Financial Coaching
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Financial Coaching https://learn.extension.org/events/2012
Transcript of Financial Coaching
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Jerry Buchko
Need to find a new photo to replace the "step-by-step" themed photo currently in place.
Jerry Buchko, MA, AFC®
Counselor, Coach, & Tutor of Personal Finance
● Prior to private practice, worked for almost 14 years in the employee assistance field
● Provided financial counseling to clients from a diverse range of life circumstances and experiences, including military service members and their families
● B.A. in psychology, an M.A. in counseling psychology, and an Accredited Financial Counselor (AFC®)
● Active member within the eXtension Military Families Learning Network (MFLN) and Network Literacy Community of Practice
● Currently serves as a member of the Board of Directors for the Association for Financial Counseling and Planning Education (AFCPE)
● Currently serves as a Practitioner Consultant with the MFLN Personal Finance team
Jerry Buchko
Need to confirm whether we're doing away with speaker bios in the slide content.
Jerry Buchko
Would likely still like to provide some brief introduction at least.... What's the plan for Mary?
Michael Gutter
Yes, please add a brief bio and a photo on this slide. We plan to continue using these. Thanks for checking.
Jerry Buchko
Thanks for clarifying/confirming, Michael. Will do.
Mary Bell Carlson
Might consider paring this down to a few bullet points while Molly reads it. Just a consideration
Question: Have you ever coached or received coaching?
What kind?
How?
Molly Herndon
I would reword this to: "Have you ever coached or received coaching? How?"
Jerry Buchko
I like that; much clearer. I think I'll go with "What kind? How?"
Mary Bell Carlson
Maybe drop down the what kind? how? below so they are 3 distinct questions if that's what you are going for
Question: Have you ever coached or received coaching?
What kind?
How?
Question: What is coaching? How would you briefly describe it?
So what is financial coaching?
So what is financial coaching?
● Broad conceptual history of coaching; its emergence as a form of experiential learning
So what is financial coaching?
● Broad conceptual history of coaching; its emergence as a form of experiential learning
● Where financial coaching fits within an emerging framework for financial well-being & personal finance capacity
So what is financial coaching?
● Broad conceptual history of coaching; its emergence as a form of experiential learning
● Where financial coaching fits within an emerging framework for financial well-being & personal finance capacity
● How financial coaching differs from financial education & counseling
So what is financial coaching?
● Broad conceptual history of coaching; its emergence as a form of experiential learning
● Where financial coaching fits within an emerging framework for financial well-being & personal finance capacity
● How financial coaching differs from financial education & counseling
● Role & primary tasks of a financial coach
So what is financial coaching?
● Broad conceptual history of coaching; its emergence as a form of experiential learning
● Where financial coaching fits within an emerging framework for financial well-being & personal finance capacity
● How financial coaching differs from financial education & counseling
● Role & primary tasks of a financial coach
● Core elements of the coaching process
So what is financial coaching?
● Broad conceptual history of coaching; its emergence as a form of experiential learning
● Where financial coaching fits within an emerging framework for financial well-being & personal finance capacity
● How financial coaching differs from financial education & counseling
● Role & primary tasks of a financial coach
● Core elements of the coaching process
● Core techniques of coaching
Broad Conceptual History of Coaching
Ways that people have learned and developed knowledge through a
process of thinking through what they were doing...
Jerry Buchko
Consider removing these; distracting.
Jerry Buchko
Zoom
Jerry Buchko
Barb reminded me of our Webinar Presentation Best Practices document <https://docs.google.com/document/d/1eK37HOJoogOYm4N1VuAzxXKuJphC2FEzeBslVZJSZF8/edit> 1) Use key-takeaway slides at the beginning and end of presentation.2) Ask the audience a question tied to a key takeaway every 8 to 10 slides.3) Ask questions in the chat pod. Moderator (and others) can address the ones the speaker can’t get to.4) Use the key takeaway questions in social media after the webinar.5) Use a lot of white space on slides, promotes clarity.6) Use lots of images rather than words.7) Scale down diagrams, make as clear as possible.
