Coaching and Financial Counseling Communication Skills: A Comparative Analysis

Coaching and Financial Counseling Communication Skills: A Comparative Analysis Lucy M. Delgadillo Utah State University The goal of this conceptual p...
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Coaching and Financial Counseling Communication Skills: A Comparative Analysis Lucy M. Delgadillo Utah State University

The goal of this conceptual paper was to identify the principles and communication skills used in coaching psychology and to compare them to the communication strategies used in financial counseling. The paper provides an overview of the theoretical basis for coaching psychology and financial counseling. Then, it presents the most important principles and communication skills and the facilitators’ roles in coaching and financial counseling. Unless financial professionals understand these principles and skills in coaching, they could be confused on how to integrate both approaches. Keywords: coaching; financial counseling; coaching skills; counseling skills

As a financial counselor, the author has longed for more knowledge about the emerging practices called financial coaching. Conceptually, financial coaching is still a work-in-progress. It is a new approach. Currently, there are no delineated competencies, no code of professional ethics, and only a little empirical evidence of the effectiveness of this intervention. This stage of development presents challenges for both the financial counselor and the recipient of the services. A counselor may be uncertain about when to apply different techniques and perform different roles during a financial counseling or coaching session. For the average consumer, the differences between financial education, financial counseling, and financial coaching are still unclear. One way to cover this gap in knowledge is to explore evidence-based principles and communication skills grounded in coaching psychology and compare those to communication skills in financial counseling. After all, these two fields are closely related and they are worthy of a careful comparison. Therefore, this paper briefly describes the theoretical underpinnings of coaching psychology and financial counseling. Next, some of the more important principles and communication skills from coaching psychology and financial counseling are compared and contrasted. The last section explores the roles of the facilitator in a financial session. The author anticipates that this paper will be useful to practitioners who want to incorporate coaching into their financial practices. Similarly, the paper could be useful for scholars who are interested in crafting future competencies for the emerging financial coaching profession.

Author’s Note: Lucy M. Delgadillo, PhD, is an Associate Professor in the Family, Consumer and Human Development Department at Utah State University, Logan, Utah 84322-2905; e-mail: lucy. [email protected]. Family and Consumer Sciences Research Journal, Vol. 43, No. 3, March 2015 259–268 DOI: 10.1111/fcsr.12101 © 2015 American Association of Family and Consumer Sciences 259

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CONCEPTUAL DEFINITIONS

As an emerging approach, financial coaching has the potential to support clients as they work toward their self-defined goals to reach financial capability (Neighbor Works Training, 2013). Recently, the Consumer Financial Protection Bureau (CFPB) provided a definition of financial coaching. They recognized that financial coaching and financial counseling were different practices. They explained that, Although financial educators and counselors may use coaching skills, financial coaching is a distinct model for working with clients. Unlike financial education or counseling, which seeks to provide information and knowledge or help solve problems, coaching focuses on helping clients achieve their goals through performance improvements and behavior change. The goal is to support clients in developing the skills and behaviors they need in order to achieve their financial goals (Consumer Financial Protection Bureau (CFPB), n.d.).

The CFPB’s distinction suggests that financial counseling is more didactic in nature than financial coaching. Financial coaching is a more developmental type of conversation than financial counseling. In this paper, financial counseling is defined as “the process of defining specific financial objectives, developing workable plans, and using appropriate skills in a humanistic way to achieve the objectives” (Pulvino & Pulvino, 2010, p. 2). As mentioned before, financial coaching and financial counseling can blend to support a client, given certain parameters. The intended audience for this paper includes accredited financial counselors (AFC), accredited housing counselors (AHC), and other professionals, practitioners, and scholars in the financial field. One assumption of the author is that the intended audience recognizes that the definition of financial counseling goes beyond the popular conceptualization of simply remedial counseling, for example, foreclosure or bankruptcy counseling. There are three different types of financial counseling: remedial, preventive, and productive (Pulvino & Lee, 1979; Pulvino and Pulvino (2010). Readers might be familiar with this book on communication skills, Financial counseling: A strategic approach and communication skills for financial professionals (Pulvino & Pulvino, 2010). The Association for Financial Counseling and Planning Education (AFCPE) requires that those who are seeking accredited financial counselor (AFC) accreditation become familiar with the book. For those readers who are not familiar with financial counseling, communication skills, and types of financial counseling, this book is an excellent resource.

