Wealth Blog Post

A Financial Coaching Case Study

George Grombacher November 24, 2021

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A Financial Coaching Case Study

Maybe you’ve heard of financial coaching but don’t know what it is, who does it, how it works, who it really benefits and if it’s really worth it.  This post will answer those questions.


In the last five years of my 20 year career in personal finance, I begun to understand and embrace the value and impact of financial coaching.  Until recently, I thought the only way to help people with their finances was through a traditional client-advisor relationship.  Perhaps you think the same.


Financial coaches help people with the fundamentals of money management.  They work to improve people’s relationship with and understanding of money.  Financial coaches educate on the basics of personal finance and work with people to create a plan that’s aligned to their goals and values. Coaching is unique and valuable because people need help putting all the great information and resources available to work in their lives in a way that works for that individual.


Anyone can benefit from financial coaching.  If someone is just getting started in their career, the right habits can set them up for long term success.  If someone is five years from retirement, a coach can help navigate that transition. No matter the size of your organization, if you think your people may be struggling financially, an unbiased coach with no financial incentive to sell products can be a big help.


Let me share some highlights of a recent engagement.


This organization has just over 150 employees and wanted to hold a “wellness week” that integrated a variety of topics from physical, mental, and financial health.  I helped them create the framework and presented on financial wellness virtually.  Over the next three days, I held 30 minute coaching sessions with 24 employees.


Each employee had access to online courses on budgeting, debt reduction, investing, retirement, and goal setting.  Some took advantage of the courses prior to meeting with me, some took the courses after meeting with me, and some never looked at the courses.


The sessions focused on helping the employees navigate challenges like getting out of credit card debt, exercising employee stock options, making a plan for creating income in retirement, and more.  Some had very general questions that had been weighing on them, some had never talked about money with anyone, and some had been working with advisors for years.  Everyone had a financial matter on their mind.


After the sessions, enrollment in the 401(k) increased and so did deferral percentages. Credit card debt was eliminated. Employees found peace of mind.  How do I know?  They told me.


Now I’d like to hear from you.  Where are you in the process of offering financial coaching to your employees?  Just learning about coaching?  Thinking about offering coaching to your employees?  Getting ready to sign up?


I’m happy to help and welcome a conversation!


Learn more about bringing Financial Wellness or a 401(k) to your org. 


If you’re ready to take control of your financial life, check out our DIY Financial Plan course. 


We’ve got three free courses as well: Our Goals Course, Values Course, and our Get Out of Debt course. 


Connect with one of our Certified Partners to get any question answered. 


If you’d like help getting on the same page with your partner, check out our Same $ Page Course. 


If you’d like to help your kids get good with money, check out our Teaching Kids about Money course. 


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