Financial Coaches - How They Help & Our Directory of Experts
Our definitive New Zealand guide explains how Financial Coaches help you to take control of your money. We cover the step-by-step process involved, and how it differs from financial advice. We explain coaching options, costs, and solutions for urgent debt issues and list trusted Financial Coaches and frequently asked questions to help you move forward.
Updated 14 October 2024
Summary
Know This First: Key life events where a Financial Coach can help and what they can offer include:
To help explain things, our guide covers:
- Life changes - like divorce, separation, redundancy, buying a first home, preparing for children, or retirement leave many New Zealanders feeling unsure about their financial future.
- Financial coaching is not the same as financial advisory, and many people don't know when to see a financial expert or what type of advisor to go to when seeking general advice on how to better manage their finances.
- A Financial Coach combines the roles of a Financial Planner, Budgeting Expert, Accountant, and Life Coach, offering independent, unbiased advice and support without any sales or product pushing.
- Financial Coaches focus on providing affordable guidance to help you move forward and achieve your financial goals. Funding may also be available via the Employee Assistance Program.
- We believe that too few New Zealanders invest in their financial skills, go through life repeating the same behaviour habits, and end up wasting money on credit card interest, late fees, overdraft interest, expensive car finance contracts, and many other money-draining non-essentials.
- Financial Coaches ultimately are looking to get behavior changes in clients that will last a lifetime by breaking any bad spending habits and creating savings habits to stop the cycle of debt and then plan and grow their financial security and wealth for future generations.
Know This First: Key life events where a Financial Coach can help and what they can offer include:
- Divorce or Separation: Adjusting to a single income, managing property settlements and building a new financial plan post-divorce.
- Retirement Planning: How to save sufficiently for retirement, manage KiwiSaver and ensure financial stability (e.g. not running out of money) during retirement years.
- Financial hardship: Immediate support for managing debt, creating a budget, and dealing with a sudden loss of income.
- Starting over after a job loss: Help with restructuring your budget and planning for the future, including finding new income sources.
To help explain things, our guide covers:
MoneyHub Founder Christopher Walsh shares his thoughts:"We've published this guide because too many Kiwis face major life changes—divorce, redundancy, or early retirement. A budget advisor might not be the answer if you're in a solid financial position. But a financial coach could make all the difference if you're at a crossroads or confronting a significant shift in your life.
It's important to know that financial advisors who sell products are not always the solution to managing your money. While there are trusted advisors out there (some of who are highlighted in our financial advisor directory), a small number in the industry offer uninformed advice that can be harmful. Being directed into a poor investment or an underperforming fund can be life-altering; as we all know, time is not something you can get back. Ultimately, no one will care more about your financial well-being than you do. A Financial Coach offers guidance to get things in order without pushing products or agendas. While there is a cost involved unless you have access to an EAP (explained below), financial coaches are dedicated to helping you improve your financial situation. If you're unsure whether to contact one, I believe you should go for it - they provide valuable guidance and help you get on the right track financially. Additionally, I regularly visit the Reddit Personal Finance NZ forum. It's a fantastic resource with insightful advice from an active and supportive community, and one you should visit to build a better financial future". |
Christopher Walsh
MoneyHub Founder |
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What is Financial Coaching and How Does It Differ from Financial Advice?
Financial coaching is a practical, hands-on approach to managing money, setting financial goals, and ensuring you stay on track to achieve them.
Our View: A lot is going on if you're going through a major life change like divorce or redundancy. A financial coach helps you take control by building a budget that works for your new situation, identifying unnecessary expenses, and providing ongoing support as you adjust. Conversely, a financial adviser might focus on investing your assets after the split or advising on KiwiSaver and managed funds.
Financial coaching is accessible to everyday New Zealanders who might not have large sums to invest but want help with their finances to get 'sorted' and plan by helping them to make practical, informed decisions. Funding may be available via the Employee Assistance Program as well.
Know This: A financial coach is arguably a good place to start if you're unsure whether you need help with day-to-day money management or longer-term wealth planning. They help you take control of your current situation, navigate financial challenges, and build a solid foundation for the future. An investment in financial coaching earlier rather than later in life, can pay huge dividends in terms of your future potential wealth.
- A Financial Coach works with you to understand your current financial situation, identify areas for improvement, and create a tailored plan to help you meet your goals - whether that's getting out of debt, saving for a home, or planning for retirement.
- Unlike financial advisers, who focus mainly on investments and insurance, financial coaches are all about guiding you through the day-to-day aspects of your finances. Financial advisers often recommend specific products or services, often earning commissions from those sales, while a financial coach offers independent, product-free advice.
