Using Tools to Create Awareness in Financial Coaching

If financial coaching were just about giving advice, clients would take recommendations, implement them without hesitation, and achieve their financial goals effortlessly. But that’s not what happens. Instead, clients often get stuck. They struggle to save consistently, overspend despite their best intentions, or second-guess every investment decision. They say they want one thing but behave in ways that contradict it.

So, as financial planners and coaches, how do we help clients uncover what’s really holding them back? The key is awareness; helping them identify their own barriers, assumptions, and behavioural patterns so they can shift their thinking and take meaningful action. And to do that effectively, we don’t just listen to what they say, we observe how they show up in conversations and how their actions align with their stated goals.

Awareness Comes Before Change

A client can’t change what they don’t see. If they don’t recognise the real issue, whether it’s an ingrained belief about money, an emotional response to financial stress, or a repeated pattern of self-sabotage, no amount of advice will make a lasting difference. This is why financial tools and coaching frameworks aren’t just “tick the box” or part of your compliance process; they are powerful mechanisms for self-discovery.

Budgeting, goal-setting, risk profiling, and cashflow modelling aren’t just tools we use to create a plan. They act as mirrors, reflecting how clients think, feel, and behave around money.

• Budgeting, isn’t simply about tracking expenses, it reveals spending priorities, habits, and emotional triggers.
• Goal-setting helps us see whether clients truly know what they’re working towards, or if they’ve been moving through life without clear financial direction.
• Cashflow modelling makes the abstract future feel real, showing clients the impact of their financial decisions in a way that numbers alone cannot.

How do I determine what tool to use and when?

A useful question to ask in every client engagement is: "What does this person in front of me need to see differently so they can achieve the outcome they’re hoping for?" Once we identify the answer, we can introduce the right tool—not as a prescription, but as an interactive process that helps them gain clarity.

A Framework for Financial Awareness

To create real awareness, we need a structured but flexible framework that helps us uncover where the client is stuck. Here’s how we can approach it:

Step 1: Understand the Client’s Goal

• What do they want to achieve?
• What problem are they trying to solve?
• Why is this important to them?

Before we do anything else, we need clarity on what success looks like for them, not in vague terms (“I want to be financially secure”), but in real, tangible ways (“I want to have six months of expenses saved so I never feel trapped in a job again”).

Step 2: Unpack the Goal in Detail

• What would achieving this outcome look like for them?
• What have they already tried?
• What worked? What didn’t?
• What could they do more of or less of?

Through questioning, we start to notice where they might be stuck, is it in how they save, spend, invest? Or is it something deeper, a limiting belief about money, fear of risk, or a pattern of self-sabotage?

Step 3: Identify Where They’re Stuck

This is where deep listening comes in.

• Are their actions aligned with their stated goals?
• Are they repeating the same behaviours and expecting different results?
• Do they have a belief that is holding them back? (“I’ll never be good with money” , “Saving means sacrificing fun” , “Investing is too risky”)

At this stage, we’re not telling the client what’s wrong, we’re helping them discover it for themselves.

A structured yet flexible framework can help planners and coaches facilitate this process.

The first step is to understand what the client wants to achieve. This may seem straightforward, but vague goals like "I want to be financially secure" often lack the depth needed to drive meaningful action. Instead, the goal needs to be tangible, such as "I want to have six months of expenses saved so I never feel trapped in a job again." This level of clarity shifts the conversation from abstract desires to concrete outcomes.

Once the goal is defined, the next step is to explore the client's past attempts at achieving it. What strategies have they already tried? What worked, and what didn’t? By unpacking their financial behaviours, we start to see where they might be stuck. Is the challenge in how they save, spend, or invest? Or is something deeper at play, such as a limiting belief about money or a fear of taking financial risks?

This is where deep listening becomes essential. Often, clients believe they are making rational decisions, yet their actions tell a different story. A client may express confidence in taking financial risks but panic when markets drop. They may claim they want financial freedom but continue making decisions that keep them stuck in a cycle of debt. Rather than pointing out these contradictions directly, the role of a financial coach is to create an environment where clients can recognise these patterns for themselves.

