This 90-minute webinar will concentrate on Financial Coaching. The webinar will look at the historical emergence of coaching and consider the place that financial coaching has in the emerging contemporary framework for understanding financial well-being and the development of financial capacity. The distinctions between financial coaching, counseling, and education will be explored. We will then examine the primary role and tasks of the coach and explore the common core elements that underlie various coaching approaches. Finally, we will examine common core coaching techniques, as well as explore how some of these can be usefully incorporated into financial counseling and financial education efforts.

1. Financial Coaching
https://learn.extension.org/events/2012

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3. Research and evidenced-based
professional development
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5. Available resources
Find slides and additional resources under ‘event materials’
https://learn.extension.org/events/2012

6. Jerry Buchko, MA, AFC®
Counselor, Coach, & Tutor of Personal Finance
● Prior to private practice, worked for almost 14 years in
the employee assistance field
● Provided financial counseling to clients from a diverse
range of life circumstances and experiences, including
military service members and their families
● B.A. in psychology, an M.A. in counseling psychology,
and an Accredited Financial Counselor (AFC®)
● Active member within the eXtension Military Families
Learning Network (MFLN) and Network Literacy
Community of Practice
● Currently serves as a member of the Board of Directors
for the Association for Financial Counseling and
Planning Education (AFCPE)
● Currently serves as a Practitioner Consultant with the
MFLN Personal Finance team

7. Question: Have you ever coached or received
coaching?
What kind?
How?

8. Question: Have you ever coached or received
coaching?
What kind?
How?
Question: What is coaching? How would you briefly
describe it?

9. So what is financial coaching?

10. So what is financial coaching?
● Broad conceptual history of coaching; its
emergence as a form of experiential learning

11. So what is financial coaching?
● Broad conceptual history of coaching; its
emergence as a form of experiential learning
● Where financial coaching fits within an emerging
framework for financial well-being & personal
finance capacity

12. So what is financial coaching?
● Broad conceptual history of coaching; its
emergence as a form of experiential learning
● Where financial coaching fits within an emerging
framework for financial well-being & personal
finance capacity
● How financial coaching differs from financial
education & counseling

13. So what is financial coaching?
● Broad conceptual history of coaching; its
emergence as a form of experiential learning
● Where financial coaching fits within an emerging
framework for financial well-being & personal
finance capacity
● How financial coaching differs from financial
education & counseling
● Role & primary tasks of a financial coach

14. So what is financial coaching?
● Broad conceptual history of coaching; its
emergence as a form of experiential learning
● Where financial coaching fits within an emerging
framework for financial well-being & personal
finance capacity
● How financial coaching differs from financial
education & counseling
● Role & primary tasks of a financial coach
● Core elements of the coaching process

15. So what is financial coaching?
● Broad conceptual history of coaching; its
emergence as a form of experiential learning
● Where financial coaching fits within an emerging
framework for financial well-being & personal
finance capacity
● How financial coaching differs from financial
education & counseling
● Role & primary tasks of a financial coach
● Core elements of the coaching process
● Core techniques of coaching

16. Broad Conceptual History of Coaching

17. Ways that people have
learned and developed
knowledge through a
process of thinking through
what they were doing...

18. ~ 1500s
“Coach”
Source: http://goo.gl/bj8qv6
Ways that people have
learned and developed
knowledge by thinking
through what they were
doing...

19. ~ 1500s
“Coach” ~ 1800s
“Coaching”,
university
slang; the
notion of a
tutor
“carrying” a
student
through an
exam.
Source: http://goo.gl/bj8qv6
Source: http://goo.gl/6Zixcn
Ways that people have
learned and developed
knowledge by thinking
through what they were
doing...

20. ~ 1500s
“Coach” ~ 1800s
“Coaching”,
university
slang; the
notion of a
tutor
“carrying” a
student
through an
exam.
~ 1950s Humanistic
psychology
movement.
Broke away from the
medical model; “clients”
rather than “patients”.
Emergence of “coaching”
techniques within various
psychotherapy & mental
health counseling
approaches.
Source: http://goo.gl/bj8qv6
Source:
http://goo.gl/xae23N
Source: http://goo.gl/6Zixcn
Ways that people have
learned and developed
knowledge by thinking
through what they were
doing...

