Why wealth coaching is superseding financial planning

The financial planning sector has been hit hard by a series of examples of poor behaviour by planners that have resulted in financial devastation for many clients. The Royal Commission in particular has highlighted cases of 'fee for no service', inappropriate advice and downright fraud by financial planning organisations.

That model seems well and truly broken and a new one is emerging from its ashes. The financial planning model is a one-way street where the planner hands down a document to the client.

The new wealth coaching model is fundamentally different in that it has collaboration between client and coach at its heart. Rather than just 'impart the wisdom' it seeks to provide a framework of skills and knowledge that empower the client to make their own decisions and implement their own plan. The coach acts as a guide and not a director.

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