How Financial Tools Create Awareness

Budgeting: A Window into Money Behaviour

Budgeting is often seen as a simple tool for managing expenses, but in financial coaching, it can reveal much more than just numbers. When working with a client, I first want to understand whether they have a budget and, more importantly, if they actually follow it. If they don’t, the real question becomes: Why not?

For some clients, the issue isn’t about financial literacy, they know how to budget but don’t stick to it. This often points to emotional and behavioural patterns around money. Are they avoiding financial reality? Do they feel restricted by structure? Do they believe that tracking their money will create stress rather than relieve it?

On the other hand, if a client has no budget at all, what’s stopping them from putting one in place? Are they overwhelmed by the process? Are they afraid of what they might see? Their resistance to budgeting can offer powerful insights into their relationship with money, helping us uncover beliefs that may be getting in the way of financial success.

Goal-Setting: Clarifying What Money Needs to Do

If a client struggles to define their financial goals, it raises an important question: What is their money actually working towards? If they can’t articulate what they want to plan for, how do they know if they’re on the right path?

This conversation becomes particularly meaningful during life transitions, especially as clients approach retirement. Many assume that once they retire, their problems will be solved because they "made it." But retirement is a major life shift, and if they haven’t spent time thinking about what life will look like, they may find themselves feeling lost, unfulfilled, or anxious about spending their savings.

When discussing retirement, I pay close attention to whether they’ve thought beyond the financial aspect. What will their daily life look like? How will they spend their time? What kind of lifestyle do they want, and who do they want to become in this next phase of life? If they haven’t reflected on these questions, there’s an opportunity to dig deeper. Helping clients create a vision for their future makes financial planning more meaningful and ensures that their money serves a purpose beyond just "getting through retirement." Check out the incredible work Kim Potgieter CFP? has done and is still doing in this space.

Cashflow Modelling: A Mirror for Financial Behaviour

Cashflow modelling can be one of the most eye-opening tools for a client, when used collaboratively. Instead of simply presenting a report with some recommendations, I use cashflow modelling as a coaching tool that reflects how their financial behaviours and decisions impact their long-term outcomes.

When clients can interact with the numbers, adjusting savings, spending, or investment assumptions, they begin to understand what’s truly within their control. If they save more, spend less, or adjust their goals, they can instantly see how these choices affect the longevity of their plan. Rather than focusing on external market performance or other factors outside their control, we shift the conversation to their own actions and decisions.

But cashflow modelling does more than just project numbers, it reveals behavioural patterns that may not be serving them. When clients see for themselves that their current spending habits or savings patterns won’t support the future they envision, the realization is far more powerful than if I were to simply tell them. This self-awareness creates an opportunity for meaningful change. Instead of feeling lectured or judged, they take ownership of their financial behaviours and explore solutions that align with their long-term goals.

This tool also highlights potential future stumbling blocks. If a client is planning to retire at 60 but their projected cashflow runs out by 75, we now have a tangible starting point for discussion. Do they need to adjust their expectations? Save more in the coming years? Explore different spending patterns? Rather than being caught off guard later, they gain clarity now, when adjustments are still possible.

Through this process, I’m not just providing a financial projection, I’m helping clients see the connection between their daily decisions and their future reality. When they can visually experience how their actions shape their financial future, they move from passive planning to active engagement, fostering a greater sense of ownership and commitment to their financial plan. I might be a little biased but Old Mutual Wealth has a world cashflow modelling tool in the Integrator.

Final Thought: Awareness Creates Action

Financial coaching isn’t just about advice or tools, it’s about creating awareness. The true power of budgeting, goal-setting, risk profiling, and cashflow modelling isn’t in the numbers themselves but in the insights they provide. When used effectively, these tools help clients uncover their financial patterns, challenge limiting beliefs, and take meaningful action toward their goals.

By applying a structured yet flexible framework, financial planners can move beyond traditional advice-giving and become facilitators of financial awareness and transformation.

What are your thoughts on using tools for awareness? How do you incorporate them into your client conversations? Let’s continue the discussion in the comments below. ??