21. Ways that people have
learned and developed
knowledge by thinking
through what they were
doing...
~ 1980s Coaching
in the corporate
business world.
~ 1990s Coaching
expanded into different
life areas, e.g. life, career,
health, etc.
Source: http://goo.gl/8f1ZJ1

22. ~ 2000s
Growth of
research in
coaching
psychology.
Emergence
of financial
coaching.
Emergence of
an evolving
framework about
financial well-
being and
financial
capacity.
Source: https://goo.gl/VKyHto
Source: http://goo.gl/zH9jUi
Source: http://goo.gl/SNA9CA
Ways that people have
learned and developed
knowledge by thinking
through what they were
doing...
~ 1980s Coaching
in the corporate
business world.
~ 1990s Coaching
expanded into different
life areas, e.g. life, career,
health, etc.
Source: http://goo.gl/8f1ZJ1

23. Where Financial Coaching Fits within an
Emerging Framework for Financial Well-
being & Personal Finance Capacity

24. 2015 Consumer Finance Protection Bureau (CFPB)
research report about financial well-being.
How many of you have read it?
Consumer Financial Protection Bureau, (2015). Financial well-being: The goal of financial education > Reports > Consumer Financial
Protection Bureau. Retrieved 31 March 2015, from http://www.consumerfinance.gov/reports/financial-well-being/

25. 2015 Consumer Finance Protection Bureau (CFPB)
research report about financial well-being.
How many of you have read it? All of it?
Consumer Financial Protection Bureau, (2015). Financial well-being: The goal of financial education > Reports > Consumer Financial
Protection Bureau. Retrieved 31 March 2015, from http://www.consumerfinance.gov/reports/financial-well-being/

26. 2015 Consumer Finance Protection Bureau (CFPB)
research report about financial well-being.
How many of you have read it? All of it?
● Review of research literature
● In-depth qualitative interviews of consumers & financial
practitioners/service providers
● Consultation with a panel of leading academic and
practitioner experts in the fields of consumer finance and
financial capability
2. Research design and methods
Consumer Financial Protection Bureau, (2015). Financial well-being: The goal of financial education > Reports > Consumer Financial
Protection Bureau. Retrieved 31 March 2015, from http://www.consumerfinance.gov/reports/financial-well-being/

27. Contemporary, evolving framework for financial well-
being and financial capacity

28. Figure 2. What Influences Financial Well-Being.
Consumer Financial Protection Bureau, (2015). Financial well-being: The goal of financial education > Reports > Consumer Financial
Protection Bureau. Retrieved 31 March 2015, from http://www.consumerfinance.gov/reports/financial-well-being/
Contemporary, evolving framework for financial well-
being and financial capacity

29. Contemporary, evolving framework for financial well-
being and financial capacity
Figure 2. What Influences Financial Well-Being.
Consumer Financial Protection Bureau, (2015). Financial well-being: The goal of financial education > Reports > Consumer Financial
Protection Bureau. Retrieved 31 March 2015, from http://www.consumerfinance.gov/reports/financial-well-being/

30. Definition of Financial Well-being:

31. 3. Defining financial well-being
Consumer Financial Protection Bureau, (2015). Financial well-being: The goal of financial education > Reports > Consumer Financial
Protection Bureau. Retrieved 31 March 2015, from http://www.consumerfinance.gov/reports/financial-well-being/
Definition of Financial Well-being:
○ Having control over day-to-day, month-to-month
finances

32. Definition of Financial Well-being:
○ Having control over day-to-day, month-to-month
finances
○ Having the capacity to absorb a financial shock
3. Defining financial well-being
Consumer Financial Protection Bureau, (2015). Financial well-being: The goal of financial education > Reports > Consumer Financial
Protection Bureau. Retrieved 31 March 2015, from http://www.consumerfinance.gov/reports/financial-well-being/

33. Definition of Financial Well-being:
○ Having control over day-to-day, month-to-month
finances
○ Having the capacity to absorb a financial shock
○ Being on track to meet your financial goals
3. Defining financial well-being
Consumer Financial Protection Bureau, (2015). Financial well-being: The goal of financial education > Reports > Consumer Financial
Protection Bureau. Retrieved 31 March 2015, from http://www.consumerfinance.gov/reports/financial-well-being/

