Financial Coaches Network - The Podcast: Build your Financial Coaching Business

By Joshua Escalante Troesh, Garrett Philbin, Amelie Riendl, and Emily BlainBusiness Entrepreneurship

Financial Coaches Network - The Podcast: Build your Financial Coaching Business episodes

June 07, 2022#27: How do I fire a client?
Episode 27: How do I fire a client?
Today, Josh and Garrett have a conversation about how to deal with clients who aren’t working out.
3 key takeaways:
Reasons to fire clients: philosophical differences, clients who are a PITA (pain in the ass..ets), and unethical or illegal actions/activities.
If the client is doing illegal things or trying to involve you in illegal things, no kid gloves. Be as blunt as “I cannot be involved in this so I cannot work with you.”
Consider having a “budget review” where you look at what the recommendation was and where the clients at in order to frame it as “Clearly our budgeting ideas don’t line up, so it’s not right for me to continue taking your money.”
Want help building or growing a successful financial coaching business? Find resources below based on where you’re at in your journey:
Deciding whether Financial Coaching is right for you? Join our free Facebook Community with over 5000 current and aspiring financial coaches! https://www.facebook.com/groups/financialcoachescommunity
Already decided you’re going to be a Financial Coach and want to learn more? Get 30+ tips and best practices in our free 8-part email series! https://www.financialcoachesnetwork.com/pre-launch-email-series
Ready to Launch your Financial Coaching business? Join FCN Launch, our step-by-step program that will help you successfully launch your business in four months and grow it to a consistent part-time income. https://www.financialcoachesnetwork.com/launch
Are you already coaching clients and want to grow your business to a full-time income? Join FCN Grow, our program that helps you scale your business to a full-time income. https://www.financialcoachesnetwork.com/grow
31 min
June 01, 2022#26: How do I do quarterly tax filings?
Episode 26: How do I do quarterly tax filings?
Join Josh and Garrett as they discuss the boring-yet-super-important topic of quarterly taxes!!
3 key takeaways:
Each quarter's tax payment is due 2 weeks after the end of that quarter. Thus Q1 (Jan/Feb/March) payment is due April 15, Q2 is due July 15 etc.
Do you have to pay quarterly estimates?
Yes - if your tax liability is over $1000.
No - if you look at TOTAL tax payments from ALL taxes (W2, 1099, self-employed, all) and your withholdings from all jobs are going to equal at least 90% of next year's tax liability. (How do you know next year's tax liability? It's a pain to try to figure out, so this one is not super helpful)
No - if your withholdings are 100% of your tax liability from last year.
How to pay quarterly taxes
Option 1 - Over-withold W2 taxes to cover other tax liability
Option 2 - Pay quarterly. Fill out the 1040 ES (estimated) or pay your tax preparer or a reputable company to do it for you.
Bonus tip: Make sure you PAY your estimated quarterly taxes (see links); don't just set them aside in a savings account!
Resources mentioned in this episode:
- https://www.eftps.gov/eftps/
- Form 1040 ES
Want help building or growing a successful financial coaching business? Find resources below based on where you’re at in your journey:
Deciding whether Financial Coaching is right for you? Join our free Facebook Community with over 5000 current and aspiring financial coaches! https://www.facebook.com/groups/financialcoachescommunity
Already decided you’re going to be a Financial Coach and want to learn more? Get 30+ tips and best practices in our free 8-part email series! https://www.financialcoachesnetwork.com/pre-launch-email-series
Ready to Launch your Financial Coaching business? Join FCN Launch, our step-by-step program that will help you successfully launch your business in four months and grow it to a consistent part-time income. https://www.financialcoachesnetwork.com/launch
Are you already coaching clients and want to grow your business to a full-time income? Join FCN Grow, our program that helps you scale your business to a full-time income. https://www.financialcoachesnetwork.com/grow
35 min
May 24, 2022#25: What software is there designed for financial coaches?
Episode 25: What software is there designed for financial coaches?
Join Josh and Garrett as they talk about what software is out there to make your life easier as a coach. It’s not really feasible to trust clients on their rough estimates of how much they spent; we as coaches really need hard numbers.
3 key takeaways:
Software for financial advisers just doesn’t really cut it; it often doesn’t have great cashflow planning AND can open you up to liability with tools that you’re not legally allowed to use. Plus they’re super expensive for a new financial coach!
FCN has partnered with an Australian company to port their existing software to the USA!
At the end of your coaching program, you can continue providing immense value to your clients by continuing to categorize transactions for them—and you can continue to charge them for that while remaining front-of-mind for any future needs they have.
a.) People pay for convenience all the time (hiring someone to mow their lawn instead of doing it themselves, using Instacart instead of going to the grocery store, ordering takeout/Doordash/whathaveyou instead of cooking!)
b.) The belief that “clients need to do it themselves to get value” is just incorrect.
