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Financial Coaching Business Plan [Sample Template]

Are you about starting a financial coaching business? If YES, here is a complete sample financial coaching business plan template & feasibility report you can use for FREE.

Okay, so we have considered all the requirements for starting a financial coaching business. We also took it further by analyzing and drafting a sample financial coaching marketing plan template backed up by actionable guerrilla marketing ideas for financial coaching companies. So let’s proceed to the business planning section.

If you are already in the financial industry or you have a degree or background in finance, then you can build a career as a certified financial advisor or coach by establishing a financial coaching firm. Becoming a certified financial advisor or coach is worth pursing if indeed you want to earn big in the financial industry.

Statistics has it that there are approximately 272,000 certified financial advisors/coaches in the united states. On the average, the salary per annum for financial advisors in the United States is $67,520. The lowest ten percent of earners in this field made less than $32,280 and the top ten percent made more than $187,200 that year.

You can be sure that your services would always be in demand by those small businesses, corporate organizations and individuals that can’t afford to hire the services of well – established financial consultants.

They know that it would save them cost and one good thing about it is that you can handle up to 20 clients per time depending on how organized and hardworking you are.

If you are interested in starting a financial coaching firm, then you should be ready to conduct thorough feasibility studies and market survey before committing your resources to it. Aside from a thorough feasibility studies and market survey, one of the important documents that will aid the success of the business is a workable business plan.

Below is a sample financial coaching business plan template that can help you successfully write your own business plan with little or no stress.

A Sample Financial Coaching Firm Business Plan Template

1. Industry Overview

Financial coaching firm is under the financial planning & advice industry and establishments in this industry provide financial planning, advice and wealth management to individuals and business clients. Financial coaches also offer other activities such as portfolio management, protection planning and brokerage services.

Please note that the financial planning & advice industry does not include mutual fund companies, hedge funds, discount brokers, insurance brokers or other companies that deliver these services.

Financial coaches or advisers as the case may be provide a multitude of products and services. To qualify for inclusion in this industry, these products and services must be provided in the context of a written financial plan, which is the core product of this industry.

In fact, according to the Investment Advisers Association, an estimation of two-thirds of firms registered with the Securities and Exchange Commission are not engaged in any business other than giving financial advice. Financial planning providers use tools to identify a client’s current situation and future goals and then proposes recommendations to meet those goals.

The Financial Planning & Advice industry that financial coaching firm is a part of is a thriving sector of the economy of the United States of America and the industry generates over $55 billion annually from more than 51,73 registered and licensed financial coaching companies scattered all around the United States of America.

The industry is responsible for the employment of over 141,733 people. Experts project the industry to grow at a 5.4 percent annual rate between 2013 and 2018. It is important to state that Ameriprise Financial Inc., Bank of America and Morgan Stanley Wealth Management are the organizations with the lion share of the market in the industry.

A recent report published by IBISWorld shows that growth in the Financial Planning and Advice industry has compounded swiftly over the five years to 2018. Advisers generate revenue in a variety of ways, including financial planning fees, investment commissions, insurance commissions and other fees.

Over the past five years, economic growth and rising employment has pushed the industry upwards. Over the five years to 2023, revenue is projected to continue to increase as financial markets improve.

IBISWorld forecasts that the growing number of affluent households and rising equity markets will help increase total assets under management for the industry and raise revenue generated from fees charged on the value of assets under management.

Some of the factors that encourage entrepreneurs to start their own financial coaching business are that the business has low level entry requirements and it can be started with very little capital especially if you choose to start from the comfort of your home.

Lastly, with financial coaching business, you can afford to partner with other smaller firms that are into finance and investment related services. You can partner with mutual fund companies, hedge funds, discount brokers, insurance brokers or other companies.

The bottom line is that if you have a robust network and you are well positioned, you can indeed maximize your financial coaching services business.

2. Executive Summary

Carl Montana® Financial Coaching Firm, LLC is a registered and licensed financial planning and advisor firm. The business will be based in West Virginia – Charleston and we are able to secure a well – positioned and standard office facility in one of the most patronized office complexes in West Virginia.