34. Definition of Financial Well-being:
○ Having control over day-to-day, month-to-month
finances
○ Having the capacity to absorb a financial shock
○ Being on track to meet your financial goals
○ Having the financial freedom to make the choices
that allow you to enjoy life
3. Defining financial well-being
Consumer Financial Protection Bureau, (2015). Financial well-being: The goal of financial education > Reports > Consumer Financial
Protection Bureau. Retrieved 31 March 2015, from http://www.consumerfinance.gov/reports/financial-well-being/

35. Figure 1. Four Elements of Well-Being.
Consumer Financial Protection Bureau, (2015). Financial well-being: The goal of financial education > Reports > Consumer Financial
Protection Bureau. Retrieved 31 March 2015, from http://www.consumerfinance.gov/reports/financial-well-being/

36. How Financial Coaching Differs from
Financial Education & Counseling

37. How Financial Coaching Differs from
Financial Education & Counseling
Figure 1. Distinctions among financial coaching, education, and counseling.
Collins, J. and O'Rourke, C. (2012) "The Application of Coaching Techniques to Financial Issues," Journal of Financial Therapy: Vol. 3: Iss.
2, Article 3. http://dx.doi.org/10.4148/jft.v3i2.1659

38. Other characteristics of coaching orientation:

39. Other characteristics of coaching orientation:
● Emphasizes well-being and performance
improvement (rather than pathology)

40. Other characteristics of coaching orientation:
● Emphasizes well-being and performance
improvement (rather than pathology)
● Emphasizes a greater focus on the present and
future (rather than being grounded in the review
and analysis of the past)

41. Role & Primary Tasks of a Financial
Coach

42. Role:

43. Role: Facilitating client's ability to discern values, set
goals, develop plans of action, and be accountable

44. Role: Facilitating client's ability to discern values, set
goals, develop plans of action, and be accountable
● Supportive but not prescriptive
○ the coach is not instructing or telling clients what to do
or providing solutions to their problems

45. Role: Facilitating client's ability to discern values, set
goals, develop plans of action, and be accountable
● Supportive but not prescriptive
○ the coach is not instructing or telling clients what to do
or providing solutions to their problems
○ instead is supporting clients in exploring their own
thinking and understanding, values and goals, and
helping them develop action plans

46. Role: Facilitating client's ability to discern values, set
goals, develop plans of action, and be accountable
● Supportive but not prescriptive
○ the coach is not instructing or telling clients what to do
or providing solutions to their problems
○ instead is supporting clients in exploring their own
thinking and understanding, values and goals, and
helping them develop action plans
○ holds clients accountable to their own stated values,
goals, and plans

47. As a coach, you are essentially modelling a process of
self-regulation and self-learning that the client begins to
learn through the experience of the coaching interaction
with you.

48. Generic Model of Self-Regulation
Grant, A. (2009). The Evidence for Coaching. Invited paper; Harvard University Coaching and Positive Psychology Conference, Harvard
University, Cambridge, MA. Instituteofcoaching.org, Resources. Retrieved 31 March 2015, from
http://www.instituteofcoaching.org/index.cfm?page=resources
For example...

49. Tasks: The tasks of coaching are related to the
common elements of the coaching process

50. Client Driven, Collaborative Relationship
& Communication:
● Establish & maintain trust, and a safe
coaching environment
● Active Listening
○ Verbal
○ Non-verbal
● Critical/Perceptive/Thoughtful
Questioning
○ Open-ended
○ Closed-ended
○ Probing/Exploratory
○ Clarifying
○ Exception Seeking
○ Scaling
● Direct Communication
○ Clear feedback
○ Clear presentation of
objectives, agenda, &
purpose
○ Appropriate & respectful

51. Client Driven, Collaborative Relationship
& Communication:
● Establish & maintain trust, and a safe
coaching environment
● Active Listening
○ Verbal
○ Non-verbal
● Critical/Perceptive/Thoughtful
Questioning
○ Open-ended
○ Closed-ended
○ Probing/Exploratory
○ Clarifying
○ Exception Seeking
○ Scaling
● Direct Communication
○ Clear feedback
○ Clear presentation of
objectives, agenda, &
purpose
○ Appropriate & respectful
Assessment:
● Determining the appropriateness of coaching to
meet client’s needs.
● Managing Progress & Accountability/Follow
Through
● Maintain perspective of the big picture and the
current context for moving forward