THEORETICAL FOUNDATIONS AND PRINCIPLES

As an intervention approach, coaching is grounded in several evidence-based coaching psychology principles and theories. These include Goal Theory (Jinks & Dexter, 2012), Hope Theory (Snyder, 2002), Theory of Change (Prochaska, 1995), Mindfulness Theory (Brown, Ryan, & Creswell, 2007), Social Cognitive Theory and its principal subfunctions including self-efficacy and self-regulation (Bandura, 1991, 1997); Positive Psychology Theory (Seligman & Csikszentmihalyi, 2000), and Cognitive Behavioral Theory (McMahon, 2007).

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Furthermore, financial coaching draws on Neuro-linguistic programming (NLP) (McDermott, 2012); and Adult Learning Models (andragogy (adult learning) as opposed to pedagogies) (Knowles, Holton, & Swanson, 2011). In addition, coaching uses well-established approaches such as motivational interviewing (Miller & Rollnick, 2013; Moore & Tschannen-Moran, 2010), nondirective communication approach (Passmore & Whybrow, 2007), and the solutionfocused approach (Grant, 2010; Waddell, 2001). Financial counseling’s theoretical underpinnings come from traditional family economics, resource management approaches, the management field and education (Grable & Archuleta, 2010; Williams, 1989), and different theories of counseling psychology including intentional and motivational interviewing (Ivey, Ivey, & Zalaquett, 2014; Miller & Rollnick, 2013; Pulvino & Pulvino, 2010; Storm, 1982). A fundamental principle in coaching psychology is that coaching is for nonclinical individuals (Grant, 2005). A clinical individual is one who presents some psychopathologies. People should not equate psychopathologies with financial crisis. Saundra Davis, a financial coach, educator, and consultant, states “It has been frequently repeated without question that coaching does not work for individuals in financial crisis.” She asserts that the process of coaching in a financial crisis would be different, but “it is still an effective approach to moving people forward” (Davis, personal communication, October 27, 2014). Within the context of finances, this means that coaching skills work better for individuals who are not in financial crises. Davis explains that “in a financial crisis the financial professional will not do a lot of explorative work. S/he can use remedial counseling with some coaching components e.g. drawing out people’s ideas, self-efficacy, solutions, hopes, and dreams” (Davis, personal communication, October 27, 2014). Because coaching uses a nonpathological framework, coaching psychology is more likely to use assessments, not diagnosis, to guide the action plan (Grant, 2005). In a financial setting, financial problems are not pathologies that people endure, but they are a reflection of limited choices. Coaching does not ignore problems or difficulties; instead, it shifts attention to what is desirable (Clancy & Binkert, 2012). An application of the nonpathological framework of the coaching approach in a financial setting is to look for strengths and solution construction in preference to problem analysis (Grant, 2010). A premise of coaching psychology is the belief that the examination of causes of problems can produce the unintended effect of reinforcing a problematic behavior (Clancy & Binkert, 2012). Pulvino and Lee (1979) point out that after building a counseling relationship, the second step in the financial counseling process is diagnosis. Diagnosis is a “systematic attempt to understand clients and their financial situation” (Pulvino & Pulvino, 2010, p. 226). A diagnosis is a procedure used to identify a problem. Remedial financial counseling uses diagnosis to guide the action plan. For instance, foreclosure counselors use diagnosis to decide what kind of workout is applicable to resolve a loan in default. In this case, the diagnosis of the client’s situation is closely connected to an action plan predetermined by the U.S. Department of Housing and Urban Development’s loss-mitigation protocol. Another principle of coaching psychology is its emphasis on behavior change (McMahon, 2007; Prochaska, 1995). Coaching interventions aim to make longterm, lasting improvements or changes rather than short-term fixes (Jinks & Dexter, 2012; Miller & Rollnick, 2013; Moore & Tschannen-Moran, 2010). People should not confuse long-term, lasting changes with long-term coaching or

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counseling sessions. Research in coaching psychology supports the use of solution-focused coaching (SFC), in both personal and workplace coaching. SFC generates achievable outcomes in as little as four to six sessions (Grant, 2010). There is some evidence of effective use of Solution Focus Financial Counseling (SFFC) (Waddell, 2001).