Carl Montana® Financial Coaching Firm, LLC is a client – focused and result driven financial coaching services firm that provides broad – based services such as general financial coaching, business and government financial planning and management, personal financial planning and advice, personal investment management and other related services such as portfolio management, protection planning and brokerage services at an affordable fee.

We will offer professional financial coaching services to all to our clients at local, state, national, and international levels. We will ensure that we work hard to meet and surpass our clients’ expectations whenever they hire our services.

At Carl Montana® Financial Coaching Firm, LLC, our client’s best interest would always come first, and everything we do will be guided by our values and professional ethics. We will ensure that we hire professionals who are experienced in the financial coaching industry.

Carl Montana® Financial Coaching Firm will at all – time demonstrate her commitment to sustainability, both individually and as a firm, by actively participating in our communities and integrating sustainable business practices wherever possible. We will ensure that we hold ourselves accountable to the highest standards by meeting our client’s needs precisely and completely.

Our plan is to position the business to become the one of the leading financial coaching brands in the whole of West Virginia – Charleston, and also to be amongst the top 10 financial coaching cum financial planning and advisors in the United States of America within the first 10 years of operation.

Carl Montana® Financial Coaching Firm, LLC is owned by Carl Montana. Carl has a degree in Economics from the University of California; and an MBA from the University of Chicago Booth School of Business.

Carl, a native of Utica-Rome, New York, was initially hired as a financial analyst for one of the leading investment banks in the United States before going ahead to gather relevant experience in the financial planning and advice industry.

Carl is a member of the Certified Financial Planners Board, National Association of Insurance and Financial Advisors, the Financial Planning Association, and the National Association of Personal Financial Advisors.

3. Our Products and Services

Carl Montana® Financial Coaching Firm, LLC is going to offer varieties of services. Our intention of starting our financial coaching firm is to work with individuals, household, smaller organizations (startups and mom and pop shops) and also well – established corporate organizations who would want to outsource their financial planning and advisory concerns to professionals.

Our business offerings are listed below;

  • General financial coaching services
  • Business and government financial planning and management
  • Personal financial planning and advice
  • Personal investment management
  • Fee-based financial investment advice services
  • Financial planning services
  • Other financial related services such as portfolio management, protection planning and brokerage services

4. Our Mission and Vision Statement

  • Our vision is to build a financial coaching brand that will become the number one choice for individuals, smaller businesses and corporate clients in the whole of West Virginia – Charleston.
  • Our mission is to provide professional, reliable, trusted and result oriented financial coaching services that assist individuals, startups, corporate organization and non-profit organizations to achieve their financial goals and effectively manage their finance and related concerns.

Our Business Structure

As a rule, we would have settled for two or three staff members, but as part of our plan to build a standard financial coaching firm in West Virginia – Charleston, we have perfected plans to get it right from the beginning which is why we will ensure that we have competent, honest and hardworking employees. Below is the business structure that we will build for Carl Montana® Financial Coaching Firm;

  • Chief Executive Officer
  • Financial Coaches/Financial Planners & Advisors
  • Admin and HR Manager
  • Marketing and Sales Executive
  • Accountant
  • Customer Care Executive/Front Desk Officer

5. Job Roles and Responsibilities

Chief Executive Office:

  • Increases management’s effectiveness by recruiting, selecting, orienting, training, coaching, counseling, and disciplining managers; communicating values, strategies, and objectives; assigning accountabilities; planning, monitoring, appraising job results and developing incentives
  • Creates, communicates, and implements the organization’s vision, mission, and overall direction – i.e. leading the development and implementation of the overall organization’s strategy.
  • Accountable for fixing prices and signing business deals
  • Responsible for providing direction for the business
  • Answerable to signing checks and documents on behalf of the company
  • Evaluates the success of the organization

Financial Coaches/Financial Planners & Advisors

  • Responsible for handling services that revolves around general financial coaching, business and government financial planning and management, personal financial planning and advice, personal investment management, fee-based financial investment advice services, financial planning services and other financial related services
  • Handles any other services as assigned by the firm

Admin and HR Manager

  • Accountable for overseeing the smooth running of HR and administrative tasks for the organization
  • Maintains office supplies by checking stocks; placing and expediting orders; evaluating new products.
  • Ensures operation of equipment by completing preventive maintenance requirements; calling for repairs.
  • Defines job positions for recruitment and managing interviewing process
  • Carries out induction for new team members
  • Responsible for training, evaluation and assessment of employees
  • Responsible for arranging travel, meetings and appointments
  • Oversees the smooth running of the daily office activities.

