Want to be smarter with your money?

Financial coaching could help

Oliver Griffin, Fidelity International

The money conversation you’ll be glad you had

Chances are, there’s more you’d like your money to do for you. Perhaps you’re saving for a house deposit. Maybe you’re putting money away for that trip of a lifetime you’ve always promised yourself. Or you might just want to retire while you’re still fit and healthy enough to enjoy it.

But while you’re doing what you can to reach your goals, you might also be wondering if you’re doing enough.

That’s where financial coaching can help, because knowing what to focus on - and finding the time to put a plan into action - isn’t always straightforward.

To find out what financial coaching looks like in practice, I spoke to Maisy Ferguson, one of our Financial Coaches.

First, I asked her what financial coaching actually means. “Financial coaching is about giving you guidance and support based on your goals and personal circumstances. You can talk me through the accounts you have, how you’re feeling about your finances and any questions on your mind, and we’ll shape the conversation around what matters most to you.”

“It’s not about me telling you what to do or recommending a particular option. It’s about helping you understand your choices, so you feel more confident deciding what’s right for you.”

What’s the difference between guidance, coaching and advice?

It can also help to understand where coaching sits alongside other forms of financial support - because the right type of help will depend on what you need.

Financial guidance

Financial guidance can include online tools, calculators and educational content that you can use yourself, at a time that suits you. These resources can help you understand financial topics, explore your options and build your knowledge independently. They can support you in making your own decisions, but they won’t provide personalised support or recommend a particular product or course of action.

Financial coaching

Coaching focuses on your goals, circumstances and financial habits. Rather than simply giving you more information, a coach can help you explore what you want to achieve, understand what might be holding you back and identify realistic actions you can take. The aim is to help you feel more confident and better equipped to make your own financial decisions. Financial coaching doesn’t provide regulated financial advice.

Financial advice

Financial advice goes further by providing a personal recommendation based on an assessment of your individual circumstances, needs and objectives. It may be useful when you have a complex financial decision to make or would like an expert to recommend a particular product or strategy. Financial advice is normally a paid-for service.

Why financial coaching can make a difference

Financial coaching gives you dedicated time to assess your situation, ask questions and think about what you want your money to do for you.

So, what can a coaching session give you? I asked Maisy what she sees in practice.

1. Having a conversation that’s focused on you

“It starts with understanding you - your goals, your circumstances and how you feel about your money. I’ll ask how you find investing, how confident you are in your approach and how much you want to learn. We might also talk about whether anyone relies on you financially or whether you need to support anyone. It all helps me understand what really matters to you and shape the conversation around that.”

2. Getting a clear picture of where you stand

“Looking at everything together can help you get a clearer picture of where you stand and how the different pieces fit together. I might start the conversation only knowing about the pension you have on our platform, or sometimes nothing at all. But by the end of the session, we may have talked through your pensions, ISAs, investment accounts and other savings, as well as any junior accounts or finances you share with a partner. That helps give us a much broader picture of what you have and what you’re trying to achieve.”

3. Taking the first step can be a win in itself

“Getting started doesn’t have to mean building the perfect budget or overhauling everything at once. It could be reviewing your regular payments, saving a set amount each month or choosing a date to review your pension. Breaking things down can make taking action feel much more manageable. The first win isn’t improving your finances; it’s ending the avoidance.”

4. Feeling more confident about what comes next

“I often find that people come away feeling much clearer about their finances and with the questions they came in with answered. The aim is for you to be able to say, ‘I understand my options, I know what direction I need to think about next, and I feel confident making my own judgement call.’”

Click here to find out more about how financial coaching can help you reach your goals.

The good news is that you now have access to Financial Coaching from Fidelity Personal Investing at no additional cost as part of your employee benefits package.

We currently offer one-hour coaching sessions held on Microsoft Teams. And feel free to make it a family affair. Partners are also welcome to join and benefit from the session.

For anyone who has been putting off thinking about their money, Maisy’s message is simple: “It’s never too late! Start now.”

Your first step is to head to the PlanViewer app:

Go to ‘Planning’ in the bottom menu.
Answer a few questions about your financial situation (including pensions) to help us prepare for the session. It will only take a couple of minutes.
Select ‘Book coaching session’

Maisy Ferguson is a Financial Coach at Fidelity. She has worked at Fidelity for three and a half years, building experience working closely with clients and completing the IOC 1 exam before moving into financial coaching. She now works one-to-one with people to help them understand their financial situation, explore their goals and consider the steps they could take next.

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