Resources mentioned in this episode:
We’re gathering emails so we can let you know when FCN’s MoneyCoach software (formerly known as Your Spending Tracker/YST) is ready for you! Sign up here.
FCN Launch (new cohort beginning June 5!)
Want help building or growing a successful financial coaching business? Find resources below based on where you’re at in your journey:
Deciding whether Financial Coaching is right for you? Join our free Facebook Community with over 5000 current and aspiring financial coaches! https://www.facebook.com/groups/financialcoachescommunity
Already decided you’re going to be a Financial Coach and want to learn more? Get 30+ tips and best practices in our free 8-part email series! https://www.financialcoachesnetwork.com/pre-launch-email-series
Ready to Launch your Financial Coaching business? Join FCN Launch, our step-by-step program that will help you successfully launch your business in four months and grow it to a consistent part-time income. https://www.financialcoachesnetwork.com/launch
Are you already coaching clients and want to grow your business to a full-time income? Join FCN Grow, our program that helps you scale your business to a full-time income. https://www.financialcoachesnetwork.com/grow
33 min
May 10, 2022#23: Investments to make in your business as a new financial coach
Episode 23: Investments to make in your business as a new financial coach
Join Josh and Garrett as they discuss what you need to spend money on as you start focusing on your coaching business. The most important takeaway is that the #1 thing that limits the growth of businesses is the business owner’s time!
3 key takeaways:
Business finances are different than personal finances!
Starting: Focus on short-term wins that provide a return on monetary AND time investments. (Examples: minimum viable marketing, processes that allow you to NOT reinvent the wheel with every client, set up systems to prevent you from getting sued, calendar system, access to resources that provide you with support like FCN Launch or the AFCPE)
Going full-time:
marketing-related (how to get more people into your pipeline)
sales support (training, tech and systems/CRM, automations for follow-up)
things around reclaiming time (bookkeeping services, automation, VAs)
Resources mentioned in this episode:
FCN Podcast Episode #11: What is Marketing vs. Advertising vs. Sales?
AFCPE
FCN Launch (new cohort beginning June 5!)
Want help building or growing a successful financial coaching business? Find resources below based on where you’re at in your journey:
Deciding whether Financial Coaching is right for you? Join our free Facebook Community with over 5000 current and aspiring financial coaches! https://www.facebook.com/groups/financialcoachescommunity
Already decided you’re going to be a Financial Coach and want to learn more? Get 30+ tips and best practices in our free 8-part email series! https://www.financialcoachesnetwork.com/pre-launch-email-series
Ready to Launch your Financial Coaching business? Join FCN Launch, our step-by-step program that will help you successfully launch your business in four months and grow it to a consistent part-time income. https://www.financialcoachesnetwork.com/launch
Are you already coaching clients and want to grow your business to a full-time income? Join FCN Grow, our program that helps you scale your business to a full-time income. https://www.financialcoachesnetwork.com/grow
34 min
May 10, 2022#24: How Fellow Financial Coach Amelie Found her Niche, and Early Success
Episode 24: How fellow financial coach (and FCN team member!) Amelie found her niche and early success
Garrett and Amelie discuss Amelie’s coaching journey so far, from being one of FCN Launch’s first members to receiving a scholarship for the AFCPE (Association for Financial Counseling & Planning Education) program.
3 key takeaways
Niches are important, even though it can be scary to narrow things down.
It’s ok to change your niche!
Think about WHY you want to start your own business. Entrepreneurship is glorified and not easy!
Resources mentioned in this episode:
FCN Financial Coaching Roadmap
AFCPE
Want help building or growing a successful financial coaching business? Find resources below based on where you’re at in your journey:
Deciding whether Financial Coaching is right for you? Join our free Facebook Community with over 5000 current and aspiring financial coaches! https://www.facebook.com/groups/financialcoachescommunity
Already decided you’re going to be a Financial Coach and want to learn more? Get 30+ tips and best practices in our free 8-part email series! https://www.financialcoachesnetwork.com/pre-launch-email-series
Ready to Launch your Financial Coaching business? Join FCN Launch, our step-by-step program that will help you successfully launch your business in four months and grow it to a consistent part-time income. https://www.financialcoachesnetwork.com/launch
Are you already coaching clients and want to grow your business to a full-time income? Join FCN Grow, our program that helps you scale your business to a full-time income. https://www.financialcoachesnetwork.com/grow
42 min
May 03, 2022#22: How to Navigate When Couples Fight or Argue During Sessions
Episode 22: How to navigate when couples fight or argue during sessions

Couples may not openly start yelling at each other during sessions very often, but passive aggressive snips are certainly a possibility. How do you handle those situations?

