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Catholic Charities USA Financial Coaching Training
November 4-5, 2019
Grab Breakfast & Settle In
Welcome & Overview
We will not be training you on how to coach clients. Lots of trainings exist for coaches and some Catholic Charities agencies have developed their own. Rather, we will help you design or improve your financial coaching program.
People across income levels struggle to make financial decisions.
Hundreds of organizations across the country are now providing financial coaching in some way, though there’s great variety in design and outcomes.
Context Setting
Please stand up or raise your hand if: You’re currently not providing financial coaching
You’ve been providing financial coaching for 1-3 years
You’ve been providing financial coaching for 4-6 years
You’ve been providing financial coaching for more than 6 years
Icebreaker
What the Research Tells Us about Financial Coaching
Financial coaching, due to its human-centered and goal-oriented nature, supports people to achieve goals, avoid financial pitfalls and create a path for accumulating assets when they have a stable source of income.
Financial coaching provides an accountability partner—someone who can help a participant set goals and stick to a plan to reach them.
An effective financial coach can support people in developing strong research skills andconfidence to make financial decisions and select services and products so that they are able to find good financial information on their own in the future.
Strengths of Financial Coaching
Financial coaching will NOT bridge the racial wealth divide.
Financial coaching will NOT eliminate harmful federal and state policies that keep low-income and people of color from acquiring what is needed to live a nurturing and secure life and acquire and preserve assets.
Financial coaching is NOT one-size-fits-all.
Financial coaching is NOT a quick fix—or an upward trajectory.
Financial coaching is NOT a silver bullet for low-income and communities of color.
Limitations of Financial Coaching
Understand the ins and outs of financial coaching, including field trends, strengths and limitations, and available resources
Learn from experienced practitioners about their experiences offering financial coaching
Explore key decisions that need to be made when launching a financial coaching program
Identify key next steps to take after the training
Objectives for the 2 Days
Time Activity
8:30-9:00 am Breakfast and Settle in
9:00-10:30 am Welcome & Overview
10:30-10:45 am Break
10:45-11:15 am Storytelling & Q/A
11:15-12:00 pm Background & Overview of the Financial Coaching Design Guide
12:00-12:45 pm Lunch
12:45-2:00 pm Coaching in Action—Roleplaying and Q/A
2:00-3:00 pm Understanding Financial Skill
3:00-3:15 pm Break
3:15-3:45 pm Storytelling & Q/A
3:45-4:00 pm Wrap-up and Short History of Charleston
Agenda—Day 1
Time Activity
8:00-8:30 am Breakfast and Settle in
8:30-9:00 am Reflections & Agenda Overview
9:00-9:30 am Storytelling & Q/A
9:30-10:00 am Overview of Chapter 6: Models & Delivery Methods
10:00-10:45 am Overview of Chapter 7: Selecting & Supporting Coaches
10:45-11:00 am Break
11:00-12:00 pm Breakout Session #1
12:00-12:15 pm Grab Lunch
12:15-1:15 pm Breakout Session #2
1:15-1:40 pm Resources Discussion
1:40-2:00 pm Reflections and Closing
2:00-3:00 pm Office hours with Hiba and Melissa
Agenda—Day 2
Working Agreements
Break
Storytelling & Q/A
Background & Overview of the Financial Coaching Program Design Guide
Provide program leaders a series of considerations, tools and resources on how to select and establish a client-centered and client-driven financial coaching program.
Lift up promising models and practices in the financial coaching field.
Share resources for program leaders and financial coaches to help ensure success.
Objectives of the Financial Coaching Program Design Guide
Field research of existing literature
Field survey to which we received close to 500 responses
Interviews with 100+ organizations
Beta-testing with 6 new financial coaching programs
Advisory committee of 7 experienced financial coaching programs
Methodology
Beta-testing Participants
19
Advisory Committee
20
What questions do you have?
Lunch
Coaching in Action: Roleplaying & Q/A
InstructionsStep 1: Get into groups of 3 and assign the following roles in your group: Coach, Client,
Observer
Step 2: Take 1-2 minutes to read the role in front of you
Step 3: Take 10 minutes to role play
Step 4: Take 5 minutes to share your reflections
Step 5: Rotate!
TipsCoaches: Your goal is to have a “successful” coaching session—establish trust, identify
goals, identify action items, etc.
Clients: Your goal is to guide the coaches to helping you identify your goals (at the very least).Give your coaches a difficult time (but don’t be mean!).
Observer: Watch both the coach and client to see what went well and obstacles that emerged.
Roleplaying Activity
What came up for you when you were in the coach’s seat?
What came up for you when you were in the participant’s seat?
How can your understanding of coaching inform how you develop or refine your programs?
