Professionalizing the Field of Financial Coaching
September 14, 2016
A Reflection on Where We've Come. A Glimpse at Where We're Going.
A Shared Mission
Financial Coaches Must Be Financial Experts.
All consumers, regardless of income or background, deserve access to highly trained professionals with financial knowledge and experience, as well as a strong commitment to ongoing professional development.
In May of 2015, the CFPB announced its financial coaching initiative. Our educational model is critical to the success of this program, which has placed 60 certified financial coaches at organizations around the country.
CFPB Coaches: Finalizing Certification. Creating Lasting Impact.
Now in the second year of this important initiative, our Financial Coaches have completed their course work and are finalizing their certifications. They are focused on helping veterans who have recently transitioned from active-duty status as well as economically vulnerable consumers make good financial decisions and reach their financial goals.
Delivering Customized Financial Coach Training to Various Non-Profit Groups
Recognizing the unique needs of our nonprofit partners, we have begun to offer customized financial coach training onsite and virtually for various professional groups. These trainings range from coaching skills and techniques to webinar review sessions that address employee's knowledge gaps to master the AFC® core competencies. Groups we have worked with include: National Community Tax Coalition, Cities for Financial Empowerment Fund, Homeownership Preservation Foundation and United Way Capitol Corridor Region.
Recognizing Financial Coach Training as a Valuable Tool for Financial Planners
In 2015, the onsite Financial Fitness Coach (FFCTM ) training program was approved for 10 CEUs for CFP® Professionals. This Fall, Saundra Davis has been invited to teach an online Coaching Skills for Financial Advisors course through Golden Gate University.
Outlining the Core Competencies of our Financial Fitness Coach (FFCTM) Program
The FFC program fully integrates counseling and coaching skills. Upon completion, Financial Fitness Coaches have the depth of knowledge and the skills that allow them to meet clients wherever they are in their financial life, identify their financial goals, and collaborate with them to develop an action plan and appropriate steps to achieve those goals.
The Coaches: Who They Are. What They're Saying.
Financial Fitness Coach Candidates are Diverse, Both in Area of Work and Geography. The use of coaching techniques are proving valuable across all areas of work. Our Financial Coach candidates come to us from private practice, non-profit community based groups, Cooperative Extension and University settings, as well as military and government agencies.
Laying a Plan For Measured Growth
From its inception in 2014, FFC registrations have grown by 56% year-over-year. Focusing on the AFC® as the foundation of knowledge, we have outlined a strategic plan for measured and intentional growth.
We are currently taking important steps to enhance the program by:
- Implementing a learning management system.
- Exploring funding opportunities and partnerships.
- Utilizing the work of our coaches to measure impact and behavior change.
We Look Forward to Continuing to Share this Journey With You!
We invite you to learn more about our Financial Coach programs. Watch our informational webinar or join us for onsite FFC training, November 19-20 following the 2016 AFCPE Symposium in Louisville, KY.
If you have questions about any of our certification programs or want more information on individual certification or group training, please visit our website or email firstname.lastname@example.org.
SETTING THE STANDARD,
The AFCPE & Sage Financial Solutions Team