If you’re on the fence about booking a financial coaching call with one of Claro’s experts (like Sarah, in the photo above!), here are some reasons why just 45 minutes could get you closer to your goals.
Understand your financial situation
In order to create a realistic financial plan, you first need to understand where you are now.
Your Financial Coach will use your information to give you a clear picture of your current situation, so you can see where you might want to make changes.
Define your goals
Before your call, we’ll ask you about your financial goals. This could be learning to budget, buying a home, saving for retirement – anything you want to achieve in life.
During your coaching session, the coach will help you flesh out your goals. How much exactly do you need to save? Which is your main priority? What might you not have considered?
Discussing your goals with someone and setting targets and timelines helps make them more real and, ultimately, more achievable.
Explore your options with coaching
Whatever your goals, a Financial Coach can explain the options available to help you get there.
For example, if you’re looking to buy a house, they can run through the government help schemes available, or if you’re searching for a savings account, they can take you through the different types.
They can explain ISAs, LISAs, investment funds, pension types – you name it, they’re experts.
It’s worth noting that a Financial Coach differs from a Financial Advisor in that they can’t give you specific recommendations when it comes to products and services.
Get actionable next steps
After your call, your coach will provide a list of actions based on what you discussed.
These will be available in the Claro app as well as emailed to you, so you have a concrete list of next steps to refer back to and track your progress against.
Your coach can also set up goals for you in the Claro app.
Coaching can help you create a budget
Our Financial Coaches are experts at helping you develop better habits when it comes to your money. In one call, your coach can help you build a realistic budget that you’ll actually stick to, as well as adopt healthier habits when it comes to spending and saving.
Learn more about investing
New to investing? Your journey starts here! A financial coaching call can help you to understand the different types of investment accounts, the risks involved, the benefits of investing ethically and how our portfolios at Claro are chosen. Remember that your coach can’t recommend a specific investment for you.
If you do decide to invest, remember your capital is at risk.
Get answers to your questions
During the call, you’ll have the opportunity to ask your coach any questions you might have. If there are any confusing financial terms you don’t understand, for instance, now’s your chance to ask. This is your time, so use it wisely! You might want to make a list of questions before the session so you don’t forget them, and it might be worth checking our FAQs first.
Coaching is cheaper than a Financial Advisor
Financial Advisors are traditionally for the wealthy, people looking to invest a significant amount or those nearing retirement. In fact, the average hourly rate for a Financial Advisor in the UK is £150 (or they often charge an annual management fee equivalent to 0.75-1% of a client’s assets). A Financial Coach, on the other hand, tends to be cheaper.
Reach your goals sooner
Armed with more knowledge when it comes to your finances, just one session with a Financial Coach should set you on the path to reaching your goals sooner than you thought!Tags: Coaching