Marketing and Sales Executive

  • Identifies, prioritizes, and reaches out to new partners, and business opportunities et al
  • Writes winning proposal documents, negotiate fees and rates in line with company policy
  • Responsible for handling business research, marker surveys and feasibility studies for clients
  • Documents all customer contact and information
  • Represents the company in strategic meetings
  • Helps to increase growth for the company


  • Responsible for preparing financial reports, budgets, and financial statements for the organization
  • create reports from the information concerning the financial transactions recorded by the bookkeeper
  • Prepares the income statement and balance sheet using the trial balance and ledgers prepared by the bookkeeper.
  • Provides managements with financial analyses, development budgets, and accounting reports
  • Responsible for financial forecasting and risks analysis.
  • Performs cash management, general ledger accounting, and financial reporting for one or more properties.
  • Responsible for developing and managing financial systems and policies
  • Responsible for administering payrolls
  • Ensuring compliance with taxation legislation
  • Handles all financial transactions for the company
  • Serves as internal auditor for the company

Client Service Executive/Front Desk Officer

  • Welcomes guests and clients by greeting them in person or on the telephone; answering or directing inquiries.
  • Ensures that all contacts with clients (e-mail, walk-In center, SMS or phone) provides the client with a personalized customer service experience of the highest level
  • Through interaction with clients on the phone, uses every opportunity to build client’s interest in the company’s products and services
  • Consistently stays abreast of any new information on the company’s promotional campaigns etc. to ensure accurate and helpful information is supplied to clients
  • Receives parcels/documents for the company
  • Distributes mails in the organization
  • Handles any other duties as assigned by the line manager

6. SWOT Analysis

Carl Montana® Financial Coaching Firm, LLC hired the services of a professional in the area of business consulting and structuring to assist the firm in building a well – structured financial coaching services firm that can favorably compete in the industry.

Part of what the team of business consultant did was to work with the management of our organization in conducting a SWOT analysis for us. Here is a summary from the result of the SWOT analysis that was conducted on behalf of Carl Montana® Financial Coaching Firm, LLC;

  • Strength:

The track record of our senior partner and of course the skills that our carefully selected team will be bringing to the table will definitely count as strength for us. We are also confident of the fact that the location of our office is a plus for our business, as we are located in one of the busiest office complexes in West Virginia.

  • Weakness:

As a new financial coaching firm, it might take some time for our organization to break into the market and gain acceptance especially from corporate clients in the already saturated financial coaching industry; that is perhaps our major weakness. So also we may not have the required cash to give our business the kind of publicity we would have loved to.

  • Opportunities:

The opportunities that are available to financial coaching firms are unlimited. As a matter of fact, rising employment and disposable income have boosted consumer demand for financial coaching and planning services. Please note that higher investor uncertainty gave rise to more consumers seeking the services of financial coaches and planners and also fixed-income markets are expected to propel revenue for the Financial Planning and Advice industry. As a standard financial coaching services firm, we are ready to take advantage of any opportunity that comes our way.

  • Threat:

Some of the threats that we are likely going to face as a financial coaching firm operating in the United States are unfavorable government policies, the arrival of a competitor within our location of operation and global economic downturn which usually affects purchasing/spending power. There is hardly anything we can do as regards these threats other than to be optimistic that things will continue to work for our good.