Jerry Buchko
Barb's feedback & suggestions:On Mon, May 4, 2015 at 7:47 PM, Barbara O'Neill <[email protected]> wrote:Jerry et al.Reading this from my 4-day trip to Georgia this week. Good initial draft.Below is my feedback:* Throw out more Qs...Betsy wants a Q ever 10-12 slides.* Use a larger font on the Q slides along with a graphic like a screen bean question mark. IOW, fill up the page.* Use larger fonts and graphics on the conceptual history slides* Consider adding some case studies or coaching success stories* Don't forget the slides for Key Take-Aways and Key Take-Away Applications.* I like that you added the coaching CFPB info...you may want to expand it* Consider adding slides about where to find a financial coach and coaching certification programs and credentials.Hope this helps.Barb
Molly Herndon
I agree that the text size on this slide should be increased.
Jerry Buchko
This is where I'm feeling the greatest challenge with finding a balance between readability & trying to avoid clutter. In presentation/full screen mode I think it works and would also work if a viewer were able to adjust the full screen/level of zoom on their end. Would be really helpful if we could get into the DCO Connect room to review what's possible.
~ 1500s “Coach”
Source: http://goo.gl/bj8qv6
Ways that people have learned and developed knowledge by thinking
through what they were doing...
~ 1500s “Coach” ~ 1800s
“Coaching”, university slang; the notion of a tutor “carrying” a student through an exam.
Source: http://goo.gl/bj8qv6
Source: http://goo.gl/6Zixcn
Ways that people have learned and developed knowledge by thinking
through what they were doing...
~ 1500s “Coach” ~ 1800s
“Coaching”, university slang; the notion of a tutor “carrying” a student through an exam.
~ 1950s Humanistic psychology movement.
Broke away from the medical model; “clients” rather than “patients”.
Emergence of “coaching” techniques within various psychotherapy & mental health counseling approaches.
Source: http://goo.gl/bj8qv6
Source: http://goo.gl/xae23N
Source: http://goo.gl/6Zixcn
Ways that people have learned and developed knowledge by thinking
through what they were doing...
Ways that people have learned and developed knowledge by thinking
through what they were doing...
~ 1980s Coaching in the corporate business world.~ 1990s Coaching expanded into different life areas, e.g. life, career, health, etc.
Source: http://goo.gl/8f1ZJ1
Molly Herndon
I really like the timeline concept!
Jerry Buchko
Thank you. :) I wanted to find a more interesting & effective way to present these conceptual links than the typical stack of bullet points.
~ 2000s Growth of research in coaching psychology.
Emergence of financial coaching.
Emergence of an evolving framework about financial well-being and financial capacity.
Source: https://goo.gl/VKyHto
Source: http://goo.gl/zH9jUi
Source: http://goo.gl/SNA9CA
Ways that people have learned and developed knowledge by thinking
through what they were doing...
~ 1980s Coaching in the corporate business world.~ 1990s Coaching expanded into different life areas, e.g. life, career, health, etc.
Source: http://goo.gl/8f1ZJ1
Molly Herndon
I really like the timeline concept!
Jerry Buchko
Thank you. :) I wanted to find a more interesting & effective way to present these conceptual links than the typical stack of bullet points.
Where Financial Coaching Fits within an Emerging Framework for Financial Well-being & Personal Finance Capacity
2015 Consumer Finance Protection Bureau (CFPB) research report about financial well-being.
How many of you have read it?
Consumer Financial Protection Bureau, (2015). Financial well-being: The goal of financial education > Reports > Consumer Financial Protection Bureau. Retrieved 31 March 2015, from http://www.consumerfinance.gov/reports/financial-well-being/
2015 Consumer Finance Protection Bureau (CFPB) research report about financial well-being.
How many of you have read it? All of it?