- Financial Coaches focus on budgeting, saving, reducing debt, and helping you develop healthy money habits without any sales pitches or investment plans.
Our View: A lot is going on if you're going through a major life change like divorce or redundancy. A financial coach helps you take control by building a budget that works for your new situation, identifying unnecessary expenses, and providing ongoing support as you adjust. Conversely, a financial adviser might focus on investing your assets after the split or advising on KiwiSaver and managed funds.
Financial coaching is accessible to everyday New Zealanders who might not have large sums to invest but want help with their finances to get 'sorted' and plan by helping them to make practical, informed decisions. Funding may be available via the Employee Assistance Program as well.
Know This: A financial coach is arguably a good place to start if you're unsure whether you need help with day-to-day money management or longer-term wealth planning. They help you take control of your current situation, navigate financial challenges, and build a solid foundation for the future. An investment in financial coaching earlier rather than later in life, can pay huge dividends in terms of your future potential wealth.
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How Financial Coaching Works: A Step-by-Step Process
We explain what you need to know about the process, although every Financial Coach has their own approach.
Step 1: Initial Assessment
Step 2: Setting Financial Goals
Step 3: Develop an Action Plan
Step 4: Ongoing Support and Accountability
Step 1: Initial Assessment
- Your financial coach begins by understanding your current financial picture. This includes a deep dive into your income, expenses, debts, and savings. The goal is to get a clear snapshot of where you stand financially today so that they can identify areas of improvement and situations that may be holding you back.
- You will need to be honest to get the best results. Talking about money and expenses isn't comfortable, but Financial Coaches have the expertise to ask painlessly to get the insights they need to help you without dwelling on anything negative.
Step 2: Setting Financial Goals
- Once the Financial Coach understands your situation, you need to clarify your financial goals. This could be moving on financially from a divorce, paying off a mortgage early, or getting sorted to save appropriately for retirement.
- A financial coach helps you define what you want to achieve, so don't be concerned if you don't know your goals before deciding you need a Financial Coach. Your coach will help you open your mind to what is achievable, regardless of what your financial position is now.
Step 3: Develop an Action Plan
- After setting your goals, the coach will help you create a customised, step-by-step action plan. This plan outlines the practical steps needed to reach your financial targets. It could involve creating more income sources, career planning, budget adjustments, cutting unnecessary expenses, increasing savings, or paying down debt more efficiently, or making sure you are getting correct entitlements. The coach ensures that the plan is not only clear but also doable, helping you move forward confidently.
Step 4: Ongoing Support and Accountability
- Your financial coach provides regular check-ins to review your progress, make necessary adjustments, and offer support when you encounter challenges. This ongoing relationship ensures you stay on track and motivated and are best placed to overcome any challenges along the way.
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Financial Coaching Options and Costs
While every coach is different, these options generally apply.
Hourly Coaching
Some people need targeted advice for specific financial issues - whether it's about starting again after a relationship ends, budgeting, retirement planning, or managing debt. In these cases, financial coaches offer hourly sessions where you pay for the time and expertise you need without committing to long-term packages.
Coaching Packages
If you're looking for ongoing support, coaching packages may be the best approach. They offer regular follow-ups, adjustments to your plan (as needed), and in-depth sessions. Packages let you work on a short-term or long-term basis and arguably give you the best chance of success.
Specialised Services:
For those dealing with unique challenges, such as financial hardship, goal setting for business, or negotiating with creditors, coaches offer tailored services to address these needs. Whether it's applying for hardship assistance from KiwiSaver or managing complex business finances, a coach can offer specific strategies and support.
Hourly Coaching
Some people need targeted advice for specific financial issues - whether it's about starting again after a relationship ends, budgeting, retirement planning, or managing debt. In these cases, financial coaches offer hourly sessions where you pay for the time and expertise you need without committing to long-term packages.
- Estimated Costs: $75 to $200
- Can I get a subsidy? EAP funding may be available
Coaching Packages
If you're looking for ongoing support, coaching packages may be the best approach. They offer regular follow-ups, adjustments to your plan (as needed), and in-depth sessions. Packages let you work on a short-term or long-term basis and arguably give you the best chance of success.
- Estimated Costs: $600 to $1,000+ (depends on the number of sessions)
- Can I get a subsidy? EAP funding may be available
Specialised Services:
For those dealing with unique challenges, such as financial hardship, goal setting for business, or negotiating with creditors, coaches offer tailored services to address these needs. Whether it's applying for hardship assistance from KiwiSaver or managing complex business finances, a coach can offer specific strategies and support.