  • Market Trends

IBISWorld recently released a report that pointed out to that over the past five years, many internet-savvy consumers turned to an increasing number of free online services, hurting industry revenue. The report also stated that aggregate household debt slowly decreased over the period, along with the national unemployment rate, lessening the need for industry services. Revenue for the financial coaching industry will continue to decline in the five years to 2022.

As the economy improves and the unemployment rate continues to decline, consumer debt levels are expected to grow at a slower rate. Consequently, there will be a narrower scope for growth in financial coaching services in the coming years. Please note that external factors such as Per capita disposable income and Median age of population will impact performance in the Financial Planning & Advice industry.

Without a doubt, the financial planning and adviser industry landscape has begun to change, with consumer preferences increasingly trending toward establishments that offer online options. Going forward, increasing product penetration and of course an expanding customer base is expected to drive growth in the industry.

Lastly, operators in this industry should ensure that they get all the testimonials they can and publish them on their website and promotional materials. This usually goes a long way to give them credibility and also to attract more clients.

8. Our Target Market

The demographic and psychographic composition of those who need the services of financial coaching providers cuts across both small and large corporations and individual clients as well. Carl Montana® Financial Coaching Firm, LLC will initially serve small to medium sized businesses, but that does not in any way stop us from growing to compete with the leading financial coaching firms in the United States.

Our target market cuts across businesses of different sizes and industries. We are coming into the industry with a business concept that will enable us work with the small businesses and bigger corporations in and around West Virginia – Charleston and other cities in the United States of America. Below is a list of the businesses and organizations that we have specifically designed our products and services for;

  • Households and individual clients
  • NGOs
  • Blue Chips Companies
  • Corporate Organizations
  • Political Parties / Politicians
  • Hotels and Restaurants
  • Schools (High Schools, Colleges and Universities)
  • Sport Organizations
  • Entrepreneurs and Startups

Our competitive advantage

The level of competition in the industry depends largely on the location of the business and of course the niche of your financial coaching services. If you can successfully create a unique brand identity for your firm or carve out a unique market, you are likely going to experience less competition.

Although the competition in the financial coaching business is not just within same service providers but also other players in the financial planning and adviser industry. For example, it is now easier for mutual fund companies, hedge funds, discount brokers, insurance brokers or other financial related companies to also offer financial coaching services for its clients.

We are quite aware that to be highly competitive in the industry means that we should be able to deliver result oriented services, our clients should be able to experience remarkable difference cum improvement in their credit ratings and we should be able to meet the expectations of clients.

Carl Montana® Financial Coaching Firm, LLC might be a new entrant into the industry, but our management staff are core professionals, are licensed and are highly qualified financial coaches and advisors in the United States.

Lastly, our employees will be well taken care of, and their welfare package will be among the best within our category in the industry meaning that they will be more than willing to build the business with us and help deliver our set goals and achieve all our objectives.


  • Sources of Income

Carl Montana® Financial Coaching Firm, LLC is established with the aim of maximizing profits in the financial planning and adviser industry and we are going to ensure that we do all it takes to attract clients on a regular basis. Carl Montana® Financial Coaching Firm, LLC will generate income by offering the following services for individual clients, startups, NGOs and corporate organizations;

  • General financial coaching
  • Business and government financial planning and management
  • Personal financial planning and advice
  • Personal investment management
  • Fee-based financial investment advice
  • Financial planning
  • Other financial related services such as portfolio management, protection planning and brokerage

10. Sales Forecast

We are well positioned to take on the available market in West Virginia – Charleston and other key cities in the United States of America and we are quite optimistic that we will meet our set target of generating enough income from the first six months of operation and grow the business and our clientele base beyond West Virginia to other cities in Charleston.

We have been able to examine the financial coaching market, we have analyzed our chances in the industry and we have been able to come up with the following sales forecast. Below are the sales projections Carl Montana® Financial Coaching Firm, LLC, it is based on the location of our business and the wide range of financial coaching services that we will be offering;

  • First Fiscal Year: $185,000
  • Second Fiscal Year: $380,000
  • Third Fiscal Year: $820,000

N.B: This projection was done based on what is obtainable in the industry and with the assumption that there won’t be any major economic meltdown within the period stated above. There won’t also be any major competitor offering same additional services as we do within same location. Please note that the above projection might be lower and at the same time it might be higher.