Consumer Financial Protection Bureau, (2015). Financial well-being: The goal of financial education > Reports > Consumer Financial Protection Bureau. Retrieved 31 March 2015, from http://www.consumerfinance.gov/reports/financial-well-being/
2015 Consumer Finance Protection Bureau (CFPB) research report about financial well-being.
How many of you have read it? All of it?
● Review of research literature
● In-depth qualitative interviews of consumers & financial practitioners/service providers
● Consultation with a panel of leading academic and practitioner experts in the fields of consumer finance and financial capability
2. Research design and methods Consumer Financial Protection Bureau, (2015). Financial well-being: The goal of financial education > Reports > Consumer Financial Protection Bureau. Retrieved 31 March 2015, from http://www.consumerfinance.gov/reports/financial-well-being/
Contemporary, evolving framework for financial well-being and financial capacity
Figure 2. What Influences Financial Well-Being. Consumer Financial Protection Bureau, (2015). Financial well-being: The goal of financial education > Reports > Consumer Financial Protection Bureau. Retrieved 31 March 2015, from http://www.consumerfinance.gov/reports/financial-well-being/
Contemporary, evolving framework for financial well-being and financial capacity
Molly Herndon
It looks like this graphic is an image - is that right? That would work better than a table or graph you've created in Word (we've had issues with those in Barb's PPTs before).
Jerry Buchko
Correct, this is an inserted image file, rather than a Word table or graph.Do you think it's crisp/sharp enough? I want to make sure it's not coming across pixelated or fuzzy. Could try a higher resolution but that might add to the file size.
Mary Bell Carlson
Can it be bigger?
Jerry Buchko
How does it look in presentation mode?
Contemporary, evolving framework for financial well-being and financial capacity
Figure 2. What Influences Financial Well-Being. Consumer Financial Protection Bureau, (2015). Financial well-being: The goal of financial education > Reports > Consumer Financial Protection Bureau. Retrieved 31 March 2015, from http://www.consumerfinance.gov/reports/financial-well-being/
Jerry Buchko
Consider cropping to this...
Mary Bell Carlson
There's a zoom in feature on Prezi that helps you focus on one area. Don't think google docs has it, but consider doing a cropping feature here to made that section stand out (still too small to read).
Jerry Buchko
Good to know. I'm curious to see how the zoom feature in the new DCS environment will work.
Definition of Financial Well-being:
3. Defining financial well-being Consumer Financial Protection Bureau, (2015). Financial well-being: The goal of financial education > Reports > Consumer Financial Protection Bureau. Retrieved 31 March 2015, from http://www.consumerfinance.gov/reports/financial-well-being/
Definition of Financial Well-being:
○ Having control over day-to-day, month-to-month finances
Definition of Financial Well-being:
○ Having control over day-to-day, month-to-month finances
○ Having the capacity to absorb a financial shock
3. Defining financial well-being Consumer Financial Protection Bureau, (2015). Financial well-being: The goal of financial education > Reports > Consumer Financial Protection Bureau. Retrieved 31 March 2015, from http://www.consumerfinance.gov/reports/financial-well-being/
Definition of Financial Well-being:
○ Having control over day-to-day, month-to-month finances
○ Having the capacity to absorb a financial shock
○ Being on track to meet your financial goals
3. Defining financial well-being Consumer Financial Protection Bureau, (2015). Financial well-being: The goal of financial education > Reports > Consumer Financial Protection Bureau. Retrieved 31 March 2015, from http://www.consumerfinance.gov/reports/financial-well-being/
Definition of Financial Well-being:
○ Having control over day-to-day, month-to-month finances
○ Having the capacity to absorb a financial shock
○ Being on track to meet your financial goals
○ Having the financial freedom to make the choices that allow you to enjoy life
3. Defining financial well-being Consumer Financial Protection Bureau, (2015). Financial well-being: The goal of financial education > Reports > Consumer Financial Protection Bureau. Retrieved 31 March 2015, from http://www.consumerfinance.gov/reports/financial-well-being/
Figure 1. Four Elements of Well-Being. Consumer Financial Protection Bureau, (2015). Financial well-being: The goal of financial education > Reports > Consumer Financial Protection Bureau. Retrieved 31 March 2015, from http://www.consumerfinance.gov/reports/financial-well-being/
How Financial Coaching Differs from Financial Education & Counseling
How Financial Coaching Differs from Financial Education & Counseling
Figure 1. Distinctions among financial coaching, education, and counseling. Collins, J. and O'Rourke, C. (2012) "The Application of Coaching Techniques to Financial Issues," Journal of Financial Therapy: Vol. 3: Iss. 2, Article 3. http://dx.doi.org/10.4148/jft.v3i2.1659
Other characteristics of coaching orientation:
Other characteristics of coaching orientation:
● Emphasizes well-being and performance improvement (rather than pathology)
Other characteristics of coaching orientation:
● Emphasizes well-being and performance improvement (rather than pathology)
● Emphasizes a greater focus on the present and future (rather than being grounded in the review and analysis of the past)
Role & Primary Tasks of a Financial Coach
Molly Herndon
As someone who is coming into to this with little knowledge on the topic, I can tell you this is the more important slide for me.