- Estimated Costs: Varies
- Can I get a subsidy? EAP funding may be available
What is the ​Employee Assistance Program (EAP) and how do I get a subsidy to book a Financial Coach?
If you or your partner’s employer participates in EAP, you may be eligible for free professional advice, including financial guidance. Many large corporate and government employers, as well as some smaller ones, offer this service. EAP support often covers budgeting, hardship applications, and financial planning or coaching to help you achieve your financial goals. Check with your employer to see if they're an EAP member.
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What Are My Options If I Have an Urgent Debt Issue?
If you're facing an urgent debt problem, financial coaching can help with this although may not be the immediate solution you need. However, if you're struggling with overdue bills, credit card debt, or pressure from payday lenders, there are free services designed to help you take action quickly. We list trusted options below.
DebtFix
Christians Against Poverty (CAP)
Community Law Centres
Citizens Advice Bureau (CAB)
DebtFix
- DebtFix offers specialised services to help people consolidate and manage their debt. They work with your creditors to negotiate lower payments and create manageable repayment plans. If you're drowning in debt, this could be a useful service to consider.
- More details: DebtFix Review
Christians Against Poverty (CAP)
- CAP provides free debt help and budgeting advice for those in serious financial distress. They offer a structured debt management program and even liaise with creditors on your behalf, giving you breathing space while working towards being debt-free.
- More details: CAP Review
Community Law Centres
- If you're dealing with legal aspects of debt, like creditor harassment or the threat of repossession, your local Community Law Centre can offer free legal advice to help you navigate these challenges.
Citizens Advice Bureau (CAB)
- CAB provides free advice and can guide you through debt management options, help you understand your rights, and connect you with support services. They are a great first step if you're unsure where to turn for help.
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Financial Coaches Available Right Now
Most coaches offer services via Zoom or phone calls, meaning you're not limited by location. This flexibility ensures you can find the right coach for your needs, even if they aren't based in your area.
Below is a list of trusted financial coaches in New Zealand. They offer expertise in budgeting, retirement planning, debt management, and financial hardship support. Many provide a free initial consultation to discuss your goals and determine whether they're the right fit.
Below is a list of trusted financial coaches in New Zealand. They offer expertise in budgeting, retirement planning, debt management, and financial hardship support. Many provide a free initial consultation to discuss your goals and determine whether they're the right fit.
Full Balance
Service Area: Nationwide (via phone or video). Offices in Auckland, Wellington and Tauranga for in-person meetings.
Overview: Full Balance is NZ’s longest running financial coaching business for over 20’s years, covers a range of services, including personal budgeting, debt management, and financial planning. They specialise in helping individuals, small business owners and couples make sense of their financial situation and money mindsets to create strategies to improve their financial well-being, and long term behaviour habits of themselves and their future generations. Whether dealing with a life change such as divorce or redundancy or preparing for retirement, Full Balance provides unbiased guidance to help you achieve your financial goals.
Key Services:
Contact Information:
Overview: Full Balance is NZ’s longest running financial coaching business for over 20’s years, covers a range of services, including personal budgeting, debt management, and financial planning. They specialise in helping individuals, small business owners and couples make sense of their financial situation and money mindsets to create strategies to improve their financial well-being, and long term behaviour habits of themselves and their future generations. Whether dealing with a life change such as divorce or redundancy or preparing for retirement, Full Balance provides unbiased guidance to help you achieve your financial goals.
Key Services:
- Personal budgeting
- Hardship applications
- Debt reduction strategies
- Long-term financial planning
- Financial coaching for couples
Contact Information:
- Website: Full Balance
- Phone: 0800 FULL BALANCE
- Email: [email protected]
Relating to Money
Service Area: Nationwide (via phone or Zoom). International services are available.
Overview: Relating to Money, led by Sarah McMurray, focuses on helping individuals transform their relationship with money by addressing the underlying emotions, thoughts, and beliefs that drive financial behaviour. Relating to Money goes beyond traditional financial advice by working on the numbers and the behaviours that impact financial decisions. Whether you're dealing with debt, struggling to save, or figuring out how to handle an inheritance or change in financial circumstances, Sarah's coaching is designed to help you achieve a state of financial calm and control.
Key Services:
Contact Information:
Overview: Relating to Money, led by Sarah McMurray, focuses on helping individuals transform their relationship with money by addressing the underlying emotions, thoughts, and beliefs that drive financial behaviour. Relating to Money goes beyond traditional financial advice by working on the numbers and the behaviours that impact financial decisions. Whether you're dealing with debt, struggling to save, or figuring out how to handle an inheritance or change in financial circumstances, Sarah's coaching is designed to help you achieve a state of financial calm and control.