COMMUNICATION SKILLS

The second purpose of this paper was to discuss communication skills in coaching and financial counseling. The coaching communication skills here are based in coaching psychology literature and the International Coaching Federation (ICF) (n.d.) core communication competencies. The communication skills for financial counseling are drawn from Pulvino and Pulvino (2010), the financial counseling communication skills book. Table 1 presents a list of important communication skills from coaching psychology as compared to remedial, preventive, and productive counseling. The list of skills in Table 1 was developed by the author. The list is not inclusive. In this section of the paper, the word “client” refers to the recipient of counseling. The word “coachee” denotes the initiator and recipient of coaching. TABLE 1:

A Sample of Communication Skills and Facilitator’s Role for Comparing Coaching to Remedial, Preventive, and Productive Counseling

Communication Skills

Remedial counseling

Preventive counseling

Productive counseling

Coaching

Competencies focus mostly on being skills Facilitator owns topic or content of conversation Client owns topic agenda Direct, convincing strategies Nondirective communication style Facilitator directly offers solutions Facilitator elicit solutions Facilitator as observer Facilitator as supporter Facilitator as a direct participant Facilitator as a teacher Facilitator as a liaison Process more explorative and evocative Reflection of feelings Reflection of meanings Inquiry (Declarative lead) Perceptive reflection (Imperative lead) Authoritative/expert communication style Facilitation style Exploratory, laissez-faire style Use of diagnosis Use of assessments Use of confrontation skills Use of engagement skills Positive reframing

○ ● ○ ● ○ ● ○ ○ ◊ ● ● ● ○ ○ ○ ◊ ○ ● ○ ○ ● ○ ● ○ ○

○ ◊ ○ ◊ ○ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ○ ○ ○ ◊ ◊ ◊ ◊ ◊ ● ◊ ● ◊ ●

○ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ○ ○ ◊ ◊ ◊ ◊ ◊ ● ◊ ● ◊ ●

● ○ ● ○ ● ○ ● ● ● ○ ○ ○ ● ● ● ○ ● ○ ● ● ○ ● ○ ● ●

NOTE: Table developed by author. ●, Distinct skills in either coaching or financial counseling; ◊, Frequently used in financial counseling; ○, Seldom or no used either in coaching, or in financial counseling.

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Counseling refers to financial counseling skills (as opposed to counseling psychology skills). Coaching refers to the communication skills from coaching psychology. Finally, the paper explores coaching and counseling skills in the context of one-on-one interactions between a financial expert and a client/ coachee. The paper does not explore coaching communication techniques or financial counseling communication skills as applied to group settings. According to the ICF core communication competencies, a coach is not allowed to: use a direct, convincing communication strategy; tell a coachee what to do or how to do it; examine the past (particularly the emotional past); choose the topic/content of the conversation for the coachee; change the agenda without input from the coachee; be attached to any particular outcome or solution; substitute assessment for diagnosis; or simply teach a coachee (ICF, n.d.). In the coaching relationship, the coach treats the coachee as a full partner; with the latter choosing not only the agenda but also participating in the creation of the coaching process. A coach seeks connection with a coachee, not conviction (Moore & Tschannen-Moran, 2010). A coach focuses on a reflective inquiry versus a telling methodology. The coach and coachee commit to a collaborative, egalitarian, working alliance, rather than an authoritarian alliance (Baron, Morin, & Morin, 2011; Grant, 2005; Grant & Cavanagh, 2007). In contrast, Pulvino and Pulvino (2010) state that the financial counseling relationship is “to influence and motivate clients toward acceptable goals” (p. 211). The sphere of influence in financial counseling varies along a communication continuum from a “direct attempt to convince clients to act differently—for example, as in remedial financial counseling—to providing an atmosphere of exploration of feelings and values about themselves, and the use of their financial resources” (p. 212). In financial counseling, the communication style that determines the process and the content can be brought explicitly, and in a directive way, into the conversation in the form of direct advice or knowledge. The communication style in financial counseling is “more structured” (Pulvino & Pulvino, 2010, p. 71) than in a coaching session. Financial counselors control the process and the content of the session by using an authority/expert style, a facilitation style, or a more exploratory style called, “laissez-faire” (Pulvino & Pulvino, 2010). The following is an example of an authority/expert style: “the best investment possibility open to you is a limited partnership” (p. 71). A style that emphasizes facilitation is “we have explored a number of savings possibilities. Which one looks best for you? (p. 72); and a laissez-faire communication style is: Counselor: “What are your needs?” Client: “I’d like to examine some savings possibilities” Counselor: “Which ones have you considered?” (p. 72). Both coaching psychology and financial counseling use reflection and inquiry (Brown et al., 2007; Knowles et al., 2011). However, coaching emphasizes perceptive reflections over the plain inquiry (Moore & Tschannen-Moran, 2010). The former process is often more provocative and transformational than a plain inquiry because it causes clients to connect more deeply to their emotions and to the truth of the matter. It involves a reflection of feelings, meanings, and real-life experiences (Knowles et al., 2011). Moore and Tschannen-Moran (2010) explain that, “when coaches reflect back what they think clients are saying, the client engages the limbic region of the brain (where emotions, reward and pleasure are regulated)” (p. 68).