  • Marketing Strategy and Sales Strategy

We are mindful of the fact that there are stiff competitions amongst financial coaching service providers in the United States of America; hence we have been able to hire some of the best business developers to handle our sales and marketing.

Our sales and marketing team will be recruited based on their vast experience in the industry and they will be trained on a regular basis so as to be equipped to meet their targets and the overall goal of the organization.

Our goal is to grow our financial coaching firm to become one of the top 10 financial coaching firms in the United States of America which is why we have mapped out strategies that will help us take advantage of the available market and grow to become a major force to reckon with not only in the West Virginia – Charleston, but also in other cities in the United States of America.

Carl Montana® Financial Coaching Firm, LLC is set to make use of the following marketing and sales strategies to attract clients;

  • Introduce our business by sending introductory letters alongside our brochure to corporate organizations, schools, households, courthouses and key stake holders in West Virginia and other cities in the United States of America.
  • Promptness in bidding for financial coaching contracts from celebrities and cooperate organizations
  • Advertise our business in relevant legal and business related magazines, newspapers, TV, and radio stations.
  • List our business on yellow pages’ ads (local directories)
  • Attend relevant international and local legal and business expos, seminars, and business fairs et al
  • Create different packages for different category of clients (startups and established corporate organizations) in order to work with their budgets and still deliver quality services to them
  • Leverage on the internet to promote our business
  • Engage direct marketing approach
  • Encourage word of mouth marketing from loyal and satisfied clients
  • Join local chambers of commerce and industries with the aim of marketing our services.

11. Publicity and Advertising Strategy

We have been able to work with our brand and publicity consultants to help us map out publicity and advertising strategies that will help us walk our way into the hearts of our target market. Below are the platforms we intend to leverage on to promote and advertise Carl Montana® Financial Coaching Firm, LLC;

  • Place adverts on both print (community based newspapers and magazines) and electronic media platforms
  • Sponsor relevant community based events
  • Leverage on the internet and social media platforms like; Instagram, Facebook, twitter, YouTube, Google + et al to promote our brand
  • Install our billboards on strategic locations all around West Virginia – Charleston
  • Distribute our fliers and handbills in target areas
  • Ensure that all our workers wear our branded shirts and all our vehicles are branded with our company’s logo.

12. Our Pricing Strategy

At Carl Montana® Financial Coaching Firm, LLC we will keep our fees below the average market rate by keeping our overhead low and by collecting payment in advance. In addition, we will also offer special discounted rates to startups, nonprofits, cooperatives, and small social enterprises.

We are aware that there are some clients that would need regular financial coaching, we will offer flat rate for such services.

  • Payment Options

The payment policy adopted by Carl Montana® Financial Coaching Firm, LLC is all inclusive because we are quite aware that different customers prefer different payment options as it suits them but at the same time, we will ensure that we abide by the financial rules and regulation of the United States of America.

Here are the payment options that Carl Montana® Financial Coaching Firm, LLC will make available to her clients;

  • Payment via bank transfer
  • Payment with cash
  • Payment via online bank transfer
  • Payment via mobile money
  • Payment via Point of Sales Machines (POS Machines)
  • Payment via check
  • Payment via bank draft

In view of the above, we have chosen banking platforms that will enable our client make payment for services offered without any stress on their part. Our bank account numbers will be made available on our website and promotional materials.

13. Startup Expenditure (Budget)

On the average, starting a financial coaching firm can be cost effective because on the average, you are not expected to acquire expensive machines and equipment. What you should be concerned about is the amount needed to secure a standard office facility in a good and busy business district, the amount needed to equip the office, pay bills, promote the business and obtain the appropriate business license and certifications.

