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State of Financial Coaching / Counseling Study

Key Findings

 

The 2024 State of Financial Coaching and Counseling Benchmarking Survey represents an important initiative to establish a baseline understanding of the financial coaching and counseling profession.

Sponsored by the Financial Coaches Network, this inaugural survey seeks to support professional growth and development by highlighting successful practices and operational strategies. Amelie Riendl, AFC®, PMP® and Joshua Escalante Troesh, MBA, CFP® spearheaded this effort to identify how financial coaches and counselors work with their clients and provide insight into common approaches within the industry.

Participate in Next Year's Survey

Purchase options

$10*

Free to participants!

*Discount available for FCN and AFCPE members

Buy the High Level Summary

Note: The majority of the High Level Summary was covered in our podcast.

$44*

*Discount available for FCN and AFCPE Members

The Executive Summary includes 13 figures to share details about key findings in 3 categories.

Buy the Executive Summary

Characteristics of High Growth Businesses:
  • Revenue Growth Based on Training Program Completed
  • Revenue Growth Based on Credentials
  • How Prospects Found Them: By Revenue Growth
  • Programs Offered by Coaches with High Growth Revenue
  • Programs Offered by Coaches with Declining Revenue
  • High Growth Coaches’ Annual Expenses, Excluding Salary & Staff
  • Declining Growth Coaches’ Annual Expenses, Excluding Salary & Staff
Niche-Focused Practices
  • Total Average Number of Clients Coached: With vs. Without a Niche
  • Average Pricing by Service Type: Niche vs. No Niche
  • Revenue Growth for Counselors With and Without a Niche
  • Annual Revenue Over Time – Niche vs. No Niche
Building a Successful Business Timeline
  • Average Years in Practice by Phase of the Business
  • Revenue Based on Years in Business
Buy the Executive Summary

$380*

*Discount available for FCN and AFCPE Members

The Full Report includes the Executive Summary, plus an additional 90 figures (over 100 total) in 14 categories.

Buy the Full Report

Characteristics of High Growth Businesses
  • Revenue Growth Based on Training Program Completed
  • Revenue Growth Based on Credentials
  • High Growth Coaches’ Annual Expenses
  • Declining Growth Coaches’ Annual Expenses
  • High Growth Coaches’ Annual Expenses, Excluding Salary & Staff
  • Declining Growth Coaches’ Annual Expenses, Excluding Salary & Staff
  • Software Use By High Growth Counseling Businesses
  • Software Use By Declining Growth Counseling Businesses
  • Prospecting/Info Sharing Tools Used by Coaches with High Growth Revenue
  • Prospecting/Info Sharing Tools Used by Coaches with Declining Revenue
  • How Prospects Found Them: By Revenue Growth
  • Pricing Options Based on Revenue Growth
  • Variety of Services Offered by Coaches with High Growth Revenue
  • Variety of Services Offered by Coaches with Declining Revenue
  • Total Average Clients Coached by Revenue Growth
  • Programs Offered by Coaches with High Growth Revenue
  • Programs Offered by Coaches with Declining Revenue
Niche-Focused Practices
  • Complexity of Pricing Models: Niche vs. No Niche
  • Average Pricing: Niche vs. No Niche
  • Phase of Business: Niche Focus
  • Revenue Growth for Counselors With and Without a Niche
  • Annual Revenue Over Time – Niche vs. No Niche
  • Coaches With a Niche: Revenue Change 2021-2023
  • Coaches Without a Niche: Revenue Change 2021-2023
  • Total Number of Clients Coached: With vs. Without a Niche
Building a Successful Business Timeline
  • Average Years in Practice by Phase of the Business
  • Revenue Based on Years in Business
Revenue Growth
  • Revenue Growth
  • Revenue Growth Based on Phase of Business
  • Clients Coached in Exchange for Money: Revenue Growth
  • Average Revenue Based on Program Setup
Niche Focus
  • Niche Focus of Respondents
  • Coaches with a Niche by Credentials
  • Niche Categories Served
  • Levels of Niche Complexity
Training & Certifications
  • Counselors Who Completed a Training Course
  • Training Courses Completed
  • Coaches/Counselors with Credentials or Certifications
  • Types of Credentials and Certifications
Working with Clients
  • Ways Counselors Work with Clients
  • Number of Ways Counselors Work with Clients
  • How Counselors Work with Clients: With and Without a Niche
  • How the Coach/Counselor is Paid
About the Business
  • Entity Structure of Coaching Businesses
  • Years in Business
Financials
  • Respondents with Set Pricing
  • Pricing Models used by Coaches/Counselors
  • Pricing Based on Revenue Growth Category
  • Complexity of Pricing Models
  • Clients Coached in Exchange for Money: Niche vs. No Niche
  • Number of Paying Clients Based on Number of Years in Business
  • Software Utilization
Getting Clients
  • How Prospects Found the Counselor
  • How Prospects Found the Counselor: Niche vs. No Niche
  • Communication Tools Used for Prospecting and Information Sharing
  • Prospecting/Info Sharing Tools Used by Coaches with a Niche
  • Prospecting/Info Sharing Tools Used by Coaches without a Niche
Coaching Programs
  • Programs Offered by Counselors
  • Individual Support for Group Coaching
  • Individual Support for Online Courses
  • Where Counselors Meet with Clients
  • Recording of Counseling Sessions
  • Services Offered by Counselors
  • Services Offered by Coaches: Niche
  • Services Offered by Coaches: No Niche
  • Number of Standard Programs Offered By Coaches
  • Topics Covered in Ongoing Coaching Program
  • Length of Primary Program
  • Number of Sessions in Primary Program
  • Average Number of Sessions Per Month in Primary Coaching Programs
  • Average Number of Sessions Per Month in Secondary Coaching Programs
Topics Covered in 6-Month Program
  • When Client’s Goals Are Discussed
  • When Client Data is Gathered
  • When Client Data is Gathered
  • When Budgets are Developed
  • When Budgets are Updated
  • When Debt Strategy is Discussed
  • When Savings Plans Are Discussed
  • When Niche Specific Topics Are Discussed
  • When Money Mindset is Discussed
  • When Individualized Topics are Discussed
  • When Client Driven Topics are Discussed
Communication
  • Counseling Session Follow Up
  • Communication Channels Between Sessions
  • Communication Frequency During Program/Initial Onboarding
  • Communication Frequency During Ongoing Coaching
  • Percent of Coaches Who Assign Client Homework
  • Amount of Different Homework Types Utilized by Coaches
2024 Goals
  • Top Business Goal
  • Revenue and Profit Goals
Buy the Full Report

Discounts for Participants, FCN members, and AFCPE members

Participants: Look for an email with your Free High Level Summary and coupon codes for the Executive Summary and Full Report.

AFCPE and FCN members: Look for a discount codes in your member information.

For questions or issues, please contact [email protected].

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