Key Services:
- Debt management
- Budgeting and financial planning
- Behavioural coaching to improve financial habits
- Financial coaching for life transitions (inheritance, marriage, etc.)
- Small business profitability coaching
Contact Information:
- Website: Relating to Money
- Phone: 021 424 923
- Email: [email protected]
Money Mentalist
Service Area: Nationwide (via phone or Skype) from a Motueka (Tasman) base.
Overview: Money Mentalist, founded by Lynda Moore, provides a unique approach to financial coaching by focusing on behavioural economics. The Building a Money Plan programme helps individuals manage their finances effectively without the constraints of traditional budgeting. This personalised programme equips clients with the tools and insights they need to gain control of their money and achieve financial peace of mind. Whether your goal is paying off a mortgage, saving for a big trip, or simply gaining better control of spending, Money Mentalist offers guidance tailored to your lifestyle and financial needs.
Key Services:
Contact Information:
Overview: Money Mentalist, founded by Lynda Moore, provides a unique approach to financial coaching by focusing on behavioural economics. The Building a Money Plan programme helps individuals manage their finances effectively without the constraints of traditional budgeting. This personalised programme equips clients with the tools and insights they need to gain control of their money and achieve financial peace of mind. Whether your goal is paying off a mortgage, saving for a big trip, or simply gaining better control of spending, Money Mentalist offers guidance tailored to your lifestyle and financial needs.
Key Services:
- Personalised money plans
- Behavioural financial coaching
- Financial literacy and education
- Goal-setting and progress-tracking
- Ongoing support and resources
Contact Information:
- Website: Money Mentalist
- Phone: 021 903 914
- Email: [email protected]
​Maverick Money
Service Area: Nationwide (via phone, Skype, and in-person consultations)
Overview: Maverick Money focuses on empowering individuals with the knowledge and tools they need to take control of their financial well-being. They offer independent, unbiased guidance with no product sales, aligning their interests with yours. Their team works to provide reassurance, advocacy, and validation, ensuring that you are on the right track with your financial decisions. Whether you need help with budgeting, managing debt, or planning for retirement, Maverick Money is committed to helping every New Zealander achieve better financial outcomes through informed choices.
Key Services:
Contact Information:
Overview: Maverick Money focuses on empowering individuals with the knowledge and tools they need to take control of their financial well-being. They offer independent, unbiased guidance with no product sales, aligning their interests with yours. Their team works to provide reassurance, advocacy, and validation, ensuring that you are on the right track with your financial decisions. Whether you need help with budgeting, managing debt, or planning for retirement, Maverick Money is committed to helping every New Zealander achieve better financial outcomes through informed choices.
Key Services:
- Budgeting for families and individuals
- Debt management and lender advocacy
- KiwiSaver guidance and fund selection
- Retirement planning and gap analysis
- Investment education and financial literacy tools
- Property and mortgage advice
- Support for women and financial literacy
- Financial coaching for major life changes (redundancy, breakup, etc.)
Contact Information:
- Website: Maverick Money
- Phone: 027 320 6044
- Email: [email protected]
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Frequently Asked Questions
We publish limited examples below - please contact a Financial Coach with your specific question.
Can a Financial Coach help me with an urgent debt issue?
While Financial Coaching can help manage debt, it may not be the immediate solution for urgent debt problems like overdue bills or pressure from payday lenders. For immediate help, free services such as DebtFix, Christians Against Poverty (CAP), or your local Community Law Centre can help you negotiate with creditors and create repayment plans. A Financial Coach, however, can work with you long-term to ensure you stay on track after resolving the crisis.
​Can a Financial Coach help with KiwiSaver?
Yes - a Financial Coach can guide you through reviewing your KiwiSaver settings, helping you determine the right contribution rate (e.g. above 3%), fund type, and provider/fund for your situation. They offer independent advice, free from product sales, and will help you understand your KiwiSaver options, whether you're saving for retirement or looking to buy your first home.
How long does Financial Coaching take to see results?
The time it takes to see results varies depending on your goals and financial situation. For some, improvements like better budgeting and reduced spending can happen in a few weeks, while others may take several months to see significant changes in areas like debt reduction or retirement planning.
Can a Financial Coach help couples with financial disagreements?
Yes - Financial Coaches often act as facilitators for couples who struggle to talk about money. They help both partners discuss their financial goals, habits, and concerns. By providing a neutral, non-judgmental space, a coach can guide you towards agreements on budgeting, saving, and planning for future financial security together.
