Setting the right expectations helps us
The initial stage of a coach/client relationship can be tricky. Clients come into this relationship with a variety of reasons and perspectives. Coaches and counselors are trying to ascertain what direction this relationship may go based on limited information. How do coaches and counselors come to an understanding? We covered a lot of that in our previous blog post entitled Getting to know you…This feels a lot like 20 questions.
The beginning stage of the relationship also includes a discussion about the regularity of sessions, attendance and engagement expectations, cost and payment structure and client responsibilities between sessions. Depending on the initial discussions about priorities and the critical nature of the client's financial picture, they may meet with their coach weekly. However, that frequency could change as the client becomes more confident and sufficient in their goals. Intake is a valuable part of the coach/client relationship and can take a few sessions to be established.
Now that we have established how the first few sessions will go, let's talk about the next phase of the relationship. There could be homework assignments that require the client to research resources, credit or investment information for further discussion. The client gets to celebrate wins and progress, and the coach gets to enjoy their successes and encourage them to keep up the good work. During these sessions, clients may be discouraged at not moving forward in a particular challenge. This is where the coach can step in with encouragement and dig into the 'why' behind the standstill. Are we lacking information or education? Are there outside matters distracting the client without their awareness? The coach may switch their hat from coach to counselor to help the client recognize where they are and how they can progress.
The conclusion of this coach/client relationship can occur for a couple of reasons. One reason is that the client has progressed and grown so much that they no longer need to meet regularly with the coach. There can be annual touchpoints to learn about progress and address any new financial topics that have arisen. That could lead to the client seeing the coach more regularly, but that's why you check in. The relationship could end because there are other issues the client needs to address before they can make any progress in their finances. It could be mental health issues, marital issues, or other significant matters that need to be the primary focus of the client and are outside the scope of the financial coach. The door can remain open for the client to return when they are in a better place to proceed.
The relationship could also end because it isn't a good fit - and that's okay. Sometimes the client needs a different voice and presentation to succeed. Better to be upfront about the misalignment so that the relationship can dissolve positively. References can be shared with the client that can help them accomplish their desired goals.
The success or failure of the financial coach client relationship does not rest with only one party. Honesty and transparency by both are critical for this relationship to thrive. The client must be open about their financial experience, and they can because that transparency was earned by the coach. The coach offers insight and empathy to the client through actively listening to the client's expressed concerns and priorities. It really takes two to tango.
If this has been helpful and you believe you are ready to embark on this journey, please let us know. I promise not sit awkwardly across a desk from you or stare weirdly into the camera. StudioM wants to be a trusted and respected resource for you regarding your finances. Sending us an email or text can be the 10% vital for you today. You are worth the effort! letstalk@studiomfinancial.net or (469) 615-0387. Until we meet, keep working on the change.