Financial Coach and Customer

3 Steps to Maximize Financial Coaching Success

Megan Kursik, Assistant Director of Partnership Management, and Kristen McGuire, Development and Communications Associate | The Financial Clinic

“The only thing to do with good advice is to pass it on. It is never of any use to oneself.” -Oscar Wilde

We are so grateful to the Center for Financial Security (CFS) and Asset Funders Network (AFN) for passing on their advice to the financial coaching field: Last week, they released the results of the second annual Financial Coaching Census, disseminating recommendations for quality improvements based on our collective national experience. It’s thrilling that our field has grown to a point where we can meaningfully reflect on how to make it even more impactful. Luckily, it seems clear we all want the same things! Here are three strategies we can help you to implement, all identified as important areas for growth by the Financial Coaching Census:


Financial coaching requires a lot of moving pieces, with a strong emphasis on “A LOT.” The amount of paperwork can feel overwhelming, between printed information for and from customers and written notes to track progress and outcomes. And if you work at multiple sites, you find yourself becoming the local bag-lady/gentleman. The Clinic created its web-based financial coaching platform, Change Machine, to lighten the figurative and literal load of coaching, transforming a filing cabinet of binders into a dynamic system of resources to learn the latest financial security strategies, print tools and worksheets for customers, manage cases and appointments, and connect with fellow practitioners across the country. Plus, managers and funders get the hard evidence they need that a program is effective through organic data collection and reporting.


So many strategies, so little time! Many who work in social services struggle to find the time and resources to train staff, and this can be an even harder feat for the 48% who reported having integrated coaching models. Through years of experience building the capacity of over 360 organizations in 30 states, the Clinic’s team has designed concise, interactive trainings that support frontline staff to use financial security building strategies. We help financial coaches practice soft and hard skills to juggle strong customer engagement with data collection and provide organizational development sessions for program managers to fully integrate and oversee the coaching work. In-person trainings are supplemented with follow-up technical assistance calls and a monthly series of virtual trainings on Change Machine to continuously increase knowledge and skills. And an exciting new release – a brand new Train the Trainer curriculum provides all the tools you need to train new staff for years to come.


Just as the Financial Coaching Census builds the case for improving the field as a whole by collecting and analyzing the right data, we need to do the same for our individual programs to maintain relevance and impact. One of our priorities in creating Change Machine was robust data collection and reporting capabilities. Through an intake survey coaches use in the first meeting to get to know new customers (featuring questions from the Center for Financial Security’s Financial Capability Scale), data is collected to paint a picture of customer populations, including demographics and presenting issues. As the coaching process progresses, customer retention, engagement, and outcomes are consistently tracked. Managers can easily pull reports to review coaching performance, customer needs, and overall program success. This not only allows for program optimization and quantitative proof for funding, but also highlights systemic barriers facing customers and organizations and provides the data to make the case for lasting change (check out the Clinic’s Refund529 win for proof!). Best of all, reports can be customized to meet the specific needs of your program.


The results of the 2016 Financial Coaching Census offer proof that financial coaching is an inspiring and crucial field. Of course it is not without its challenges. Even when we know what we need to improve, actually implementing it is a whole new beast. But as we discovered in an Evaluation’s Endgame, the results are worth it. When you’re feeling a void in effectiveness — in technology, training, or evaluation — we’re here to help. Together, we can see our collective influence rise.

To learn how you can engage with the Clinic, contact our Assistant Director of Partnership Management, Megan Kursik.

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