Jerry Buchko
[email protected] Useful feedback. Thank you!
Role:
Role: Facilitating client's ability to discern values, set goals, develop plans of action, and be accountable
Role: Facilitating client's ability to discern values, set goals, develop plans of action, and be accountable
● Supportive but not prescriptive
○ the coach is not instructing or telling clients what to do or providing solutions to their problems
Role: Facilitating client's ability to discern values, set goals, develop plans of action, and be accountable
● Supportive but not prescriptive
○ the coach is not instructing or telling clients what to do or providing solutions to their problems
○ instead is supporting clients in exploring their own thinking and understanding, values and goals, and helping them develop action plans
Role: Facilitating client's ability to discern values, set goals, develop plans of action, and be accountable
● Supportive but not prescriptive
○ the coach is not instructing or telling clients what to do or providing solutions to their problems
○ instead is supporting clients in exploring their own thinking and understanding, values and goals, and helping them develop action plans
○ holds clients accountable to their own stated values, goals, and plans
As a coach, you are essentially modelling a process of self-regulation and self-learning that the client begins to learn through the experience of the coaching interaction with you.
Jerry Buchko
An image or symbol that captures this notion...?
Generic Model of Self-RegulationGrant, A. (2009). The Evidence for Coaching. Invited paper; Harvard University Coaching and Positive Psychology Conference, Harvard University, Cambridge, MA. Instituteofcoaching.org, Resources. Retrieved 31 March 2015, from http://www.instituteofcoaching.org/index.cfm?page=resources
For example...
Tasks: The tasks of coaching are related to the common elements of the coaching process
Client Driven, Collaborative Relationship & Communication:
● Establish & maintain trust, and a safe coaching environment
● Active Listening○ Verbal○ Non-verbal
● Critical/Perceptive/Thoughtful Questioning
○ Open-ended○ Closed-ended○ Probing/Exploratory○ Clarifying○ Exception Seeking○ Scaling
● Direct Communication○ Clear feedback○ Clear presentation of
objectives, agenda, & purpose
○ Appropriate & respectful
Client Driven, Collaborative Relationship & Communication:
● Establish & maintain trust, and a safe coaching environment
● Active Listening○ Verbal○ Non-verbal
● Critical/Perceptive/Thoughtful Questioning
○ Open-ended○ Closed-ended○ Probing/Exploratory○ Clarifying○ Exception Seeking○ Scaling
● Direct Communication○ Clear feedback○ Clear presentation of
objectives, agenda, & purpose
○ Appropriate & respectful
Assessment: ● Determining the appropriateness of coaching to
meet client’s needs.● Managing Progress & Accountability/Follow
Through● Maintain perspective of the big picture and the
current context for moving forward
Client Driven, Collaborative Relationship & Communication:
● Establish & maintain trust, and a safe coaching environment
● Active Listening○ Verbal○ Non-verbal
● Critical/Perceptive/Thoughtful Questioning
○ Open-ended○ Closed-ended○ Probing/Exploratory○ Clarifying○ Exception Seeking○ Scaling
● Direct Communication○ Clear feedback○ Clear presentation of
objectives, agenda, & purpose
○ Appropriate & respectful
Assessment: ● Determining the appropriateness of coaching to
meet client’s needs.● Managing Progress & Accountability/Follow
Through● Maintain perspective of the big picture and the
current context for moving forward
Establishing Values & Goals:
● Will inform the exploration of options.