52. Client Driven, Collaborative Relationship
& Communication:
● Establish & maintain trust, and a safe
coaching environment
● Active Listening
○ Verbal
○ Non-verbal
● Critical/Perceptive/Thoughtful
Questioning
○ Open-ended
○ Closed-ended
○ Probing/Exploratory
○ Clarifying
○ Exception Seeking
○ Scaling
● Direct Communication
○ Clear feedback
○ Clear presentation of
objectives, agenda, &
purpose
○ Appropriate & respectful
Assessment:
● Determining the appropriateness of coaching to
meet client’s needs.
● Managing Progress & Accountability/Follow
Through
● Maintain perspective of the big picture and the
current context for moving forward
Establishing Values &
Goals:
● Will inform the
exploration of
options.

53. Client Driven, Collaborative Relationship
& Communication:
● Establish & maintain trust, and a safe
coaching environment
● Active Listening
○ Verbal
○ Non-verbal
● Critical/Perceptive/Thoughtful
Questioning
○ Open-ended
○ Closed-ended
○ Probing/Exploratory
○ Clarifying
○ Exception Seeking
○ Scaling
● Direct Communication
○ Clear feedback
○ Clear presentation of
objectives, agenda, &
purpose
○ Appropriate & respectful
Assessment:
● Determining the appropriateness of coaching to
meet client’s needs.
● Managing Progress & Accountability/Follow
Through
● Maintain perspective of the big picture and the
current context for moving forward
Establishing Values &
Goals:
● Will inform the
exploration of
options.
Exploration & Expanding of Possibilities & Options:
● Will inform the establishment of the action plan.

54. Client Driven, Collaborative Relationship
& Communication:
● Establish & maintain trust, and a safe
coaching environment
● Active Listening
○ Verbal
○ Non-verbal
● Critical/Perceptive/Thoughtful
Questioning
○ Open-ended
○ Closed-ended
○ Probing/Exploratory
○ Clarifying
○ Exception Seeking
○ Scaling
● Direct Communication
○ Clear feedback
○ Clear presentation of
objectives, agenda, &
purpose
○ Appropriate & respectful
Assessment:
● Determining the appropriateness of coaching to
meet client’s needs.
● Managing Progress & Accountability/Follow
Through
● Maintain perspective of the big picture and the
current context for moving forward
Establishing Values &
Goals:
● Will inform the
exploration of
options.
Action:
● Develop action plan
● SMART
goals/results
● Specific steps that
client will take
towards goals.
● Prioritizing steps,
and adjust as
needed
● Identify & access
learning resources
Exploration & Expanding of Possibilities & Options:
● Will inform the establishment of the action plan.

55. Client Driven, Collaborative Relationship
& Communication:
● Establish & maintain trust, and a safe
coaching environment
● Active Listening
○ Verbal
○ Non-verbal
● Critical/Perceptive/Thoughtful
Questioning
○ Open-ended
○ Closed-ended
○ Probing/Exploratory
○ Clarifying
○ Exception Seeking
○ Scaling
● Direct Communication
○ Clear feedback
○ Clear presentation of
objectives, agenda, &
purpose
○ Appropriate & respectful
Assessment:
● Determining the appropriateness of coaching to
meet client’s needs.
● Managing Progress & Accountability/Follow
Through
● Maintain perspective of the big picture and the
current context for moving forward
Establishing Values &
Goals:
● Will inform the
exploration of
options.
Action:
● Develop action plan
● SMART
goals/results
● Specific steps that
client will take
towards goals.
● Prioritizing steps,
and adjust as
needed
● Identify & access
learning resources
Exploration & Expanding of Possibilities & Options:
● Will inform the establishment of the action plan.

56. In what settings could we use a financial
coaching approach?

57. In what settings could we use a financial
coaching approach?
When and how might we be able to use
aspects of the coaching approach and
particular techniques?

58. Coaching Key Takeaways
● A form of experiential learning
● About helping clients explore their own thinking and
understanding, values and goals, and helping them develop
action plans
● Rests on a foundation of a client driven, collaborative
relationship
● Models a process of self-learning through
○ assessment
○ discerning values & goals
○ exploring possibilities
○ taking action
○ further assessment & accountability.

