Frequently Asked Questions
If you can’t find your answer below, use the contact us section to ask.
Personal Financial Coaching
What are the top 3 things I will gain from financial coaching?
1. An understanding of your financial position and a set of clear financial goals.
2. An actionable financial plan that will give you control over your money.
3. The knowledge to confidently follow your plan.
What areas of finance can you help me with?
Our coaches are qualified ex financial advisers so they can help coach and educate you across all areas of money and finance. Whether it is planning your budget to fit a particular long term goal or understand how your pension will provide for you in retirement we will be there to give you the confidence to work your plan. What we won’t do is provide any advice or sales pitch on specific investment products or funds.
What is the difference between a financial coach and a financial adviser?
A financial coach is there to help you understand your financial position, set clear goals and form a plan to achieve those goals. We want to provide you with the knowledge to confidently manage your own money over the long term. We are not looking to sell you an investment product or an ongoing service. Although we are not regulated (as we do not sell you any investment products), Fincoco coaches are fully qualified as financial advisers and have worked in the industry in that role.
A financial adviser should look at your overall position and recommend suitable investment products and funds that meet your needs. They will then, usually, charge an ongoing % fee to provide ongoing advice. They are regulated by the FCA.
I think I need financial advice, is coaching still worth it?
We believe that it is best to have a clear idea of what your financial priorities and goals are before you look for an adviser. For some people, there is a need to use a financial adviser to action their financial plan fully but how do you know which adviser to choose? What things should you be looking for? What things should you stay away from? Which type of adviser and service will suit your need best? What key questions should you be asking?
We can use financial coaching to get you to a stage where you are confident in what you are looking for in an adviser so that you can find the right one for you.
How qualified are the Fincoco coaches?
Our coaches are fully qualified financial advisers holding diplomas in regulated financial planning.
All our coaches have worked as financial advisers, and have decided to move into financial coaching to help those who do not have easy access to the traditional wealth based financial advice model.
What's the cost difference between coaching and advice?
The Money Empowerment Package costs £1,975. This sets you up to confidently manage your finances long term.
Looking at the financial advice route – if you have the minimum £100,000 to invest then the traditional advice path will normally involve an initial fee of around 2.4% (£2,400 on £100,000) and then an ongoing advice fee for which the current average, according to Which, is 0.8% (£800 on £100,000 per year).
Total cost in the first year £3,200 on the £100,000. And then the ongoing fee will continue every year.
This fee will have involved one or two meetings with your adviser to agree the plan and sign the paperwork.
The benefit to this route is that you have received the advice so if it is inappropriate you would be able to make a complaint and the advice firm will deal with the provider for you. The negative is that you have already paid £3,200 in fees and will have an annual fee of 0.8% taken from your investment every year ongoing. Over a 10 year period this will add up significantly.
Financial coaching with Fincoco will not give you a specific recommendation for a product or fund but it will give you the knowledge and understanding to make your own, informed decisions on your money. With the large number of online self-investment platforms, many people do not necessarily need the full advice product or ongoing service model.
Corporate Employee Financial Coaching
What benefit does this bring my company?
Financial coaching and education can increase your employees financial wellbeing, reduce their stress levels and lead to greater productivity.
It is also a stand out employee benefit that will bring real value to your employees.
How would you put together a corporate package?
The first step is to contact us with any questions you may have and to arrange a call. We will liaise with the person you think most relevant to managing employee benefits and agree on what your company is looking to provide it’s employees.
A detailed plan and quote will then be developed based on the size of the company, the number of topics and the regularity of contact you would like your employees to have.
Every company is different and as such we will look at each corporate package as a bespoke need.
What areas of money can you help my employees with?
Topics that a financial coach can help with include:
Workplace Pension Schemes
Income Tax and National Insurance
Life Insurance
Sick Pay and Income Protection
Share Option Schemes
Budgeting
Executive-specific issues – higher/additional rate tax management, child benefit impact, reduced pension allowances
Why use a financial coach rather than a financial adviser to provide this service?
Fincoco is there to provide financial coaching and education to your staff with no onward sales pitch for any investment or pension products.
You and your employees will receive fully independent guidance on money matters because our mission is to educate and empower rather than sell investments.
We want to help inform all of your employees on how best to manage their finances regardless of what stage of their money journey they are at. A financial adviser, is more likely to focus on employees who are at the point of retirement when large workplace pensions may be potential income generators for ongoing financial adviser fees.
Getting Started is Easy
Free 15 Min Chat
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Book Your Primary Coaching Session
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Primary Coaching Session
Complete your session with your qualified coach and receive your financial plan and summary report.
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