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

December 17, 2024#157: Does a mortgage make sense with high interest rates?
Josh and Amelie discuss mortgage rates…and what to think about when considering whether it’s a good time to buy!
Takeaways:
In the history of mortgage rates (going back to 1971), they’ve ranged from 18% to 2.5% (much more recently).
Interest rates typically impact home prices–as interest rates go up, prices go down (and vice versa).
In most situations, if you’re ready to buy a house, now is the right time.
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
22 min
December 10, 2024#156: What is a financial coach's role in a client's estate planning?
Josh and Emily finish up the Estate Planning series by discussing the financial coach’s role in estate planning! What can we help clients with and what should we stay away from?
Takeaways:
If you have no official certifications related to estate planning (CFP, EA, lawyer, etc.) then your best role is as an accountability partner who says “do you have these things and when were they updated?”
Refer clients to 2-3 estate planning attorneys, their CFP, or the state Bar association.
When a client has a big event (buys a house, has a child, gets married etc.), that’s a good time to prompt them to think about estate planning.
Presenting an attorney with a net worth statement right away can be very helpful.
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
25 min
December 03, 2024#155: Estate Planning - DIY Estate Planning
We return to our Estate Planning series…so today, Amelie and Josh discuss DIY Estate Planning. What can you DIY, what should you DIY (if anything), and what should you look out for?
Takeaways:
You could DIY through a service or by yourself.
A holographic will is a handwritten will; a nuncupative will is a spoken will. Both can be legally binding depending on the laws of the state.
Much of the “advice” you get from friends/family/the internet will get you into major trouble.
Quick, online services are better than nothing, especially if you have minor children.
If you move, you may need to update your estate planning documents for your new state.
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
44 min
November 26, 2024#154: From the Vault - What to do when a client is resistant to your ideas/suggestions
Today, enjoy a throwback episode with Josh and Garrett as they discuss working with clients who don’t take your suggestions well!
Takeaways:
Three reasons clients might be resistant:
a. Reason #1 - They have a fear of being judged (whether founded or not).
b. Reason #2 - They don’t see the purpose of something/they think something is extraneous.
c. Reason #3 - Their past experiences have not gone well in this particular area.
Recognize your clients’ sacred cows.
If someone says they’re happy with their progress, take the win!!!
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
45 min
November 19, 2024#153: Estate Planning -- Marital Assets
Today, Josh and Amelie continue the series on Estate Planning! This week, they discuss marital assets (and debts).
Takeaways:
Estate planning can also plan for the death of a marriage.
Ultimately, it comes down to “is this something that both parties have a right to/will split?” or “is this something that only one party has a right to?”
Some states' policies follow the English tradition (“common law states”); others follow the Spanish tradition (Arizona, CA, Idaho, Louisiana–kind of, Nevada, New Mexico, Texas, Washington, Wyoming) (“community property states”).
It can be very easy to comingle assets which can affect estate planning.
Depositing an inheritance into a joint account is comingling.
Pensions get much more complex–different pension plans will have different rules.
Pre-nups are extra important in the case of blended families.
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
November 12, 2024#152: Estate Planning -- Key People
Today, Josh and Amelie continue the series on Estate Planning! This week, they discuss key people! What roles do the various people play?
Takeaways:
Guardians - “Who will care for your children if you die?”
Executors (wills) and Trustees (trusts) - “Who will carry out your wishes when you’re dead?”
Executors/trustees may be paid.
Powers of Attorney/legal proxies - “Who will handle your life when you’re incapacitated (in a coma/traumatic brain injury etc.)?”
There are medical and financial Powers of Attorney.
Beneficiary – “Who is rooting for your death?” (who gets your assets when you die?)
A very important question to think about with beneficiaries is how to divide the assets.
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
50 min
November 05, 2024#151: Estate Planning -- Trusts
Get ready for a series on Estate Planning! We’ve had a few questions about that lately both in the FCC Facebook group and with our personal clients, so join Josh and Amelie as they talk about estate planning, and then keep an eye out for a final episode with Josh and Emily as they talk about a financial coach’s role in all of this! First up–trusts! What are trusts, who needs a trust, and what does it all mean?!
Takeaways:
Trusts do not magically hide money from taxes.
A trust is a “non-natural” person and as such can own assets/hire people etc.
Revocable trusts can be changed at any time and are somewhat similar to just another account; irrevocable trusts are very limited in what can be changed.
Biggest benefit to a trust is being able to control your money from beyond the grave.
Second biggest benefit is being able to provide for beneficiaries.
There are four people/groups etc. involved in trusts: guarantors/settlers/creators (who put money into the trust), executors (control the trust), income beneficiaries (receive benefits while the trust is in existence), and remainder beneficiaries (those who receive what’s left when a trust ends).
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
October 29, 2024#150: Prospecting Skills with guest Michael Tuttle
Our FCN members have a new support option–Josh is doing free 1:1 business coaching/Q&A sessions with them that we then record and share with you, our podcast listeners!! Today, FCN Launch member Michael Tuttle
Takeaways:
Prospecting is hard!
When you’re having a casual conversation, think about what your end goal is (raise awareness? Book a sales call? etc.)
Don’t be afraid to say “Now is not the right time to chat; let’s set up a meeting sometime so we can talk more!”
Don’t try to pre-qualify people in casual conversation before an official meeting.
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
October 22, 2024#149: Email marketing - How to get email subscribers onto a sales call
Josh and Emily continue discussing email marketing! In this third episode, they discuss how to turn email subscribers into prospects. It’s all well and good to have people receiving your emails…but then what?
Takeaways:
Connect your content to an incredibly specific group of people.
You have to give people a reason to hop on a sales call–beyond “Oh, I can help you!”
Don’t explicitly ask people to schedule a sales call in every email–but have an understated link somewhere accessible.
Advanced strategy: Don’t have an email list, have segmented lists.
Advanced strategy: Share social proof.
Advanced strategy: Track interesting statistics and research and share that with your audience.
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
25 min
October 15, 2024#148: Email marketing - How to build and maintain an email list
Josh and Emily continue discussing email marketing! In this second episode of the mini-series on email marketing, they discuss building and maintaining an email list.
Takeaways:
People need to know you before they want to get emails from you.
You need to give email subscribers something of value.
Don’t advertise your business, advertise your free thing of value.
Keep your email list small–get rid of people who aren’t opening your emails.
Welcome emails are great, whether a single email or a short series.
Make sure you focus on consistent quality as much as or more than consistent quantity.
Resources
Amy Porterfield
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

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