Client Driven, Collaborative Relationship & Communication:
● Establish & maintain trust, and a safe coaching environment
● Active Listening○ Verbal○ Non-verbal
● Critical/Perceptive/Thoughtful Questioning
○ Open-ended○ Closed-ended○ Probing/Exploratory○ Clarifying○ Exception Seeking○ Scaling
● Direct Communication○ Clear feedback○ Clear presentation of
objectives, agenda, & purpose
○ Appropriate & respectful
Assessment: ● Determining the appropriateness of coaching to
meet client’s needs.● Managing Progress & Accountability/Follow
Through● Maintain perspective of the big picture and the
current context for moving forward
Establishing Values & Goals:
● Will inform the exploration of options.
Exploration & Expanding of Possibilities & Options:● Will inform the establishment of the action plan.
Client Driven, Collaborative Relationship & Communication:
● Establish & maintain trust, and a safe coaching environment
● Active Listening○ Verbal○ Non-verbal
● Critical/Perceptive/Thoughtful Questioning
○ Open-ended○ Closed-ended○ Probing/Exploratory○ Clarifying○ Exception Seeking○ Scaling
● Direct Communication○ Clear feedback○ Clear presentation of
objectives, agenda, & purpose
○ Appropriate & respectful
Assessment: ● Determining the appropriateness of coaching to
meet client’s needs.● Managing Progress & Accountability/Follow
Through● Maintain perspective of the big picture and the
current context for moving forward
Establishing Values & Goals:
● Will inform the exploration of options.
Action:
● Develop action plan
● SMART goals/results
● Specific steps that client will take towards goals.
● Prioritizing steps, and adjust as needed
● Identify & access learning resources
Exploration & Expanding of Possibilities & Options:● Will inform the establishment of the action plan.
Client Driven, Collaborative Relationship & Communication:
● Establish & maintain trust, and a safe coaching environment
● Active Listening○ Verbal○ Non-verbal
● Critical/Perceptive/Thoughtful Questioning
○ Open-ended○ Closed-ended○ Probing/Exploratory○ Clarifying○ Exception Seeking○ Scaling
● Direct Communication○ Clear feedback○ Clear presentation of
objectives, agenda, & purpose
○ Appropriate & respectful
Assessment: ● Determining the appropriateness of coaching to
meet client’s needs.● Managing Progress & Accountability/Follow
Through● Maintain perspective of the big picture and the
current context for moving forward
Establishing Values & Goals:
● Will inform the exploration of options.
Action:
● Develop action plan
● SMART goals/results
● Specific steps that client will take towards goals.
● Prioritizing steps, and adjust as needed
● Identify & access learning resources
Exploration & Expanding of Possibilities & Options:● Will inform the establishment of the action plan.
In what settings could we use a financial coaching approach?
Mary Bell Carlson
Good # of questions to keep people focused and engaged!
Jerry Buchko
I'm intending to encourage & support active dialogue throughout the session, but here's the formal "Practitioner's Lounge" segment of the program... ;)
In what settings could we use a financial coaching approach?
When and how might we be able to use aspects of the coaching approach and particular techniques?
Coaching Key Takeaways
● A form of experiential learning
● About helping clients explore their own thinking and understanding, values and goals, and helping them develop action plans
● Rests on a foundation of a client driven, collaborative relationship
● Models a process of self-learning through
○ assessment
○ discerning values & goals
○ exploring possibilities
○ taking action
○ further assessment & accountability.
