Advice vs Coaching
Wondering if what is the difference between advice and coaching? We’ve got you…
The average cost for financial advice in Australia STARTS at $3,500 and goes up swiftly from there.
Comprehensive financial advice, from a licensed financial adviser, is something everyone should invest in at different stages of our lives; however, it may not feel like the right time for you just yet- or it might feel a little out of reach $$$ wise. So until you are ready, we have a solution….
Bent not Broke focuses on quality and affordable education, to give you the tools, knowledge, and confidence to understand and take the next steps in your path however this differs significantly from the financial advice and it’s important to understand whats what.
When deciding what’s right for you, it is important to understand some key differences between what Financial Educators (or known as Coaches) do, and what Financial Advisers (or Financial Planners) do.
Financial Educators:
You do the work- You learn how to manage your own money.
Focus on educating you.
Helps you set strong foundations and good money habits.
Helps you build skills and confidence to with your financial foundations.
Provide resources to help you further educate yourself.
Is a great stepping stone before you are ready for financial advice.
You pay a set fee per consult, usually billed as a one off or group of sessions depending on the company offering.
It’s important to note that Coaches/ educators are not required to have any formal qualifications and is unregulated in Australia. Keep this in mind if you decide to go down this path and ensure you are seeing someone with the skills, education and experience to match what you need.
Financial Advisers:
They do the work – They manage money for you.
Provide holistic advice covering all aspects of your finances.
Pick specific products and investments for you.
Provide written recommendations called a Statement of Advice.
Recommend and implement a strategy or product for you.
Hold a financial services licence and have ongoing education and compliance requirements- a highly regulated industry.
Generally, you pay a lump sum for the initial advice (called fee for service) and/or ongoing fees for managing arrangements if you require this.
What to expect when you book coaching with Bent not Broke
Expect a casual, non-judgmental conversation about your goals or the financial stresses in your life. You get to clear your head, focus, and prioritise, along with practical knowledge to take action and start moving forward.
From mindset and goals to education and empowerment, these confidential sessions are designed to give you the information you need to understand your current position, set goals, and get motivated to take action towards your financial future.
If you feel like you need more ongoing support or a follow up meeting, this is absolutely available. If we identify that you need more personalised support, for example: product advice, we will be happy to help you find a professional in your area (such as a financial adviser, mortgage broker, stockbroker, estate planning solicitor) to assist you.
Get in touch today to see how we can help straighten your path and get you excited for your future.