These are the area we are looking towards spending our startup capital on;

  • The total fee for incorporating the Business in the United States of America – $750.
  • Legal expenses for obtaining licenses and permits as well as the accounting services (software, P.O.S machines and other software) – $3,300.
  • The total cost for payment of insurance policy covers (general liability, workers’ compensation and property casualty) coverage at a total premium – $9,400.
  • The amount needed to acquire a suitable Office facility in a business district 6 months (Re – Construction of the facility inclusive) – $40,000.
  • Marketing promotion expenses for the grand opening of Carl Montana® Financial Coaching Firm, LLC in the amount of $3,500 and as well as flyer printing (2,000 flyers at $0.04 per copy) for the total amount of $3,580.
  • The total cost for hiring Business Consultant – $2,500
  • The cost for equipping the office (computers, printers, fax machines, furniture, telephones, filing cabins, safety gadgets and electronics et al) – $2,000
  • The cost of launching our official Website – $600
  • Budget for paying at least two employees for 3 months and utility bills – $30,000
  • Additional expenditure (Business cards, Signage, Adverts and Promotions et al) – $2,500
  • Miscellaneous – $1,000

Going by the report from the research and feasibility studies, we will need about One Hundred and Fifty Thousand US Dollars ($150,000) to set up a small scale but standard financial coaching services firm in the United States of America.

Generating Startup Capital for Carl Montana® Financial Coaching Firm, LLC

Carl Montana® Financial Coaching Firm, LLC is owned and managed by Carl Montana. He has decided to restrict the sourcing of the startup capital for the business to just three major sources.

  • Generate part of the startup capital from personal savings
  • Source for soft loans from family members and friends
  • Apply for loan from the bank

N.B: We have been able to generate about $50,000 (Personal savings $40,000 and soft loan from family members $10,000) and we are at the final stages of obtaining a loan facility of $100,000 from our bank. All the papers and documents have been duly signed and submitted, the loan has been approved and any moment from now our account will be credited.

14. Sustainability and Expansion Strategy

The future of a business lies in the number of loyal customers they have, their capacity, competence of their employees, their investment strategy and the business structure. If all of these factors are missing from a business, then it won’t be too long before the business closes shop.

One of our major goals of starting Carl Montana® Financial Coaching Firm, LLC is to build a business that will survive off its own cash flow without injecting finance from external sources once the business is officially running. We know that one of the ways of gaining approval and winning customers over is to offer our financial coaching services a little bit cheaper than what is obtainable in the market and we are prepared to survive on lower profit margin for a while.

At Carl Montana® Financial Coaching Firm, LLC will make sure that the right foundation, structures and processes are put in place to ensure that our staff welfare are well taken of. Our company’s corporate culture is designed to drive our business to greater heights and training and re – training of our workforce is at the top burner of our business strategy.

As a matter of fact, profit-sharing arrangement will be made available to all our management staff and it will be based on their performance for a period of three years or more as determined by the board of the organization. We know that if that is put in place, we will be able to successfully hire and retain the best hands we can get in the industry; they will be more committed to help us build the business of our dreams.

Check List/Milestone

  • Business Name Availability Check: Completed
  • Business Incorporation: Completed
  • Opening of Corporate Bank Accounts: Completed
  • Opening Online Payment Platforms: Completed
  • Application and Obtaining Tax Payer’s ID: In Progress
  • Application for business license and permit: Completed
  • Purchase of Insurance for the Business: Completed
  • Conducting Feasibility Studies: Completed
  • Leasing a standard and well positioned office facility in the heart of West Virginia – Charleston: Completed
  • Generating part of the startup capital from the founder: Completed
  • Applications for Loan from our Bankers: In Progress
  • Writing of Business Plan: Completed
  • Drafting of Employee’s Handbook: Completed
  • Drafting of Contract Documents: In Progress
  • Design of The Company’s Logo: Completed
  • Printing of Promotional Materials: Completed
  • Recruitment of employees: In Progress
  • Purchase of the needed software applications, furniture, office equipment, electronic appliances and facility facelift: In progress
  • Creating Official Website for the Company: In Progress
  • Creating Awareness for the business (Business PR): In Progress
  • Health and Safety and Fire Safety Arrangement: In Progress
  • Establishing business relationship with key players in the industry: In Progress