Earning money is just one part of financial wellness. True financial wellness means one should be aware and take care of its Earnings, Savings, Spending & Borrowing.

What is Financial Coaching?

Financial Coaching is all about making you aware of the importance of money and why it is a must to look after it. Like a fitness coach who works closely with clients to achieve and maintain certain goals pertaining to physical fitness and holds the clients’ accountable to follow daily routines and exercises, a Financial Coach holds their clients accountable to sound financial planning and management principles.

Why should you consider Financial Coaching:

Successful people have one thing in common – they all have a coach, be it a sports coach, a life coach, a business coach, a financial coach etc.  If you want to improve your business, you will hire a business coach or a consultant, if you want to improve your money and create lasting wealth, you will need a financial coach. Just having money is not enough. Without a coach you may end up losing the opportunity to make your work money due to lack of time, knowledge or vision. You need someone to show you the larger picture and the need to look after your money. A coach will focus on keeping only your needs and goals in mind and will design and implement a road map to achieve your financial objectives.

Key elements

Financial Coaching Questions:

There are multiple ways in which Lokesh can be engaged for a sound financial health.

 Group session: An organization or a society or an institution or group of individuals can engage Lokesh for a 150 minutes session where in he will help you understand all it takes to “Make your Money work”. The recommended maximum strength should not be more than 40.

Individual session: This will be one on one session over a period of time. The session will start from understanding you, your family, your current situations, your financial goals & expectations followed by a plan and ultimately the execution of the plan. Post the execution, there will a regular review at a mutually agreed frequency.

Therapy: Coaching is not therapy. Therapy focuses on resolving challenges arising out of an individuals past that hampers his emotional functioning in the present. Unlike therapy, coaching does not deal with an individuals past experiences or traumas. Coaching focuses more on the personal and professional goals derived out of self initiated change for a desired outcome.

Consulting: Consulting is often based on the expertise of the subject. So if an organization or an individual is facing any particular type of challenge, they will hire a consultant who is an expert or has knowledge and experience on the subject. A Life coach may or may not have the required expertise on the subject. A consultant will suggest solutions and do the implementation as well with your participation whereas a coach will use tools and processes to help clients to generate their own solutions and then hold them accountable for following through.

Best friend: It is great to have a few close friends who are always there for you. However most of them will not be able to objectively help you without being judgmental or without the fear of upsetting you by speaking the truth. A coach is not scared to tell you the truth and is ready to be fired if it is not benefiting you.

The ideal duration of coaching will depend on the objectives and the outcomes expected. The duration is finalized while signing up the contract

The fees for Group as well as Individual sessions are different. The same will also depend on what are you expecting from the sessions and the number of sessions required.

The first step towards hiring a coach is a personal interview  (either on Skype or teleconference or in person) to define the scope of the relationship, assess current opportunities and challenges, identify priorities and establish specific desired outcomes. The good news is that this session is completely FREE. Based on your current status and your financial goals, a roadmap will be drawn and all the elements including the fees will be discussed and finalized. Subsequent sessions/ reviews of the portfolio will happen over Skype or teleconference or in person as mutually agreed upon. To make the sessions more effective the coach may ask you to complete specific actions that will help in achieving the desired outcomes.

Lokesh entire professional life was into the financial services industry. He has been associated with the Industry since 1992 and has worked in various leadership roles across all facets of the industry. He has worked for Franklin Templeton, HDFC AMC, ICICI PRU AMC, Motilal Oswal AMC, Development Credit Bank etc. He is also a certified financial planner from Financial Planning Standards Board (FPSB). He has contributed regularly with his Simple, easy to understand articles in all the leading English newspapers and magazines. He was also the experts voice on business channels like CNBC, Bloomberg UTV and CNBC AAWAZ. Coaching people and helping them understand the importance of making their money work and helping them realize their financial goals is very fulfilling