Financial Coach Salary: How Much Do Financial Coaches Make? (2024)

Are you wondering how much financial coaches make?

Then you’re in the right place.

Today, you’ll learn what the average financial coach salary is — and how to become a highly paid coach so that you can replace your salary and build a business that offers more flexibility and freedom.

Let’s jump in!

Quick overview:

On average, financial coaches make $74,470 to $108,726 per year. The average hourly rate is between $100 and $300. The best place to start is with package pricing. Create a 3-month package that you price at $1,500.

What does a financial coach do?

Before we get into the details, let’s review what a financial coach does.

Put simply: A financial coach helps individuals to better understand, manage, and improve their finances.

As part of the job, there are various tasks and activities, depending on your client’s needs.

For example, you might help a client set up a savings plan, organize their finances, or search for an extra income stream.

Ultimately, building a financial coaching business can be incredibly fulfilling and impactful. As it’s a profitable and scalable business model, you can also build in more flexibility and freedom in your life.

Next, let’s look at how much you can earn as a financial coach.

What is the average financial coach salary?

So, what income can you expect as a financial coach?

First, let’s look at what salaried financial coaches are making.

According to Salary.com, the average financial coach makes $74,470.

And these are the typical salaries in each US state:

However, Glassdoor estimates that the total pay for a financial coach is much higher, at $108,726 per year.

Remember: These are just averages, and they’re based on numbers for employed coaches.

The reality is that many coaches are self-employed business owners…

And they make much more than this.

Many of my students have grown their coaching businesses to six figures or more.

For example, Ryan Chaw is a real estate coach who works with clients interested in investing in student housing.

He built a super successful real estate portfolio and then helped others do the same. Now, he’s got a six-figure coaching business.

Next, we’ll take a closer look at financial coaching rates..

What is the average rate for a financial coach? (Hourly, monthly, and by package)

Before we get into pricing details, keep this in mind: There’s no income limit or “cap” for a financial coach.

Just like any other self-employed coach (or business owner), YOU control how much you make.

It’s one of the many benefits of coaching.

So, how do you maximize your income as a coach?

A big part of it is choosing the right pricing model.

Here are some options:

Per hour

First up, there’s hourly pay.

According to ZipRecruiter, financial coach jobs pay an average of $23 per hour.

However, that figure applies to employed financial coaches.

The average financial coaching rate for self-employed coaches is between $100 and $300 per hour.

Now, these people have put in a ton of hard work to get to that point…

But if you’re willing to dedicate the time and effort, you can get there too.

Per month

The next option is charging clients by the month, or retainer pricing.

With this, your client pays you a set amount each month, and you agree to provide a certain amount of support.

For example, you might decide to have a set number of meetings or calls — or even unlimited meetings and calls.

This works for some coaches, but it’s not my favorite option.

That’s because it puts the focus on the time you put in rather than the results you help the client achieve.

And valuing your services according to time isn’t helpful to you or your clients.

Ultimately, your clients aren’t concerned with how many hours or months you put in. They just want to see tangible results.

So… What’s the solution?

Per package

My preference, and my recommendation for you, is to go with package pricing.

A coaching package is a structured offer. It includes various services that’ll help your client achieve specific goals within a defined period.

For more on package pricing, check out this video:

There are several key benefits to this strategy…

Package pricing is:

• Scalable
• Based on results
• Goal oriented
• Sustainable

Sounds pretty good, right?

But you’re probably wondering where to begin.

Here’s the advice I give to my students:

Start out with a 3-month coaching program. Offer once-per-week calls, and price the package at around $1,500.

I’ve found that this is the best way to penetrate the market.

Then, once you’ve got a few clients, you’ll be ready to raise the price.

If $1,500 sounds too low or too high, remember:

Coaching is an investment, not an expense.

Tweaking the price isn’t necessarily going to make a big difference for your potential clients.

What will make a difference is how you sell your offer and whether you can provide the results they’re looking for.

For example, that’s how my student Paridhi was able to take her business to the next level and make consistent $20,000 months.

I discuss all of that in more detail here:

Is there a demand for financial coaching?

If you’re wondering whether financial coaching is a viable career choice, I’ve got good news.

There’s a HUGE need for financial coaches.

After all, everyone has financial needs. And yet… SO many people struggle to manage their finances.

In fact, 71% of Americans say that money is a significant cause of stress.

Those are all people who you can help.

What’s the difference between a financial coach and an advisor?

Now, it’s important not to confuse the role of a financial coach with that of a financial advisor.

A financial advisor usually provides clients with long-term, specific investing recommendations. They might also help with things like taxes and estate planning.

Some financial advisors have professional certifications or licenses that even allow them to invest on someone’s behalf.

On the other hand, a financial coach primarily offers short-term support and guidance.

And the great thing is that, in most cases, you don’t need a certification.

Many people in the coaching world think you do, but it’s simply not true.

Next, let’s take a closer look at who needs financial coaching.

Who needs a financial coach?

As we discussed earlier, there are plenty of people out there who can benefit from financial coaching.

Potential client groups include:

• Small business owners
• Enterprises
• Individuals
• Retirees
• Married couples

You could choose one of those groups to focus on, or you could even market a specific result.

