoming a Financial Coach
16:28 - The Importance of Building Relationships With Your Cl...2022-04-1231 min
Financial Coaches Network - The Podcast: Build your Financial Coaching Business#18: How Can I Make My Coaching Process Unique and Have It Stand Out?00:43 - Being Unique Makes Marketing Easier
01:37 - Dispelling the Myth That “X” Is a Commodity
04:22 - Viewing Coaching As a Commodity
05:10 - Being Unique Gives Prospects a Compelling Reason to Choose You Over Anyone Else
09:10 - Why One Size Fits All Does Not Work
12:38 - Challenges and Disadvantages to a Generic Program
14:35 - Followthrough and Referability
15:05 - How Do You Make Your Program Unique?
18:37 - The Work of Research On Your Target Market
23:12 - How Have Some “Generalist” Coaches Made It As a Ful...2022-04-0535 min
Financial Coaches Network - The Podcast: Build your Financial Coaching Business#17: What to Do When a Client is Resistant to Your Ideas/Suggestions?Episode 17: What to Do When a Client is Resistant to Your Ideas/Suggestions?
02:34 - 3 Reasons A Client Might Be Resistant
03:53 - Garrett’s Experience With a Resistant Client
05:20 - Reason #1 - Coaches Need To Take Ownership of Their Tendency to Judge
09:02 - Really Looking at It From the Perspective of Your Clients
12:10 - Recognize Your Clients’ “Sacred Cows”
15:45 - Reason #2 - Client Doesn’t Understand Why Something is Important
20:31 - Recommendations On How to Start the Conversation
24:14 - Don’t Take Ownership of Other People's...2022-03-2944 min
Financial Coaches Network - The Podcast: Build your Financial Coaching Business#16: Is Buying a New Car Really a Bad Idea?Episode 16: Is Buying a New Car Really a Bad Idea?
02:33 - A New Car Depreciates Slightly Rapidly
04:12 - Buying a Used Car is Not Always the Better Option
06:13 - New Versus Used Insurance and Taxes
07:51 - Gas Mileage - One of the Hidden Costs of Owning A Car
10:33 - Money Exists So That We Can Use It, Not to Hoard It
12:34 - Different Factors to Consider When Buying a Car
15:18 - Buying a Used Car Versus a New Car
19:04 - Arguing About Buying a...2022-03-2229 min
Financial Coaches Network - The Podcast: Build your Financial Coaching Business#15: How Do I Spend Less Time Preparing For Client Meetings But Still Provide The Same Value?Episode 15: How Do I Spend Less Time Preparing For Client Meetings But Still Provide The Same Value?
01:05 - Garrett’s Experience from the First Couple of Years of Coaching
02:54 - The Balance Between Process Standardization and Customization
05:07 - Falling Into the Fundamental Trap of Catering to Individual Clients
07:13 - Process Standardization Takes Over Everything
12:55 - Making the Meeting Productive
15:06 - When You Start Scaling Your Business
15:49 - Providing the Same Level of Value With a Lot Less of Time
17:17 - Additional Time for Sal...2022-03-1532 min
Financial Coaches Network - The Podcast: Build your Financial Coaching Business#14: What are Workflows and Why are They Important?Episode 14: What are Workflows and Why are They Important?
02:49 - Understanding Workflows and Processes
04:43 - Setting Up Workflows for a Project
06:26 - Standardizing a Process with a Series of Steps
08:39 - Turning Processes Into a Visual Workflow
09:49 - Planning Out the Work with the Client
11:35 - Doing Your Work with Less Effort
16:15 - Making Adjustments to the Workflows
20:22 - Using Checklist to Break Down Tasks
24:06 - Financial Coaching-Related Prospect Workflows
29:22 - Don’t Lose Out on Clients and Sales Opp...2022-03-0834 min
Financial Coaches Network - The Podcast: Build your Financial Coaching Business#13: What are Best Practices When Asking for Client Referrals from Friends and Family?Episode 13: What are Best Practices When Asking for Client Referrals from Friends and Family?
