Financial coaching Volunteer coach training Getting started activity

Financial coaching Volunteer coach training

Getting started activity Please refer to your financial coaching training manual. Turn to “What makes a good coach? ” on page 2. Review the list, then: 1. Circle the traits you feel describe you well. 2. Make a check mark by at least three traits you may struggle with. 2

Agenda 1. 2. 3. 4. 5. 6. 7. 8. 3 Introduction to financial coaching The role of a coach Coaching skills and tools Behavior change strategies Personal finance basics Conducting the coaching sessions Coaches agreement Practical application

Purpose of our time together 1. Understand what coaching is and what a coach does 2. Learn coaching skills and strategies 3. Practice what we’re learning The training will provide you with the knowledge, techniques and tools to prepare you for a coaching relationship. 4

Learning circle 1. What is the best financial advice you’ve received? 2. Who shared it with you? 5

My story $ The Everence story 6

¢ $ ¢ ¢ $ 7 $ $ $ What financial coaching can do

What is financial coaching? $ ¢ ¢ $ $ 8 Financial coaching involves building a trusted, one-on-one coach and participant relationship to coach performance improvements that help the participant meet and sustain his her financial goals. Adapted from http: //fyi. uwex. edu/financialcoaching “Financial Advice Models and Financial Coaching” and Financial CHANGE Program 2010– 2011 COACH TRAINING Oct. 12, 2010. or

What is financial coaching? $ ¢ ¢ $ $ 9 Goals of coaching • Discuss and understand top concerns. • Support participant in achievement of self -defined goals. • Support specific actions toward goals. • Facilitate participant-driven decision-making. • Promote information seeking. Adapted from http: //fyi. uwex. edu/financialcoaching “Financial Advice Models and Financial Coaching” and Financial CHANGE Program 2010– 2011 COACH TRAINING Oct. 12, 2010.

What is financial coaching? $ ¢ ¢ $ $ 10 Coaching activities • Develop trusting relationship with participant. • Establish current state. • Set goals. • Develop an action plan. • Provide accountability to participant’s progress. • Identify resources, tools and services. • Make referrals as needed. Adapted from http: //fyi. uwex. edu/financialcoaching “Financial Advice Models and Financial Coaching” and Financial CHANGE Program 2010– 2011 COACH TRAINING Oct. 12, 2010.

¢ $ ¢ ¢ $ 11 $ $ $ Financial coaching and other roles

Coaching distinctions Coaching is about asking and partnering for exploration and solutions. 12 Adapted from “Financial Coaching: An Overview” prepared for presentation by J. Michael Collins, Sept. 10, 2010. Telling (directive) Telling what to do Training Asking (nondirective) Solving someone’s problem Giving advice Consulting Offering guidance Asking questions Mentoring Partnering for exploration and solutions Coaching

What questions do you have about financial coaching or the role of a coach? 13

¢ $ ¢ ¢ $ 14 $ $ $ Participant being coached

¢ $ ¢ ¢ $ 15 $ $ $ Coaching skills

Why? How? Asking questions What? 16 Who?

Asking questions COACH model C O A C H 17 Competencies: Situation and their strengths. Outcome: What do they want to create, change or overcome? What’s their goal? Action: How will they achieve their goal? What are they willing and committed to do? What is the next step between now and when you meet next? Checking: Where accountability comes in. Can you help them identify barriers and supporters?

Real play example 18

Wheel of life • Draw on one of the dotted lines in each pie slice according to the number scale shown. • Closer to the outer edge (10) indicates the more satisfied you are in that area. • Closer to the center, the less satisfied you are in that area. 19 • Likely to end up with a bumpy wheel. Home, community and physical environment Recreation, fun and hobbies Significant other or romantic relationship Personal and spiritual growth Career and work life Money and personal finances Health and well-being Family and friend relationships

Wheel of life 1. Participant has completed wheel and you look at it together. 2. Start by asking the participant what’s satisfying about the areas they ranked highest. 3. Prompt for next lowest as needed. Recreation, fun and hobbies Significant other or romantic relationship 4. As the participant discusses the lowest rated areas, ask how money impacts those areas. 20 Home, community and physical environment Personal and spiritual growth Career and work life Money and personal finances Health and well-being Family and friend relationships

Practice wheel of life conversation PARTICIPANT • Be real—thoughts, experiences, etc. • Use listening techniques. • Ask questions. OBSERVER 21 COACH

Personal finances wheel Debt 1. Transition to this after the wheel of life. 2. Same steps as before. 3. Introduce behavior change assessment for any areas identified as focus areas. 4. Sets the stage for the coaching conversations. 22 Savings Credit record Budgeting Health benefits and coverage Charitable giving Retirement Insurance

Thank you!