The role of a financial planner extends far beyond numbers and investment strategies. In today’s evolving financial landscape, understanding human behavior, emotions, and decision-making processes is just as crucial as technical expertise.
Behavioural coaching is emerging as a powerful tool within financial planning, helping advisors establish deeper client relationships, guide informed decision-making, and address the psychological aspects of money.
In South Africa, several institutions are integrating behavioural coaching into their financial planning curriculums - both at the undergraduate and postgraduate levels - while also offering accessible learning pathways for seasoned professionals. This article explores where and how financial planners can develop coaching skills, what these courses entail, and how they enhance the way financial professionals engage with their clients.
1. University of the Free State (UFS) – School of Financial Planning Law
Financial Coaching Short Learning Programme: This 12-week online course is designed for financial advisers, paraplanners, managers, trainers, pension fund administrators, and coaches aiming to incorporate coaching techniques into their financial advisory practices. The programme focuses on effective client engagement, understanding client narratives, and supporting clients in designing purposeful financial lives. Upon completion, participants receive a certificate accredited by the Financial Planning Institute of Southern Africa (FPI) and 41 CPD points. The course fee is R11,500.
Advanced Financial Coaching Short Learning Programme: Spanning 11 months, this programme delves deeper into financial coaching, covering topics like ontological coaching, lifestyle integration, and behavioural finance. It's intended for financial planners and coaches seeking advanced knowledge and a credential with the Coaching and Mentors of South Africa (COMENSA). The total fee is R45,000.
2. Momentum – Intermediary Coaching Programme
In collaboration with ASISA and Fundhouse, Momentum offers a 12-month online programme tailored for financial advisers. The course emphasizes adopting a coaching approach in client engagements, understanding client behaviors, and facilitating optimal financial decisions. The programme includes workshops, coaching sessions, and check-ins, culminating in a certificate of completion and at least 35 CPD points. The cost is R19,800, with an option to pay in 12 monthly installments of R1,650.
3. Financial Planning Institute of Southern Africa (FPI) – The Psychology of Financial Planning
This course is designed to equip financial planners with the knowledge and tools to better understand, engage, and serve a broad range of clients. It covers modules such as client values and goals, understanding client backgrounds and money beliefs, behavioral finance, and effective communication. The course offers 7.5 verifiable general CPD hours. For FPI designated members, the fee is R6,000, while non-members are charged R11,900.
4. Craffies Coaching
Craffies Coaching provides training for financial advisors, exploring advanced concepts like ontological coaching, lifestyle integration, and behavioural finance. Specific course details, including duration and fees, can be obtained by contacting them directly.
5. Coming in 2025
FI Consult is working on its own behavioural coaching course for financial planners, and if all goes well, we will launch this year.
Integrating Behavioural Coaching into Financial Planning
Incorporating behavioural coaching into financial planning enhances a planner's ability to understand clients' psychological drivers, biases, and behaviors. This understanding fosters deeper client relationships, aids in managing clients' financial anxieties, and supports them in making informed decisions aligned with their life goals. For seasoned professionals, these courses offer an opportunity to refine interpersonal skills, adopt a coaching mindset, and stay abreast of evolving client engagement strategies.
Access for Experienced Industry Professionals
Professionals with extensive industry experience can enroll in these programmes to gain advanced coaching skills without committing to long-term study. Short learning programmes and workshops are particularly suitable, offering intensive training that complements existing expertise. Engaging in these courses not only broadens one's skill set but also provides credentials that can enhance professional standing and client trust.
Sources: Web sites of UFS, Momentum, FPI, Craffies Coaching
All information and pricing is quoted as reclected on the respective sources' web sites on 2 February 2025.
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