3 key takeaways
Don’t take sides, as hard as it can be sometimes!
Help each person understand their partner’s perspective.
When one person doesn’t want to take your recommendations, first recognize that your recommendation isn’t always right and then dig into why.

Want help building or growing a successful financial coaching business? Find resources below based on where you’re at in your journey:
Deciding whether Financial Coaching is right for you? Join our free Facebook Community with over 5000 current and aspiring financial coaches! https://www.facebook.com/groups/financialcoachescommunity
Already decided you’re going to be a Financial Coach and want to learn more? Get 30+ tips and best practices in our free 8-part email series! https://www.financialcoachesnetwork.com/pre-launch-email-series
Ready to Launch your Financial Coaching business? Join FCN Launch, our step-by-step program that will help you successfully launch your business in four months and grow it to a consistent part-time income. https://www.financialcoachesnetwork.com/launch
Are you already coaching clients and want to grow your business to a full-time income? Join FCN Grow, our program that helps you scale your business to a full-time income. https://www.financialcoachesnetwork.com/grow
37 min
April 27, 2022#21: Best Practices for Asking for Referrals from Referral Partners
Best Practices For Asking For Referrals From Referral Partners
02:23 - Why Not Make Referral Partners Your Priority When First Starting Off
02:55 - Building Up Referral Partners, Building Up That Trust
04:18 - Having a Certain Level of Vulnerability and Honesty With Your Referral Partners
05:29 - No Successful Business Owner Looks Badly Upon You For Having No Clients
06:14 - Every Business Owner Experiences Ups and Downs
07:41 - Maintaining the Relationship With Your Clients
10:42 - Care to Understand What's Going On With the Clients Across the Real or Virtual Table
11:35 - Referral Partnership is Very Much a Personal Relationship
12:45 - Doing It Incorrectly - You're Not Building a Genuine Relationship
13:49 - The Psychological Theory and Evidence Behind That Humans Need Personal Connection
15:16 - The Norm of Having Referral Partner Relationship in Business
17:11 - Having No Conflict of interest
20:09 - Not Getting Confused Insight with Confirmation
21:48 - Trying to Cultivate These Relationships From How Can You Benefit Clients’ Perspective
22:56 - Understanding Not Just From a Legal Perspective, But From a Relationship Perspective
25:55 - If Someone Sends You Referrals - Keep Them Posted
26:48 -Doing Particular Actions That Could Lead to Clients, Not Just Focusing on the Clients Themselves

Resources mentioned in this episode:
CFP
CFA
IRS - https://www.irs.gov/
Department of Labor - https://www.dol.gov/

