Financial coaching typically does not include advice on specific financial products or investments.
Financial coaches may provide general guidance on budgeting, saving, and paying off debt, but they do not typically provide advice on specific investments or financial products. This is because financial coaches are not licensed to provide investment advice and are not qualified to evaluate the suitability of specific investments for their clients.
In addition, financial coaching typically does not include comprehensive advice on long-term financial strategy. Financial coaches may help clients develop a plan to manage their money and achieve their short-term financial goals, but they may not provide advice on retirement, estate, or tax planning.
These are typically the domain of financial planners with the specialized knowledge and expertise to provide comprehensive advice on these complex topics.
Financial coaching is a good option for people who want help managing their day-to-day finances and achieving their short-term financial goals. However, it is not a substitute for financial planning, which provides more comprehensive advice on long-term financial strategy and specific financial products.