Mary Bell Carlson
I'd love to see this as your last slide or at least the next to last before resources.
Citations:
● Collins, J. and O'Rourke, C. (2012) "The Application of Coaching Techniques to Financial Issues," Journal of Financial Therapy: Vol. 3: Iss. 2, Article 3. http://dx.doi.org/10.4148/jft.v3i2.1659
● Consumer Financial Protection Bureau, (2015).Financial well-being: The goal of financial education > Reports > Consumer Financial Protection Bureau. Retrieved 31 March 2015, from http://www.consumerfinance.gov/reports/financial-well-being/
● Grant, A. (2009). The Evidence for Coaching. Invited paper; Harvard University Coaching and Positive Psychology Conference, Harvard University, Cambridge, MA. Instituteofcoaching.org, Resources. Retrieved 31 March 2015, from http://www.instituteofcoaching.org/index.cfm?page=resources
Mary Bell Carlson
One suggestion is to consider putting citations at the bottom of the page it is used on in small print so it's there but not overwhelming
Citations:
● Oxforddictionaries.com, (2015). Coach: definition of coach in Oxford dictionary (American English) (US). Retrieved 31 March 2015, from http://www.oxforddictionaries.com/us/definition/american_english/coach
● Wikipedia, (2015). Experiential learning. Retrieved 9 April 2015, from http://en.wikipedia.org/wiki/Experiential_learning
● Wikipedia, (2015). Humanistic psychology. Retrieved 14 April 2015, from http://en.wikipedia.org/wiki/Humanistic_psychology
Additional Reading:
● Armypubs.army.mil, (2015). Chapter 2. Counseling Fundamentals. ATP 6-22.1 The Counseling Process. ATP - Army Doctrine and Training Publications. Retrieved 18 May 2015, from http://armypubs.army.mil/doctrine/DR_pubs/dr_a/pdf/atp6_22x1.pdf
● Collins, J. (2014). Financial Coaching, An Asset Building Strategy. A brief written and published collaboratively with the Asset Funders Network and the Center for Financial Security. Retrieved 20 April 2015, from http://assetfunders.org/images/pages/AFN_FinacialCoaching(WEB_version).pdf
Additional Reading:
● Collins, J., Olive, P., and O’Rourke, C. (2013). “Financial Coaching’s Potential for Enhancing Family Financial Security.” The Journal of Extension, 51(1). Retrieved 16 April 2015, from http://www.joe.org/joe/2013february/a8.php
● Coachfederation.org, (2015). Core Competencies - Individual Credentialing - ICF. Retrieved 31 March 2015, from http://www.coachfederation.org/credential/landing.cfm?ItemNumber=2206&navItemNumber=576
● Instituteofcoaching.org, (2015). Resources. Retrieved 31 March 2015, from http://www.instituteofcoaching.org/index.cfm?page=resources
● Lee, M. (2013). Solution-Focused Brief Therapy. Socialwork.oxfordre.com. Retrieved 19 May 2015, from http://socialwork.oxfordre.com/view/10.1093/acrefore/9780199975839.001.0001/acrefore-9780199975839-e-1039
Additional Reading:
● Psychology.org.au, (2015). Australian Psychological Society : Coaching psychology: How did we get here and where are we going? . Retrieved 31 March 2015, from http://www.psychology.org.au/publications/inpsych/coaching/
● University of Wisconsin-Extension, (2015). Financial Coaching Strategies. Retrieved 19 May 2015, from http://fyi.uwex.edu/financialcoaching/
● Wikipedia, (2015). Health coaching. Retrieved 31 March 2015, from http://en.wikipedia.org/wiki/Health_coaching
● Wikipedia, (2015). Solution focused brief therapy. Retrieved 1 May 2015, from http://en.wikipedia.org/wiki/Solution_focused_brief_therapy
Mary Bell Carlson
Can you find another resource besides Wikipedia? Here's one for SFT: http://www.sfbta.org/about_sfbt.html
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