Would you use a Money Coach?

It is a great idea but contains many pitfalls.

I worked in many of the banks and building societies as a credit consultant, I like to think that I was ethical, however the whole area is a minefield.
Someone who is good is worth more than £250 per year. I have an issue with the charging structure, paying monthly, a savy client will take your advice upfront then cancel the direct debit, leaving you with a shortfall. I have seen this many times working for membership organisations.
£250 per customer will not cover any professional indemnity.

The banks used to provide a software package where you could track your current account on line. This was good for some people, however a lot of work went into this behind the scenes. It was a great tool for the bank as they could see how you spent your money and was used in credit applications for mortgages etc. The banks themselves couldnt do this themselves as the amount of data was too big and not specific enough. So what better way than encouraging the account holder themselves. This then could be inferred accross the whole banking base.
 
100% would look to use something like this - I have been terrible with money since a teenager and seen repercussions of it going into adulthood, especially when buying a house and obtaining a mortgage.
 
I’m thinking about taking on a bit of part-time work, and this role has piqued my interest. Would you pay £249 for a year for someone to help you straighten out your finances and help you develop a plan and direct you towards your financial goals?
just a straw poll to see what people on here think. Thanks for your opinions

You could save £249 by not paying someone else how to save money.
 
I’m thinking about taking on a bit of part-time work, and this role has piqued my interest. Would you pay £249 for a year for someone to help you straighten out your finances and help you develop a plan and direct you towards your financial goals?
just a straw poll to see what people on here think. Thanks for your opinions

Before I got financial advice then absolutely yes. No defence but I can't remember ever being taught basic budget planning and household management when I was younger. I think it's an important thing to learn. But, as we don't, I would say there should be a market for a finance coach.
 
Before I got financial advice then absolutely yes. No defence but I can't remember ever being taught basic budget planning and household management when I was younger. I think it's an important thing to learn. But, as we don't, I would say there should be a market for a finance coach.
We use to deliver it in school and it was part of the curriculum. Kids would be bored out of their heads with it and the exclusions room would soon get full.
 
I


I find it infuriating that banks try to tell you how to manage and behave with your money whilst they rip people off, to me its akin to being taught morality from a gangster. If i want money advice i will seek an independent FA.
Whilst we are at it stop the touchy feely tv adverts pretending you care about people, their finances and well being. They don't give a **** about anyone or anything apart from making as much money as possible.

I'm genuinely baffled by (I think it is Barclays?) they seem to have advertising campaigns where they present themselves as 'digital heroes' or something, and help the elderly set up websites to get walking football leagues organised?

WTF?
 
Someone who is good is worth more than £250 per year. I have an issue with the charging structure, paying monthly, a savy client will take your advice upfront then cancel the direct debit,

It does say the first consultation is free. I guess they won't give you all the good advice in the first consultation, just enough to convince you that you could save some money.

My concern would be that Octopus must be entirely impartial. If they aren't, and you are paying Octopus to take recommended services for which Octopus are being paid fees or commissions, then it's a house of cards.

Personally I think a traditional financial advisor would be a better bet for most people. If you are paying them a lot of money then they must be doing good work for you.
 
There are a lot of free materials out there that will help someone get started sorting their money out. This flowchart from the ukpersonalfinance subreddit is a great resource.

Once you've moved beyond the basics and your circumstances have become more complex, you might need a proper IFA, which will cost (and be worth) a lot more than £250.

My gut reaction is that offering something in the middle probably doesn't offer much value to anyone.
 
I'm genuinely baffled by (I think it is Barclays?) they seem to have advertising campaigns where they present themselves as 'digital heroes' or something, and help the elderly set up websites to get walking football leagues organised?

WTF?
The banking ad where bloke kicks the back the foootball as he walks to his bank with a self staisfied look on his face. Really hate it
 
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