04:10 - Asking Friends and Family to Find You Clients
05:53 - Identifying the Needs of Your Niche
06:45 - Understanding Who It Is You're Serving
09:41 - Why it’s Important to Think of Actual People
13:01 - Having a Reason to Send Client Referrals
16:02 - Being Sensitive to Talk About Money-Related Issues
21:52 - Common Problems in Client Referrals
24:31 - The Transparency of What the Process Looks Like
Want help building or...2022-03-0125 min
Financial Coaches Network - The Podcast: Build your Financial Coaching Business#12: Freebies: When to Use Them, When to NotEpisode 12: Freebies: When to Use Them, When to Not
01:40 - Examples of Freebies
02:52 - Freebies Defined
03:44 - Developing and Designing Your Freebies
05:08 - Freebies Relevant to Your Audience
07:21 - Having a Powerful Connection to the Budget
08:35 - Understanding the Rest of the System
08:57 - The Strategy Behind the Freebie
10:36 - Creating a Freebie Until a Very Specific Niche Has Been Identified
11:42 - Getting the Right People Under Your Niche
13:54 - Creating Unique Freebies to Stand Out
15:49...2022-02-2229 min
Financial Coaches Network - The Podcast: Build your Financial Coaching Business#11: What is Marketing vs. Advertising vs. Sales?Episode 11
What is Marketing vs. Advertising vs. Sales?
01:59 - Marketing Defined
02:45 - The Three Primary Stakeholders of a Business
05:26 - The Four Marketing Tools of Marketing
11:35 - Marketing is a Lot Bigger Than Just Promotion
14:40 - Developing a Strategic Mission and Vision
15:03 - Advertising and Sales
17:31 - Publicity - A Particular Communication to Your Audience
18:23 - Advertising Explained
21:45 - Using Advertising After the Purchase Relationship
23:07 - Sales Promotion
24:47 - The Difference Between Sales and Advertising2022-02-1537 min
Financial Coaches Network - The Podcast: Build your Financial Coaching Business#10: How Do I Handle Questions From Clients I Don't Know The Answer To?Episode 10
How Do I Handle Questions From Clients I Don't Know The Answer To?
01: 02 - It’s Okay to Not Know the Answer
01:34 - Making a Lie and Making Something Up
02:49 - Faking That You Know the Answer
02:58 - The Temptation to Lie Without Lying
05:05 - Cultivating the Fear Response
06:05 - Clients May Start Doubting You
07:43 - Don't Be Afraid that You Don't Know the Answer
07:58 - Protecting Your Integrity
09:33 - Charging Clients for the Extra Work Outside of th...2022-02-0829 min
Financial Coaches Network - The Podcast: Build your Financial Coaching Business#9: Should I Start a Blog or Newsletter?Episode 9
Should I Start a Blog or Newsletter?
02:08 - Irrational Exuberance About Having a Blog
03:31 - The Early Mover Advantage
05:08 - Starting a Blog to Build Relationships With People
07:09 - The Fundamental Problem of a Blog
08:47 - The Difference Between a Blog and a Newsletter
10:30 - Some Best Practices for Blogs
12:09 - Building Authority on Your Website Through Blogs
13:28 - The Time Required to Write a Blog
14:40 - When is the Best Time to Write a Blog?
16:32...2022-02-0133 min
Financial Coaches Network - The Podcast: Build your Financial Coaching Business#8: How Do I Raise My Prices With Existing Clients?Episode 8
How Do I Raise My Prices With Existing Clients?
01: 52 - Why Many Coaches Ask This Question
02:47 - Misalignment Between your Value and the Price
03:14 - The Fear of Communicating Prices With Clients
04:28 - Raising Your Price
07:29 - Understanding How Your Clients are Going to Perceive Your Price Increase
08:47 - How You Position Yourself Around this Matter
11:25 - Pricing Management, Evaluation, and Update
13:48 - The Inflation Adjustment
14:24 - Making Sure the Cost is Appropriate to Your Cost Structures
2022-01-2529 min
Financial Coaches Network - The Podcast: Build your Financial Coaching Business#7: What to Do When Clients aren't Following Through on Recommendations/Homework?Episode 7
What to Do When Clients aren't Following Through on Recommendations/Homework?
02:37 - When Clients Don’t Do Their Homework
05:12 - Our Initial Reactions as Coaches
06:20 - The Best Thing You Can Do
07:12 - How to Control the Negative Effects of Your Emotions
09:17 - Exploring Things Both Within and Outside a Client’s Control
10:33 - Understanding the Why Behind It Helps Them Make That Progress
13:43 - Knowing What Not to Push on Certain Things
16:32 - The Importance of Having a Financial Help...2022-01-1829 min
Financial Coaches Network - The Podcast: Build your Financial Coaching Business#6: What certifications/trainings do I need before coaching clients?EPISODE 6
What Certifications/Training Do I Need Before Coaching Clients?