Group Discussion
Understanding Financial Skill
Break
Storytelling & Q/A
Gullah Culture and Instructions for the Evening
Day 2: Grab Breakfast & Settle In
Day 1 Reflections & Day 2 Agenda Overview
Time Activity
8:00-8:30 am Breakfast and Settle in
8:30-9:00 am Reflections & Agenda Overview
9:00-9:30 am Storytelling & Q/A
9:30-10:00 am Overview of Chapter 6: Models & Delivery Methods
10:00-10:45 am Overview of Chapter 7: Selecting & Supporting Coaches
10:45-11:00 am Break
11:00-12:00 pm Breakout Session #1
12:00-12:15 pm Grab Lunch
12:15-1:15 pm Breakout Session #2
1:15-1:40 pm Resources Discussion
1:40-2:00 pm Reflections and Closing
2:00-3:00 pm Office hours with Hiba & Melissa
Agenda—Day 2
Storytelling & Q/A
Overview of Chapter 6: Models and Delivery Methods
Integrated—embeds financial coaching into an existing program, like job readiness Good choice if:
Participants already participate in a program at your organization that requires them to come back multiple times
Staff are interested in being a coach
You are looking to keep costs low
Standalone—separate program within the organization Good choice if:
You are looking to work with a new target population
Existing staff don’t have time or skillset to work with target population over several months
Skills/techniques—incorporates coaching skills and techniques into other service delivery models (counseling, case management) Good choice if:
Existing program participants could benefit from elements of coaching
Staff have multiple touch points with program participants, but can’t engage with them over several months
Program Models
Benefits of working with paid staff as coaches: High degree of control
Higher caseloads
Important considerations: Will you train existing staff or hire new staff?
Benefits of working with volunteers as coaches: Less expensive
Greater flexibility
Important considerations: Volunteer management can be a full-time
need
Staffing Models
Will your organization work with paid staff or volunteers?
In-person vs. virtual coaching What are your program participants’ needs?
Communication preferences and accessibility
Schedules and availability
Accessibility to your location
How large is your service area?
What space do you have available?
What equipment do you need?
One-on-one vs. group coaching Benefits of group coaching:
Increased level of support from peers
Group accountability
Improved relationships among group members
Inspiration from peers
Delivery Methods & Platforms
Will the program be open-ended or time-limited? Open-ended programs enable deep, ongoing relationships with program participants
Time-limited programs create more structure and introduce more control over resources
What is your preferred length of engagement?
Will you have rolling enrollment or cohort-based enrollment?
What is your preferred frequency of engagement?
Length, Enrollment Periods and Frequency
Overview of Chapter 7: Selecting & Supporting Coaches
Coach Competencies: What are the core competencies you will look for in financial coaches? Are there other skills your financial coaches should have to meet the needs of your target audience(s)?
Recruitment: How will you recruit financial coaches?
Application Process: What will be included in your application process?
Onboarding and Training: What will your onboarding procedure for new coaches include? What kind of financial coaching training will you provide? Will you offer onboarding and training concurrently or separately?
Supporting Coaches: What type(s) of learning opportunities will you offer your coaches? What factors will impact coaches’ success?
5 Critical Considerations
Soft Skills:
Compassion, humility and empathy for the target audience Understands how values around money differ
Recognizes the person as a whole person with multiple identities and responsibilities
Believes that the participant is an expert in his/her own experience
Communication and interpersonal skills Follows through on commitments
Respects confidentiality and privacy
Speaks honestly
Recognizes power differences and is self aware
Makes difficult concepts accessible
Flexibility and creativity Strikes a balance between being structured but
not prescriptive
Tailors approach to different clients and circumstances
Committed to learning
Other Skills:
Prior coaching and/or counseling experience
An ability to connect with the target audience through bilingual/language skills and/or similar racial/cultural background
Public speaking and presentation skills
Organizational and analytical skills
Familiarity with community resources
Coach Competencies
Do coaches need to have financial expertise? Maybe…
Is your financial coaching program integrated into an asset-building program (e.g., homeownership, entrepreneurship) in which the financial coach will also be a homeownership or loan counselor?
Do your participants have limited understanding of financial topics and the U.S financial system as well as no access to financial literacy classes?
Do your participants want to address serious financial issues such as bankruptcy or consolidating debt while receiving financial coaching?
Are there limited, if any, financial counselors in your community to whom you can provide referrals?
Coach Competencies
Onboarding topics Overview of your organization
Background information about your target audience—Chapter 4
Overall goals of your program
Range of financial topics participants want to understand
Possible financial goals of your participants
Participant journey map
Community partnerships
Performance expectations
Vision of success
Training considerations 1st: Determine what soft skills, technical skills,
background and experiences, financial expertise, and other skills coaches need.
2nd: Ask yourself which skills are prerequisites, and which skills can be developed through training
3rd: Develop an in-house training or select an external training
Onboarding & Training
Peer Learning Opportunities Buddy system
Local or regional convenings
Master coaches
National networks
Supervisory Considerations Manage coaches’ caseloads
Talk to your coaches if you have concerns about their capacity
Support coaches through the ups and downs of program participants’ successes and challenges
Encourage self-care and remind coaches that participants drive the change
Supporting and Retaining Coaches
Break
Breakout Session # 1
Group # 1: Understanding Your Target Audience (Chapter 4) (Hiba & Melissa)
Group # 2: Brief overview of Your Money, Your Goals and deep dive into Credit booklet (Irene & Lissan)
Breakout Groups
12-12:15 Break—Grab Lunch!
Breakout Session # 2
Group 1: Outreach, Enrollment, Engagement & Exit (Hiba & Lissan)
Group 2: Using the Financial Well-Being Scale and Tracking Impact (Irene & Melissa)
Breakout Groups
Resources
Financial Coaching Network: https://prosperitynow.org/get-involved/financial-coaching
CFPB’s FinEx
Your Money, Your Goals
Prosperity Now Scorecard: https://scorecard.prosperitynow.org/
Building Financial Capability: A Planning Guide for Integrated Services: https://www.acf.hhs.gov/ocs/resource/afi-resource-guide-building-financial-capability
Important Resources
Reflections and Closing