For example, you could help clients looking to:

• Get out of debt
• Improve their credit score
• Save for a home
• Feel less stressed about money

Those are just a few ideas. There are countless options out there.

Do some market research, and see what aligns with your skillset.

Now, it’s time to dive into potential income streams.

6 income streams for financial coaches

As a financial coach, there are many excellent ways to generate both active and passive income.

Let’s take a look at six of the best options:

1. 1-on-1 coaching

In case it wasn’t already clear… I’m a HUGE fan of one-on-one coaching.

Not only is it a relatively easy way to get started, but it’s also a great way to gain experience and improve your confidence as a coach.

Through personalized coaching sessions, you’ll be able to offer suggestions and support that make a real difference in people’s lives.

Plus, 1-on-1 coaching offers flexibility – which is attractive for clients wanting to fit coaching into their busy schedules.

2. Courses/memberships

Once you’ve got some experience coaching clients, developing a course is the natural next step.

Online courses are basically digital training programs that students can complete at home.

In many cases, they’re self-study courses — which can be a crucial source of passive income.

Even better? You can use the same methodology that you use for coaching sessions.

I explain exactly how to do that right here.

3. Group coaching

Another popular way to scale up your coaching business is with group coaching.

With this, you systematize your one-on-one coaching plan so that you can help multiple people address similar goals simultaneously.

A group program lets you go from having a maximum of maybe 10 one-on-one clients to dozens or even hundreds of clients.

And that means BIG income gains — without increasing the number of hours you work.

In this short video, I’ll explain how to establish a group program step-by-step:

Next up: Using Youtube for lead generation.

4. YouTube revenue

This platform is hugely popular among the coaching community because it’s SUCH a great way to build an audience, connect with potential clients, and expand your business.

Now, many YouTubers monetize their channels through things like ads or sponsored content, but that’s not the only route.

Personally, I focus on creating high-quality, FREE content that people can use and enjoy.

By doing so, I’ve been able to connect with so many people who are interested in purchasing my coaching packages or courses.

5. Affiliate marketing

As a financial coach, you can also bring in income through affiliate marketing.

This involves promoting a company’s product or service and then getting a commission for the results you produce (such as sales or sign-ups).

For example, you could promote your favorite budgeting app, and whenever one of your clients downloads it, you get paid.

It’s that simple.

Also, over 80% of brands use affiliate marketing programs! So you’ll have no trouble finding partnerships.

Finally, let’s discuss digital products.

6. Digital products

We’ve already touched on selling digital courses, but there are a ton of other digital products you can offer.

A digital product is any piece of online content that you can buy or sell.

So, that could include:

• eBooks
• Mobile apps
• PDF guides
• Software templates
• A membership site
• And much more

Creating one (or several) of these digital products gives you the chance for repeat sales…

And repeat sales help you scale your business fast.

Now you know about income streams, it’s time to find some clients.

How to find financial coaching clients

Are you ready to find your first financial coaching clients?

I’m going to share a few of the best strategies that successful coaches use to attract clients.

This video also talks you through it:

Speak on relevant podcasts

First, let’s talk about podcasts.

These days, there are podcasts about every topic under the sun, including TONS about finance.

So, how can you use podcasts to get clients?

Start by using keywords to find podcasts in your niche, and then reach out to the host. You’ll find a sample script here.

My advice: Focus on smaller, engaged audiences.

You’ve got a better chance of being interviewed, and you’ll connect with people who are eager to hear what you’ve got to share.

Join niche social media groups

You can also browse social media for groups dedicated to personal finance or a certain financial niche.

I recommend checking out groups on Facebook, Instagram, and LinkedIn.

You can join the groups, answer questions, and start building relationships with real people.

That’s what I did, and it’s how I found my first client.

Another option is reaching out to your network…

Reach out to your network

Don’t forget the network you already have.

Your friends, family, and colleagues might know of someone who could use your financial advice.

They can also provide testimonials or simply help get the word out about your services.

For more on how to get testimonials, check out this video:

Ask for referrals

Referrals, or word-of-mouth marketing, are one of the most reliable ways to find clients.

That’s because referrals not only help you connect with clients, but they also show that you can deliver.

In fact, 88% of people are more likely to trust recommendations from people they know than from anywhere else.

And the good news? Anyone you’ve helped (even if it was for free) can refer you.

For more on that, see here.

Research your target audience on Reddit

Reddit forums are an invaluable resource for any coach.

But here’s the thing: Don’t try to sell your products directly on Reddit.

Instead, focus on offering valuable advice and real solutions to people’s problems.

Reddit is also a great place to gain a better understanding of the market since you can easily assess the most common issues and questions.

Go to relevant events

Last but not least, you can attend finance-related events.

These could be webinars, seminars, workshops, or informal get-togethers.

To start, simply search Google or platforms like MeetUp for events in your area or online, and get out there!

What’s next?

There you have it!

As you can see, financial coaches are in demand — and they can bring in a LOT of money.

It’s all about the strategies you use and the work you’re willing to put in.

Are you ready to start building your coaching business?

Here’s my FREE blueprint with everything you need to know.

Read more:

Top Ways to Attract More Clients

How to Brand Your Coaching Service

Secrets to Selling Coaching Services