01: 14 - Certifications and Training Required to be a Financial Coach
02:00 - The Confusion Between Certifications and Licenses
04:59 - Financial Coaching Defined
06:00 - Different Laws/Rules Regarding Certifications and Licenses
07:10 - Being Careful with Insurance
08:21 - Being Careful with Taxes
09:02 - Being Careful with Anything Related to the Law
09:57 - Being Extra Careful with Investments
12:03 – Different Perspectives Within the Financial Coaching Industry
14:37 - Financial Coaching Doesn't Have Any Le...2022-01-1138 min
Financial Coaches Network - The Podcast: Build your Financial Coaching Business#5: What are the Most Effective Marketing Strategies to Get Clients?What are the Most Effective Marketing Strategies to Get Clients?
2:15 - The Reality: There's NO Silver Bullet
2:59 - Not All of Your Clients are Active on Facebook
6:33 - Do Your Research and Understand Your Niche
7:57 - Finding Alignment With What You Do and Match It With a Potential Medium
9:16 - You Have to Start With Who is Your Audience
12:11 - Not All Marketing Strategies Have the Same Results
13:53 - Getting People to Go Through a Series of Processes
14:17 - What Ad Campaigns Do in Marketing?
15:44 - Focusing on a Particular Channel and Building Engagement With Your Audience
18:11 - Lev...2021-12-2834 min
Financial Coaches Network - The Podcast: Build your Financial Coaching Business#4: Should I Put My Pricing On My Website?EPISODE 4
Should I Put My Pricing On My Website?
01:47 - The Existing Debate Over This Topic
07:07 - What’s Behind this Question
09:15 - The Point of Views From Different Perspectives
14:43 - Potential Conflict of Interest
17:56 - Will It Stop Me From Getting Clients?
18:35 - The Value and Benefits to Justify Your Price
21:08 - Can Sales Calls Be Manipulative?
22:28 - What’s the Sales Call All About?
23:28 - Putting the Price on the Website May Lose Potential Clients
25:23 - Pricing on the Website Builds Trust
27:13 - Adjusting Your Price
30:52 - Should You Lower Your Price to Get More...2021-12-1447 min
Financial Coaches Network - The Podcast: Build your Financial Coaching Business#3: Managing Impostor Syndrome Around Your Coaching ProcessEPISODE 3
Managing Impostor Syndrome Around Your Coaching Process
01:51 - Defining of Impostor Syndrome
04:50 - An Effective Way to Embrace Impostor Syndrome
11:45 - Realize Where You are and Where You Need to Go
18:15 - Look for the Information Relevant to Your Clients
20:35 - Identify Your Actual Coaching Process
23:31 - Why Workflows Build Confidence
28:20 - Let Your Clients Know Your Process
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 Fac...2021-12-0737 min
Financial Coaches Network - The Podcast: Build your Financial Coaching Business#2: How to Get Clients at the Beginning of Your PracticeEPISODE 2
How to Get Clients at the Beginning of Your Practice
2:44 - How do I get my first few clients?
14:19 - Building Trust
15:31 - Building Confidence
20:53 - Your First Group of Clients
24:50 - Things You Shouldn’t Do When You’re Starting Off
26:15 - Social Media Influence
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!
- Already...2021-11-3039 min
Financial Coaches Network - The Podcast: Build your Financial Coaching Business#1: Your Successful Financial Coaching Business: Help with Getting Clients, Working with Clients, and Running the Business.EPISODE 1
Your Successful Financial Coaching Business: Help with Getting Clients, Working with Clients, and Running the Business.
Financial Coaches Network Podcast: All You Need to Know About Financial Coaching
01:38 - Garrett Background
4:18 - Josh’s Background
7:12 - What is Financial Coaching?
11:55 - A Holistic View of Financial Management
13:34 - What is the Purpose of This Podcast?
17:21 - How to Define Your Niche
18:15 - What Do People Get From Listening to Your Podcast?
18:23 - The Three Pillars for Successfully Building a Financial Coaching Business
18:55 - How do I get clients?
20:58 - Working With Clients
22:46 - Ru...2021-11-2330 min