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In the textbook, Motivational Interviewing (MI), Miller and Rollnick (2013) state that the use of perceptive reflections is a key tool for change talk. MI is widely used by health professionals. Change talk allows the client/coachee to make his/her case for change. When the case for change comes directly from the client, rapid progress occurs in the desired direction. The coach facilitates the use of positive emotions to create change. MI uses more reflective listening statements than questions of any type. According to Moore and TschannenMoran (2010) the “ideal ratio of questions to reflections over the course of a motivational interview is 1:2” (p. 68). Clients engage the analytical part of the brain when coaches or counselors inquire about solutions (Moore & Tschannen-Moran, 2010). In financial counseling terminology, inquiry compares to what Pulvino and Pulvino (2010) call imperative and declarative statements. Imperative statements invite reflections. (“Client: I think I’d like to start preparing for retirement. Counselor: Tell me about your retirement plans.”) (Pulvino & Pulvino, 2010, p. 112). Declarative leads encourage clients to elaborate or declare what they are thinking. (Counselor: “I was wondering which of the suggestions I have made sound best to you.”) (p.113). When dealing with resistance, coaches should never use confrontational skills; they should use only engagement skills. Rolling with resistance is the skill in which the coach facilitates change talk (Miller & Rollnick, 2013; Prochaska, 1995). Engagement skills require that the coaching conversation move away from “imposing diagnostic labels, making demands, denying choice or responsibility, or making comparisons” (Moore & Tschannen-Moran, 2010; p. 70). “People do not resist change; they resist being changed” (Moore & Tschannen-Moran, 2010, p. 70, emphasis added). In contrast, confrontational skills are allowed in financial counseling. For Pulvino and Pulvino (2010), confrontation does not mean a hostile or argumentative communication. Confrontation means the opportunity to provide a compelling perspective. Pulvino and Pulvino (2010) suggest that: “confrontation gets to the heart of financial counseling because it helps other persons to see themselves in a different, possibly more realistic light, thereby providing them an opportunity for growth and change” (p. 272). Coaching psychology offers at least four tools to decrease the likelihood of resistance and increase change talk. One tool is shifting from correction to connection. Coaches “explore the coachee’s underlying feelings, needs and desires” (Moore & Tschannen-Moran, 2010; p. 71). They connect with their coachees rather than correct them. The second tool is shifting from competence to confidence. A coach who comes across as demeaning and superior because he or she is the expert will hinder a coachee’s progress. Instead, the coach must show confidence in the coachee’s abilities and strengths (Bandura, 1991, 1997). The third tool is shifting from causes to capacities. The less a coach digs for causes, and the more he or she searches for strengths, the more excited the coachee becomes. Finally, the fourth tool is shifting from counterforce to counterbalance. The more a coach argues against ambivalence, the more he or she generates resistance. Instead, the coach facilitates an increase in awareness to counterbalance ambivalence and this, in turn, generates change talk. Coaching and financial counseling use positive reframing (Seligman & Csikszentmihalyi, 2000). Positive reframing consists of framing a client’s experience in positive terms. Once the conversation takes a positive turn, change

