In times like these, there's more than enough fear to go around, both yours and your clients'.
When times get tough, third-party business advice can help us get a new perspective on our problems.
But sometimes the advice we really need isn't the concrete or factual kind; it's something just a bit more insightful--more inclusive of the emotions that make these problems seem worse. Which is why I consulted Deborah Price, founder of the Money Coaching Institute, to gain insight into how advisors and their clients can more effectively deal with the fear the present economy is causing.
Price is the author of three books: Money Magic, Unleashing Your Potential for Wealth and Prosperity; Money Therapy, Using the Eight Money Types to Create Wealth and Prosperity; and Start Investing On Line Today. Price has appeared on numerous radio and television shows throughout the United States and is considered a leading expert in her field. A former financial advisor for more than 20 years with firms such as Merrill Lynch, Mass Mutual, AIG, and London Pacific Advisors, Price is someone who shows financial advisors, other coaches, and therapists how to make a real difference in their clients' lives in the area of money psychology.
Here's an excerpt from our conversation.
Swift: Thank you for joining me today, Deborah. Perhaps you could explain briefly what money coaching is.
Price: The money coaching process is a step-by-step approach for understanding and changing one's relationship with money in order to live a more purposeful and prosperous life. Money coaching is a relatively new field and paradigm where we work with clients to help them identify their unconscious money patterns. We train advisors to be certified money coaches and, also, advisors who want to deepen their own understanding and awareness of some of these money patterns, but who don't really want to do the coaching. It's just a question of what serves the person and their individual practice. We also train advisors, coaches and therapists who want to expand their ability to coach and support their clients. One of the things we are starting to see is financial advisors, coaches and therapists working in partnership to bring a more deeply meaningful and integrated process to their clients. We currently consult with these professionals in developing our "financial triage" model as well. This is a team approach that includes a money coach, an advisor or planner, and a therapist.
Depending on the needs of the client, all three professionals work together to support the client in very different, but meaningful ways.
Swift: With the economy and investment markets so troubled right now, it would seem money psychology is a particularly relevant topic as advisors attempt to manage their clients' fears. What do you think are the most important things for advisors, therapists and coaches to keep in mind today?