Could a Money Coach Help You?

The pros and cons of working with a coach to help get on top of your finances.

Mid-adult businessman in a conversation with the consultant or psychologist.
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McMeekin, who has a master's degree in social work and has trained as a coach through The Coaches Training Institute, adds that many of her clients, who tend to work in creative fields, can be turned off by the number-crunching approach of financial planners. "Sometimes certified financial planners can be very conservative and scare the daylights out of people, especially people in transition who are letting go of a 401(k) or starting a business for themselves," she says, adding that her clients are often better off taking risks, as long as they are calculated ones.

"What I do is broader than financial planning," explains Bruce Poster, a retirement coach based in Santa Fe, N.M. "We look at a whole range of lifestyle issues. Finance is one of them, but so is health, leisure and how you establish meaning in life," he adds. Poster, a certified retirement coach and former consultant, uses worksheets and prompts to help clients develop their vision and goals for retirement and then create a plan to achieve them. His coaching packages for couples start at $595.

[Read: Do You Need to Heal a Money Shame?]

Since coaches vary in their expertise, training and experience, finding the right one can be a challenge. Hassler suggests asking friends for recommendations, using the website mycoachmatch.com and browsing the blogs of coaches. Says Hassler, "You want a coach who's walking a similar path but is a little bit ahead of you."