The Goal of Financial Coaching Intake
The goal of financial coaching intake is to move past basic questions and truly understand the client. It's about gathering the information you need to build a personalized plan that addresses their unique situation, not just their stated problem. This is where you lay the groundwork for meaningful change. What has changed recently? The demand for personal finance guidance is shifting. It's evolving beyond simple transactional advice to include the emotional sides of money management. Experts are seeing a notable shift from purely transactional advice to a more emotional and holistic approach. This means your intake process needs to reflect this. You're not just asking about their income and expenses anymore. You're looking at their mindset, their behaviors, and their underlying motivations. Recent financial literacy surveys show big gaps in knowledge. This is especially true concerning risk and online financial behaviors. 1 For example, respondents in the FINRA Foundation's 2021 National Financial Capability Study had the most trouble with the 'risk question', with only 42% answering it correctly. Also, more women than men want to understand their finances better but don't know where to start. 4 This highlights a clear need for targeted financial education that starts right at intake.
Play 1: Uncover Core Motivations & Goals
What it is: This play involves digging into why a client wants to achieve financial goals, not just what those goals are. It's about connecting their financial aspirations to their deeper values and life vision. When to use it: This should be the very first step in your intake process. Before you even talk about numbers, understand the driving force behind their desire for change. How to run it:
- Start with open-ended questions about their ideal future. Ask: "If money were no object, what would your life look like in five years?"
- Drill down on specific goals. For a goal like "save for a down payment," ask: "What does owning that home represent to you? What kind of life do you imagine there?"
- Explore their 'why' for financial education. Ask: "What prompted you to seek financial guidance now? What's the biggest frustration you want to overcome?"
- Use a simple framework like the "5 Whys" to get to the root motivation. What to measure: The clarity and emotional resonance of their stated goals. Can the client articulate not just the financial target, but the life benefit it provides?
Play 2: Assess Financial Literacy Gaps
What it is: This play focuses on identifying specific areas where a client lacks financial knowledge. It's about pinpointing where education is most needed. When to use it: After you understand their motivations, you need to know their current knowledge base. This play helps you tailor your educational content. How to run it:
- Incorporate a brief, informal quiz or a series of targeted questions. For instance, ask about concepts like compound interest, diversification, or credit scores.
- Reference findings from financial literacy surveys. Acknowledge that many people struggle with specific areas, such as risk assessment. 4
- Ask clients to rate their understanding of key financial topics on a scale of 1 to 5.
- Listen for jargon they don't understand or concepts they misinterpret. What to measure: The number of key financial concepts the client can explain accurately. Identify the top 2-3 areas where their knowledge is weakest.
Play 3: Explore Emotional Relationship with Money
What it is: This play s into a client's feelings, beliefs, and past experiences related to money. It acknowledges that money is often tied to deep emotions and psychology. When to use it: This is crucial for understanding behavioral patterns. It should come after assessing knowledge gaps, as emotions often drive how people apply or ignore financial information. How to run it:
- Ask about their earliest money memories. "What's the first thing you remember learning or experiencing about money?"
- Explore their current feelings about their finances. "How does thinking about your current financial situation make you feel?"
- Discuss their money "rules" or beliefs. "What are some things you've always believed about money or how it should be handled?"
- Acknowledge the shift in the industry. Recognize that personal finance is moving from just numbers to include emotional and holistic aspects. 4 What to measure: The dominant emotions associated with money (fear, anxiety, shame, excitement) and any limiting beliefs identified.
Play 4: Understand Current Financial Behaviors
What it is: This play focuses on what clients are actually doing with their money right now, not just what they say they do or what they think they should do. When to use it: This should follow understanding motivations and emotional relationships. Behaviors are often a direct result of these deeper factors. How to run it:
- Ask about their spending habits. "Walk me through a typical week of spending. Where does your money usually go?"
- Inquire about their saving and investing habits. "Do you have a savings plan? If so, how does it work? What's your approach to investing?"
- Discuss debt management strategies. "How do you currently manage any debts you have?"
- Explore their use of financial tools. "What apps, spreadsheets, or other tools do you use to track your finances?" What to measure: Consistency in planned versus actual financial actions. Identify key behavioral patterns, such as impulse spending or inconsistent saving.
Play 5: Identify External Influences & Support Systems
What it is: This play examines how outside factors and people impact a client's financial life. It looks at their environment and network. When to use it: This is a good concluding play for intake, as it puts the client's personal situation into a broader context. How to run it:
- Ask about household financial dynamics. "How are financial decisions made in your household?"
- Inquire about influences from family or friends. "Have your family or friends influenced your financial views or habits?"
- Explore their network for support. "Who do you talk to about financial matters? Who supports your financial goals?"
- Consider broader societal or economic factors. "Are there any current events or economic trends that are particularly concerning to you regarding your finances?" What to measure: The presence and impact of key influencers (partners, family, friends) and the availability of a supportive network. Here's a 5-day plan to establish a strong client intake process: Day 1: Design Your Intake Structure Determine the essential questions and optional inquiries for your intake process. This will form the foundation of your client information gathering. The outcome of this day should be a clear outline for your questionnaire or interview script. Day 2: Create Your Intake Tools Develop the actual intake questionnaire. This could be a digital form, a structured document, or another format that suits your needs. Think about how you will present this to potential clients. Your output will be a draft of this questionnaire. Day 3: Practice Your Intake Conduct a trial run of your intake process with someone else, such as a colleague or a friend. Go through your questions and observe how smoothly the process flows. The goal is to gather feedback on clarity and efficiency, identifying any areas that need improvement. Day 4: Improve and Implement Adjust your intake materials based on the feedback received during the practice session. Decide where this intake process will fit within your overall client onboarding workflow. By the end of this day, you should have a finalized questionnaire and a plan for its administration. Day 5: Ready for Clients Make sure your intake process is easily accessible to new clients. This might involve setting up automated communications or clearly indicating its availability on your website. Your intake process will then be prepared for your first new clients. If you already have the material, you are most of the way there. Turn your expertise into a personalized program on Experly and let every client get a version built around their answers.
