Solution Focused Financial Coaching Manual
This manual is the formative element in my training as a Financial Coach. I was fortunate to receive the training by the author, Fred E. Waddell, PhD.
The manual is a crossover from traditional
credit counseling to the emerging realm of
financial coaching.
Fred Waddell, PhD. used the term “coaching” to avoid the stigma and confusion often associated with “counseling.” In credit counseling consumers must make hard choices to get their finances right again and avoid bankruptcy. The counselor directs and supports the consumer while facing those decisions.
On the other hand, coaching is less directive in important ways, but perhaps more supportive. When a consumer is not deep in financial trouble they have less stress and less impetus to change things. A coach’s approach is focused on long-term, permanent solutions, changes in the core of their financial being.
Coaches are supportive in guiding the consumer to find
better ways of handling their finances from now on.
This manual is the training foundation for employees of financial institutions. In credit unions particularly, there’s an “enlightened self-interest” in helping members who are behind in their loans. While collecting the next payment is as important to a credit union as it to any other lender, credit unions want to help the “whole” member – helping the member get right with all their creditors is also important. When I have conducted Financial Coach Training Classes for credit union employees, I teach from this manual. The coaching elements of this manual are based on neuro-linguistic programming (commonly NLP).
Financial Coaching was a piece of the puzzle I needed. As a credit union CEO I realized we were helping people in financial trouble by training our lending and collecting staff in credit counseling. The faculty training them included Dr. Waddell. We also referred our troubled members to the local Consumer Credit Counseling Service, and our well-off members to financial planners and investment advisors.
The Financial Coach idea fostered a new venture, ProfiTuit. ProfiTuit is an Internet-based national network bringing consumers and financial coaches together through credit unions. (www.ProfiTuit.com)
Check out the Table of Contents
Who should own this manual?
- Individuals wanting to enhance their skills to help members/customers who are having financial difficulties.
- Managers of credit departments who want a training aid to enhance their employees’ handling of financially troubled consumers.
- Training directors of companies wanting to offer Financial Coaching as a service, perhaps as a profit center.
