What's the #1 concern clients have?
Nov 06, 2020(Photo by Ehud Neuhaus on Unsplash)
Is debt the #1 concern why clients reach out to a financial coach?
Garrett - While debt is something that many clients who go to a financial coach will want help with, it's not what your outward marketing should necessarily highlight, for a couple of reasons:
- If you say "I help people pay off debt" as your lead marketing message, then people will pigeon hole you and believe that's all you do. And since it's something many people offer, it can lead to a race to the bottom in how much you're able to charge.
- When prospective clients come to me, yes, paying off debt is something that they want to do, but that's simply a means to an end. What they really want is the freedom that comes with being debt free, or the sense of security not having to worry about debt. This is why it's important to focus on what they want in your messaging (i.e. freedom, security, financial independence) rather than the means of how they'll get there.
- My niche are millennial women who want to build the money and confidence to start their own business and leave the 9-5. So, continuing my point with #2 above, if we do talk about the need to pay off debt it's done within the larger context of "you're doing this because it you'll be one step closer to starting your dream business, being your own boss, etc." And that gets them excited! B/c nobody likes putting money toward credit card debt without the larger context.
- Lastly, to answer your actual question
The concerns people have when coming to me are they're tired of feeling behind, like they don't know what the hell they're doing financially, that it's time they start 'adulting' financially, and that they're tired of feeling stuck and powerless and small because they can't get their financial shit together.
It's About Debt, But Much More
Sonya - I just started coaching a young couple that is making more money then they ever thought and the husband is getting huge bonuses. They want to learn what to do with the money and make good decisions, they have one young child also. They do have debt, but the main reason was to learn to manage their money right from the start and years to come. They were not taught by their parents. Not dissing the parents at all. Just painting the picture for you.
Janie - I guide Christian couples through intentional financial decisions resulting in a solid foundation and expanding possibilities. Many are looking for financial literacy and how to apply it to their situation to make wise financial decisions to achieve their goals.
Lifestyle Creep
Jennifer - "I don't know where my money goes" lifestyle creep is #1 issue. They get pay increases, wife returns to work, get a big bonus, and then a few months later they realize the extra income didn't "help" and they still are using credit cards and not saving enough.
Were these answers helpful? Let us know in the comments!
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