Personal finance coaches know just how important it is to get to know their clients, their motivations, and their long-term goals, in addition to their complete financial picture. The goal is to help them develop a financial plan that aligns with their lifestyle while securing their future.
Finances are a stressful topic for most people, so it’s critical for coaches to prioritize organization and processes. One of the most valuable tools in a financial coach’s arsenal is the intake form. This form is the foundation for the entire coaching relationship, and it gives all parties a snapshot of the client’s complete financial situation.
Let’s break down the key components of a financial coaching intake form and why each section is vital for your client’s financial journey.
General Information
Every financial coaching relationship begins with the coaching getting to know the client. The first section of the intake form should provide general information about your client. Having this general information on hand will help you better understand your client’s overall life situation and personalize the coaching journey.
For example, the financial needs and priorities of a single, young professional focused on career growth and paying off student loans will differ significantly from those of a married couple with children who are saving for college and planning for retirement.
- Name
- Contact information: phone number, email address
- Age
- Marital status
- Occupation
- Household size (number of dependents)
By gathering these basic details, you can create a more tailored and effective coaching experience that takes into account your client’s current life and environment.
The ‘Big Why’
Before you dive into the details of your client’s finances, there’s one major question you should explore with them — why is money important to them?
Before you can start planning with your client you have to know why they need a plan. This will help you provide the most appropriate financial strategy and make recommending resources easier.
The ‘Big Why’ is more focused on the intangible aspects of financial freedom rather than specific goals. It’s also more fulfilling for your clients.
1. Obtaining peace of mind.
Your client may seek financial freedom to alleviate the constant stress and worry that comes with living paycheck to paycheck or being burdened by debt. They want to experience the peace of mind that comes with having a stable financial foundation.
2. More flexibility and options.
Financial freedom can provide your client with the ability to make choices based on their desires rather than financial constraints. They may want the flexibility to change careers, take time off to travel, or pursue a passion project without worrying about the financial implications.
3. Future financial security for their loved ones.
Your client may be driven by the desire to provide a secure financial future for their family. They want to ensure that their loved ones are taken care of and have access to opportunities, such as quality education or healthcare, without facing financial hardship.
4. Gain more time to explore personal growth and fulfillment.
Financial freedom can give your client the space and resources to invest in their personal growth and development. They may want to learn new skills, pursue higher education, or explore new experiences that bring them a sense of fulfillment and purpose.
5. Be inspired to be more generous and make an impact.
Your client may aspire to financial freedom so they can give back to their community or support causes they care about. They want the ability to make a positive impact on the world around them through charitable giving or volunteering without being limited by their own financial constraints.
6. Reclaim time and energy.
Financial freedom can allow your client to reclaim their time and energy from the demands of working to make ends meet. They may want the freedom to spend more quality time with family and friends, pursue hobbies and interests, or simply have the space to relax and recharge without the constant pressure of financial stress.
Remember, a financial plan for a client who’s looking to free themselves from their 9-5 will look very different from a client who wants to reduce the stress and anxiety they feel about their finances. Because each client is different, you’ll want to have the discussion before or at their first session.
Income and Expenses
The next critical component of your intake form is a section for your client to provide information about their income and expenses. This will give you a clear picture of their cash flow and spending habits.
- Monthly income (after taxes)
- Fixed expenses (rent/mortgage, car payments, insurance, etc.)
- Variable expenses (groceries, entertainment, dining out, etc.)
- Debt payments (student loans, credit cards, personal loans, etc.)
By having your client fill out this information before your first session, you can come prepared with insights and recommendations based on their unique financial situation.
Assets and Liabilities
The next critical component of your intake form is a section for your client to provide information about their income and expenses. This will give you a clear picture of their cash flow and spending habits, which is essential for creating a comprehensive financial plan.
For starters, this information helps your client create a realistic budget that aligns with their financial goals and priorities. It also helps the coach find areas for improvement. These include cutting unnecessary spending, saving, and paying off debt.
- Monthly income (after taxes)
- Fixed expenses (rent/mortgage, car payments, insurance, etc.)
- Variable expenses (groceries, entertainment, dining out, etc.)
- Debt payments (student loans, credit cards, personal loans, etc.)
By having your client fill out this information before your first session, you can come prepared with insights and recommendations based on their unique financial situation. This will allow you to hit the ground running and provide value from the very first meeting.