59. Citations:
● Collins, J. and O'Rourke, C. (2012) "The Application of Coaching
Techniques to Financial Issues," Journal of Financial Therapy:
Vol. 3: Iss. 2, Article 3. http://dx.doi.org/10.4148/jft.v3i2.1659
● Consumer Financial Protection Bureau, (2015).Financial well-
being: The goal of financial education > Reports > Consumer
Financial Protection Bureau. Retrieved 31 March 2015, from
http://www.consumerfinance.gov/reports/financial-well-being/
● Grant, A. (2009). The Evidence for Coaching. Invited paper;
Harvard University Coaching and Positive Psychology
Conference, Harvard University, Cambridge, MA.
Instituteofcoaching.org, Resources. Retrieved 31 March 2015,
from
http://www.instituteofcoaching.org/index.cfm?page=resources

60. Citations:
● Oxforddictionaries.com, (2015). Coach: definition of coach in
Oxford dictionary (American English) (US). Retrieved 31 March
2015, from
http://www.oxforddictionaries.com/us/definition/american_english/
coach
● Wikipedia, (2015). Experiential learning. Retrieved 9 April 2015,
from http://en.wikipedia.org/wiki/Experiential_learning
● Wikipedia, (2015). Humanistic psychology. Retrieved 14 April
2015, from http://en.wikipedia.org/wiki/Humanistic_psychology

61. Additional Reading:
● Armypubs.army.mil, (2015). Chapter 2. Counseling Fundamentals.
ATP 6-22.1 The Counseling Process. ATP - Army Doctrine and
Training Publications. Retrieved 18 May 2015, from
http://armypubs.army.mil/doctrine/DR_pubs/dr_a/pdf/atp6_22x1.p
df
● Collins, J. (2014). Financial Coaching, An Asset Building Strategy.
A brief written and published collaboratively with the Asset
Funders Network and the Center for Financial Security. Retrieved
20 April 2015, from
http://assetfunders.org/images/pages/AFN_FinacialCoaching(WE
B_version).pdf

62. Additional Reading:
● Collins, J., Olive, P., and O’Rourke, C. (2013). “Financial
Coaching’s Potential for Enhancing Family Financial Security.”
The Journal of Extension, 51(1). Retrieved 16 April 2015, from
http://www.joe.org/joe/2013february/a8.php
● Coachfederation.org, (2015). Core Competencies - Individual
Credentialing - ICF. Retrieved 31 March 2015, from
http://www.coachfederation.org/credential/landing.cfm?ItemNumb
er=2206&navItemNumber=576
● Instituteofcoaching.org, (2015). Resources. Retrieved 31 March
2015, from
http://www.instituteofcoaching.org/index.cfm?page=resources
● Lee, M. (2013). Solution-Focused Brief Therapy.
Socialwork.oxfordre.com. Retrieved 19 May 2015, from
http://socialwork.oxfordre.com/view/10.1093/acrefore/9780199975
839.001.0001/acrefore-9780199975839-e-1039

63. Additional Reading:
● Psychology.org.au, (2015). Australian Psychological Society :
Coaching psychology: How did we get here and where are we
going? . Retrieved 31 March 2015, from
http://www.psychology.org.au/publications/inpsych/coaching/
● University of Wisconsin-Extension, (2015). Financial Coaching
Strategies. Retrieved 19 May 2015, from
http://fyi.uwex.edu/financialcoaching/
● Wikipedia, (2015). Health coaching. Retrieved 31 March 2015,
from http://en.wikipedia.org/wiki/Health_coaching
● Wikipedia, (2015). Solution focused brief therapy. Retrieved 1 May
2015, from
http://en.wikipedia.org/wiki/Solution_focused_brief_therapy

64. CEU Credit
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65. VLE Evaluation
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66. Personal Finance Virtual Learning Event
#MFLNchat
Join us today at 1 p.m. ET for a Twitter chat with
Jerry Buchko
Upcoming Personal Finance Webinars:
• July 28, 11 a.m. ET: Predatory Lending Practices &
How to Avoid Them – Dr. Barbara O’Neill and Marcus
Beauregard. More
information:learn.extension.org/events/2113

67. Find all upcoming and recorded webinars
covering:
http://www.extension.org/62581
Personal Finance
Military Caregiving
Family Development
Family Transitions
Network Literacy
Nutrition & Wellness
Community Capacity Building