Want help building or growing a successful financial coaching business? Find resources below based on where you’re at in your journey:
Deciding whether Financial Coaching is right for you? Join our free Facebook Community with over 5000 current and aspiring financial coaches! https://www.facebook.com/groups/financialcoachescommunity
Already decided you’re going to be a Financial Coach and want to learn more? Get 30+ tips and best practices in our free 8-part email series! https://www.financialcoachesnetwork.com/pre-launch-email-series
Ready to Launch your Financial Coaching business? Join FCN Launch, our step-by-step program that will help you successfully launch your business in four months and grow it to a consistent part-time income. https://www.financialcoachesnetwork.com/launch
Are you already coaching clients and want to grow your business to a full-time income? Join FCN Grow, our program that helps you scale your business to a full-time income. https://www.financialcoachesnetwork.com/grow
28 min
April 19, 2022#20: What Bookkeeping Software Should I Use And Do I Need It?
Episode 20: What Bookkeeping Software Should I Use And Do I Need It?
01:20 - Bookkeeping Defined
02:50 - The Tax Rules Related to Bookkeeping
05:13 - Start Doing Bookkeeping Sooner Rather Than Later
08:45 - The Categorization of the Income and Expenses
10:26 - The More Serious You are in Business, the Earlier You Should Start Getting Help in Bookkeeping
11:56 - The Help of CPAs and Bookkeepers in Setting Up Your Business
16:48 - Finding a Good Bookkeeper Helps Save Time and Money
23:52 - The Way You Should Get Bookkeepers
33:15 - Suggestions for People Who Hesitate to Get Help From a Bookkeeper or a CPA
Want help building or growing a successful financial coaching business? Find resources below based on where you’re at in your journey:
Deciding whether Financial Coaching is right for you? Join our free Facebook Community with over 5000 current and aspiring financial coaches! https://www.facebook.com/groups/financialcoachescommunity
Already decided you’re going to be a Financial Coach and want to learn more? Get 30+ tips and best practices in our free 8-part email series! https://www.financialcoachesnetwork.com/pre-launch-email-series
Ready to Launch your Financial Coaching business? Join FCN Launch, our step-by-step program that will help you successfully launch your business in four months and grow it to a consistent part-time income. https://www.financialcoachesnetwork.com/launch
Are you already coaching clients and want to grow your business to a full-time income? Join FCN Grow, our program that helps you scale your business to a full-time income. https://www.financialcoachesnetwork.com/grow
38 min
April 12, 2022#19: What is a Marketing Funnel and How Do I Create One?
Episode 19 : What is a Marketing Funnel and How Do I Create One?
00:46 - Everyone Wants to Know What Funnels are
01:39 - Marketing Funnels That Work…Don’t Work
02:24 - Marketing Funnel = Advertising Campaign
05:26 - Aligning Your Marketing Campaigns with Your Client’s Journey
07:09 - Having Success with a Marketing Ecosystem
08:12 - The Ecosystem and the Funnel Defined
09:33 - The Overview of a Marketing Funnel
11:24 - Understanding the Different Stages of Becoming a Financial Coach
16:28 - The Importance of Building Relationships With Your Clients
17:26 - Making Your Advertising Campaigns More Effective and Better Over Time
18:28 - Figuring Out What Marketing Funnel Works
22:27 - Consider Your End Goals When Choosing a Marketing Funnel
28:13 - Rehashing Why There Are No One-Size-Fits-All Marketing Funnels
Resources mentioned in this episode:
Knowledge Center in Launch: http://financialcoachesnetwork.com/knowledge-center
AFC: https://www.afcpe.org/certification/accredited-financial-counselor/
Want help building or growing a successful financial coaching business? Find resources below based on where you’re at in your journey:
Deciding whether Financial Coaching is right for you? Join our free Facebook Community with over 5000 current and aspiring financial coaches! https://www.facebook.com/groups/financialcoachescommunity
Already decided you’re going to be a Financial Coach and want to learn more? Get 30+ tips and best practices in our free 8-part email series! https://www.financialcoachesnetwork.com/pre-launch-email-series
Ready to Launch your Financial Coaching business? Join FCN Launch, our step-by-step program that will help you successfully launch your business in four months and grow it to a consistent part-time income. https://www.financialcoachesnetwork.com/launch
Are you already coaching clients and want to grow your business to a full-time income? Join FCN Grow, our program that helps you scale your business to a full-time income. https://www.financialcoachesnetwork.com/grow
32 min
April 05, 2022#18: How Can I Make My Coaching Process Unique and Have It Stand Out?
00:43 - Being Unique Makes Marketing Easier
01:37 - Dispelling the Myth That “X” Is a Commodity
04:22 - Viewing Coaching As a Commodity
05:10 - Being Unique Gives Prospects a Compelling Reason to Choose You Over Anyone Else
09:10 - Why One Size Fits All Does Not Work
12:38 - Challenges and Disadvantages to a Generic Program
14:35 - Followthrough and Referability
15:05 - How Do You Make Your Program Unique?
18:37 - The Work of Research On Your Target Market
23:12 - How Have Some “Generalist” Coaches Made It As a Full-time Coach?
29:25 - Things You Have to Understand About Your Niche
20:57 - Understanding and Anticipating the Needs of the Target Market
32:25 - Information on FCN’s Launch Program
Note: If you’re looking to go through the FCN Launch program with a cohort of other coaches at a similar point in their business, consider signing up for Launch for our May 2022 Cohort! If you’d like more information, check out our website https://www.financialcoachesnetwork.com/launch or email [email protected]
Want help building or growing a successful financial coaching business? Find resources below based on where you’re at in your journey:
Deciding whether Financial Coaching is right for you? Join our free Facebook Community with over 5000 current and aspiring financial coaches! https://www.facebook.com/groups/financialcoachescommunity
Already decided you’re going to be a Financial Coach and want to learn more? Get 30+ tips and best practices in our free 8-part email series! https://www.financialcoachesnetwork.com/pre-launch-email-series
Ready to Launch your Financial Coaching business? Join FCN Launch, our step-by-step program that will help you successfully launch your business in four months and grow it to a consistent part-time income. https://www.financialcoachesnetwork.com/launch
Are you already coaching clients and want to grow your business to a full-time income? Join FCN Grow, our program that helps you scale your business to a full-time income. https://www.financialcoachesnetwork.com/grow
36 min

About Financial Coaches Network - The Podcast: Build your Financial Coaching Business

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Looking to build a successful financial coaching business? Join thousands of others in the Financial Coaches Community who are building successful financial coaching businesses. Hosted by Joshua…