Financial Goals
The final key component of your intake form is a section for your client to outline their specific short-term and long-term financial goals. This could include things like:
- Building an emergency fund
- Paying off debt
- Saving for a down payment on a house
- Investing for retirement
- Starting a business
By having your client articulate their goals upfront, you can organize your coaching sessions to help them make progress towards those specific objectives. It also helps set expectations and provides a roadmap for your work together.
Unlocking Your Client’s True Financial Motivations
We talked earlier about the importance of learning your client’s ‘Big Why.’ That’s because understanding your client’s motivations is crucial to developing a personalized financial plan that aligns with their long-term goals.
The financial coaching intake form will get this process rolling. But you should also consider having your client take an assessment like the MCode — a powerful tool that maps your client’s deepest motivations. While traditional financial assessments focus on numbers and factual information, the MCode assessment offers a deeper, narrative-based approach to uncovering what truly drives your clients.
By helping your clients take the MCode assessment, you can gain invaluable insights into how their intrinsic motivations map to their financial aspirations, making your coaching more effective and impactful.
Why MCode Matters for Financial Coaching
The MCode assessment is rooted in over 60 years of behavioral science and helps individuals uncover their core motivations by reflecting on their most meaningful achievements. These motivations, categorized into 32 distinct themes across 8 Dimensions, provide a comprehensive understanding of what drives your clients’ decisions, behaviors, and long-term goals.
In the context of financial coaching, understanding these motivations can be transformative. For example:
- Goal Setting: Clients with strong Achiever or Driver Dimensions might be motivated by challenging, results-oriented financial goals, such as maximizing investment returns or rapidly paying off debt. In contrast, clients with a Relator or Visionary Dimension may be more driven by goals that allow them to connect with others, contribute to a greater good, or innovate within their financial planning.
- Financial Behavior: A client who scores high on the Optimizer Dimension may naturally gravitate towards optimizing their budget, finding the best deals, and ensuring every dollar is well spent. On the other hand, someone with strong Influencer motivations might be more inclined to make financial decisions that enhance their social status or allow them to mentor others in financial literacy.
- Long-Term Planning: Understanding whether your client is motivated by security, freedom, recognition, or legacy can significantly influence how you structure their financial plan. For example, clients driven by Visionarymotivations might be interested in creating innovative investment strategies or funding projects that align with their values and long-term vision for impact.
Practical Application: How to Integrate MCode into Your Coaching Process
- Assessment Integration: Introduce the MCode assessment early in the coaching process, ideally during the intake phase. This allows you to gather not only the factual financial data but also the motivational data that will guide your coaching strategy.
- Personalized Goal Mapping: Use the results from the MCode assessment to help clients articulate their financial goals in a way that resonates with their core motivations. This makes goal-setting more meaningful and aligned with what truly matters to them.
- Tailored Financial Plans: Design financial plans that not only meet the client’s financial needs but also align with their motivational profile. For example, a client who values Achievement might benefit from a plan that includes milestones and recognition of progress, while a Relator might appreciate financial strategies that involve family or community-oriented goals.
- Ongoing Engagement: Use the insights from MCode to keep your clients engaged and motivated throughout their financial journey. By regularly revisiting their motivations, you can adjust the financial plan to ensure it remains aligned with their evolving goals and aspirations.
Incorporating the MCode assessment into your financial coaching practice not only deepens your understanding of your clients but also enhances their financial journey by aligning their long-term financial goals with their intrinsic motivations. This approach ensures that your clients’ financial plans are not just about managing money, but about fulfilling their deeper life aspirations, leading to greater satisfaction and long-term success.
Learn more about the MCode assessment and how to become a Certified MCode Coach at: MotivationCode.com
Putting It All Together
A well-crafted financial coaching intake form — when delivered alongise a powerful assessment like MCode — sets the stage for a successful coaching journey. By gathering key information about your client’s financial situation, goals, and motivations, you can provide personalized guidance and support.
Financial Coaching Intake Form
Kick off the financial coaching journey with your client using this intake form, designed to capture essential financial data, client motivations and goals, and set the foundation for personalized, transformative coaching sessions that drive real results for your client.
Remember, the intake form is just the beginning. As you work with your client over time, their financial picture may change. Be sure to revisit and update the information in your intake form regularly to ensure you’re always working with the most accurate and up-to-date data.
By prioritizing organization and processes in your financial coaching practice, you can help your clients achieve their money goals and build a brighter financial future.
