Getting to know you…This feels a lot like 20 questions
“Building a trusting and supportive relationship with the client is foundational to work as a financial counselor.” (Financial Counseling, Dorothy B. Durband, Ryan H. Law, Angela K. Mazzolini, pg.32)
Building: to establish, increase, or strengthen
Trusting: inclined to trust; confiding
Supportive: providing additional help, information
Relationship: an emotional or other connection between people
What does this mean? Most sessions begin with the financial counselor asking the client a series of questions. Those questions can be conducted verbally or in written form. Frankly, it can feel rather painful and intrusive. From the financial counselor’s perspective, they are asking personal questions and poking around in areas that, up to this point, were closed off. From the client’s perspective, a previously unknown person is shining a very bright light into dark places. Awkward. But what is the purpose of this exercise? To create and build a positive, working and open association to achieve a goal. That goal has yet to be revealed, hence the questions, but both parties have come together with that task in mind. The basis of this association is trust. The financial counselor believes that their clients are open and honest with their situation; the client believes that disclosed information is kept safe and confidential. That’s a lot for both sides to consider, but the potential pay off is life changing.
What types of questions can a client be asked?
Tell me about your financial experiences to date?
How do you currently manage your finances?
What do you value?
How do you track spending?
What methods have you used to budget? What was successful and unsuccessful?
When was the last time you requested your credit report?
The client may not have answers to these questions, and truthfully, that is understandable. The lack of answers provides space for conversations and a better understanding of the client and their needs. We will talk about this in a future post, but building a rapport needs to happen relatively quickly. The financial counselor or coach must prove trustworthy from the beginning. Making the client comfortable enough to share personal details is a skill that is constantly being honed and strengthened. Successfully connecting with the client makes goal setting and troubleshooting much easier. As sessions progress, clients self-direct and recognize necessary adjustments. This is where the life changing potential is revealed.
Hopefully you have a better understanding of the coach client relationship If you are considering the services of a financial counselor or coach. In encourage you to not be put off by all the questions. Those questions and follow up discussions are the gateway to you accomplishing your financial goals and changing the pathway for your life. Engage in the process! You are worth it.
50/70/100 principle. Questions can be uncomfortable; answers can help you move towards your goals; reaching out to a financial coach is the necessary first step. StudioM Financial is here to help. Reach out at letstalk@studiomfinancial.net or (469) 615-0387. Until we meet, keep working on the change.