1 Financial coaching Volunteer coach training

2 Getting started activity Please refer to your financial coaching training manual. Turn to “What makes a good coach?” on page 2. Review the list, then: 1.Circle the traits you feel describe you well. 2.Make a check mark by at least three traits you may struggle with.

3 Agenda 1.Introduction to financial coaching 2.The role of a coach 3.Coaching skills and tools 4.Behavior change strategies 5.Personal finance basics 6.Conducting the coaching sessions 7.Coaches agreement 8.Practical application

4 Purpose of our time together 1.Understand what coaching is and what a coach does 2.Learn coaching skills and strategies 3.Practice what we’re learning The training will provide you with the knowledge, techniques and tools to prepare you for a coaching relationship.

5 Learning circle 1.What is the best financial advice you’ve received? 2.Who shared it with you?

6 My story $ $ The Everence story

7 What financial coaching can do ¢ ¢ ¢ ¢ $ $ $ $ ¢ $

8 What is financial coaching? Adapted from “Financial Advice Models and Financial Coaching” and Financial CHANGE Program 2010–2011 COACH TRAINING Oct. 12, Financial coaching involves building a trusted, one-on-one coach and participant relationship to coach performance improvements that help the participant meet and sustain his or her financial goals. ¢ $ ¢ ¢ ¢ $ $ $ $

9 What is financial coaching? Adapted from “Financial Advice Models and Financial Coaching” and Financial CHANGE Program 2010–2011 COACH TRAINING Oct. 12, ¢ $ ¢ ¢ ¢ $ $ $ $ Goals of coaching Discuss and understand top concerns. Support participant in achievement of self-defined goals. Support specific actions toward goals. Facilitate participant-driven decision-making. Promote information seeking.

10 What is financial coaching? Adapted from “Financial Advice Models and Financial Coaching” and Financial CHANGE Program 2010–2011 COACH TRAINING Oct. 12, ¢ $ ¢ ¢ ¢ $ $ $ $ Coaching activities Develop trusting relationship with participant. Establish current state. Set goals. Develop an action plan. Provide accountability to participant’s progress. Identify resources, tools and services. Make referrals as needed.

11 Financial coaching and other roles ¢ ¢ ¢ ¢ $ $ $ $ ¢ $

12 Adapted from “Financial Coaching: An Overview” prepared for presentation by J. Michael Collins, Sept. 10, Coaching distinctions Telling (directive) Asking (nondirective) Telling what to do Solving someone’s problem Giving advice Offering guidance Asking questions Partnering for exploration and solutions TrainingConsultingMentoringCoaching Coaching is about asking and partnering for exploration and solutions.

13 What questions do you have about financial coaching or the role of a coach?

14 Participant being coached ¢ ¢ ¢ ¢ $ $ $ $ ¢ $

15 Coaching skills ¢ ¢ ¢ ¢ $ $ $ $ ¢ $

16 Asking questions Why? What? How? Who?

17 Asking questions COACH model Competencies: Situation and their strengths. Outcome: What do they want to create, change or overcome? What’s their goal? Action: How will they achieve their goal? What are they willing and committed to do? What is the next step between now and when you meet next? Checking: Where accountability comes in. Can you help them identify barriers and supporters? C O A C H

18 Real play example

19 Family and friend relationships Health and well-being Significant other or romantic relationship Personal and spiritual growth Career and work life Recreation, fun and hobbies Home, community and physical environment Money and personal finances Draw on one of the dotted lines in each pie slice according to the number scale shown. Closer to the outer edge (10) indicates the more satisfied you are in that area. Closer to the center, the less satisfied you are in that area. Likely to end up with a bumpy wheel. Wheel of life

20 Family and friend relationships Health and well-being Significant other or romantic relationship Personal and spiritual growth Career and work life Recreation, fun and hobbies Home, community and physical environment Money and personal finances Wheel of life 1.Participant has completed wheel and you look at it together. 2.Start by asking the participant what’s satisfying about the areas they ranked highest. 3.Prompt for next lowest as needed. 4.As the participant discusses the lowest rated areas, ask how money impacts those areas.

21 Practice wheel of life conversation COACH PARTICIPANT Be real—thoughts, experiences, etc. Use listening techniques. Ask questions. OBSERVER

22 Credit record Insurance Debt Health benefits and coverage Charitable giving Retiremen t Savings Budgeting Personal finances wheel 1.Transition to this after the wheel of life. 2.Same steps as before. 3.Introduce behavior change assessment for any areas identified as focus areas. 4.Sets the stage for the coaching conversations.

23 Thank you!