The Difference Between a Financial Educator, Financial Coach, and Wealth Mentor

by MSE Staff | Published 13 Nov 2021 

The financial world is complicated and many of us need guidance when it comes to our finances. A financial educator provides education on personal finance topics. A financial coach will work one-on-one with clients to help them set goals and devise strategies for achieving these goals. Wealth mentors guide clients through all aspects of accumulating wealth, including identifying sources of income and developing ways to save money on taxes. This article will explore the differences between these three professionals so that you can make an informed decision on which one is right for you!

Note: this article uses a fictional characters and fictional events to help distinguish the differences between a financial educator, financial coach, and wealth mentor.

Casey's Story

Casey is in her 20s, fresh out of college. She has landed a job with decent pay and wants to establish good financial habits now so that she can live comfortably in retirement. The problem is that Casey doesn't know much about personal finance; this makes it difficult for her to self-advocate when purchasing services or negotiating salary.

Casey has decided to meet with a finance coach

Casey's Financial Coach: A financial coach helps people set and achieve personal finance goals, such as buying a home or paying for college tuition fees. Casey's goal is to establish good financial habits so that she can live comfortably in retirement. Her coach will help her identify her values when it comes to money, set financial goals that are meaningful to her, and devise a realistic plan for achieving these goals.

Benji's Story

Benji is in his 40s and is experiencing identity theft for the 5th time this year. The impact this is having on his credit and financial security are starting to wear down Benji's self-esteem. The problem is that Benji has not taken a financial literacy course since he was in college and things have changed considerably; this makes it a challenge for Benji to take the appropriate actions to prevent and protect against identity theft.

Benji has decided to meet with a financial educator

Benji's Financial Educator: A financial educator helps people of all ages and backgrounds become financially capable. They can teach you how to avoid identity theft, create a budget that works for your lifestyle, manage your finances for success, and invest in the right places so that you can retire comfortably one day. Benji needs help understanding why he is being targeted by cybercriminals and how to stop it from happening again. He also wants help understanding exactly what identity theft is and why he should be concerned about it.

Cindy's Story

Cindy is in her 60s and has recently retired after a 30-year career as an elementary school teacher. She had been planning for retirement all throughout her life; however, she now realizes that her money philosophy is not very different from how it was when she first started working.

Cindy has decided to meet with a wealth mentor

Cindy's Wealth Mentor: A wealth mentor guides their clients through all aspects of becoming wealthy including identifying sources of income and developing ways to save money on taxes. They can help you plan for retirement, create financial goals that are meaningful to you, and devise a realistic strategy for achieving these goals. Since Cindy currently has few sources of income or wealth accumulation strategies in place, her wealth mentor will work with her to identify what might be holding her back from becoming financially secure, so she'll know how best to move forward.

Which Is Right for You?

Making the world of finance more accessible for everyone is a goal that’s very near and dear to my heart. Curtis knows how important it can be to have someone there by your side as you embark on this journey. The financial educator educates, the financial coach provides hands-on support, and the wealth mentor guides clients through all stages of accumulating wealth. Which one makes sense for you? Why not sign up today for a free discovery session with Curtis banks!