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is more likely to happen. People have a natural tendency to talk and focus on their problems. Indeed, many people who come to financial sessions often express frustration with their financial problems, for example “I have too much debt.” “I am financially stressed out.” Coaches avoid the temptation to respond to such complaints with a rootcause problem analysis, which can be demoralizing, overwhelming, and counterproductive. Financial professionals using coaching techniques could reframe a financial conversation in positive terms without dismissing people’s problems. For example, “I have always made bad financial decisions.” This example poses two issues. One is that it has a negative connotation, and the second issue is that it shows the universality of a client attribution, a principle coming from NLP. A coaching tool to move a client forward from a negative financial belief is to use an exception sequence (McDermott, 2012). Consider this response: “You are telling me that you always made bad financial decisions, but I bet there has been a time in your life when you felt good about a financial decision you made. Tell me about that. Tell me how you did it and what is possible now” (Smith, Nelson, Richards, & Shelton, 2012). Other examples of simple positive reframing are “I save too little” (you want to save more); “I need a budget” (you want to have a spending plan, or you want to know where your money is going) (Neighbor Works Training Institute, 2014).

THE FACILITATOR’S ROLE

This section discusses the role of the facilitator in a financial intervention process. Similar to coaching psychology, literature on financial counseling proposes that there are two components to any financial counseling session: the process and the content (Bresser & Wilson, 2010; Pulvino & Pulvino, 2010). One of the ICF competency skills states that the coach is an expert in the process but does not decide the content of the communication (ICF, n.d.). The coachee is in charge of choosing the content area, creating solutions, and setting goals and strategies on which he or she wants to work (Bresser & Wilson, 2010; Jinks & Dexter, 2012). The coach’s skills in managing processes are vital in ensuring the coachee’s completion of any mutually agreed action steps (Grant & Cavanagh, 2007). The belief that the coach is an expert advice giver is somewhat controversial even in coaching psychology. Grant (2005) points out that there are two schools of thought. One school of thought is characterized by the work of John Whitmore as a nondirectional, ask-not-tell approach that facilitates client selfdiscovery. Marshall Goldsmith characterizes the directional, tell-rather-than-ask approach. Grant (2005) asserts that these are not different approaches to coaching. Rather, these two approaches lie on a continuum. As he explains, The issue is not which [approach] is right and which is wrong, but rather which best helps the clients reach their goal. . .In essence, this issue is about striking the right balance between process facilitation and content of information delivery, and this balance varies at different points in the overall coaching engagement and within individual coaching sessions. The skillful and experienced coach knows when to move across the ask-tell dimension and knows when to promote self-discovery and when to give expert-based authoritative or specialized information (p. 3).

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Coaching psychology assumes that coachees are the very best experts of their life (Joseph & Bryant-Jefferies, 2007). A coachee does not go to coaching to be “fixed” (Rogers, 2008), or to explore the past. Novice financial counselors, with a minimum or no training in coaching techniques, might fall into the “problem fixing-giving solutions” role (Collins, Olive, & O’Rourke, 2013). Rogers (2008) also warned that when a coach becomes the rescuer of coachees, “the coach denies them ownership of the issues” (p. 39). Davis (2014) believes that a financial coach needs to have some intermediate financial content knowledge. Davis explains that at times, a client will overtly request financial guidance. At this point, a couple of rules can guide a financial coaching process. One rule is that the facilitator can offer at least three pieces of information (not advice) rather than a single one. Another rule is to frame shared pieces of information as possibilities rather than prescriptions (Coleman, personal communication, August 18, 2014). That way, the facilitator is responding to, but not for, the coachee (Rogers, 2008). In a financial coaching situation, the coachee is responsible for generating his or her solutions. Thus, in developing solutions, the primary role of the coach is that of an observer and a supporter. The coach does not provide or mandate alternative solutions. In contrast, in generating solutions in a financial counseling setting, the role of the counselor could take the form of a provider/teacher, supporter, or partner (Pulvino & Pulvino, 2010). The following is an example of the role of a financial counselor as a provider of solutions (Pulvino and Pulvino (2010, p. 185) (clarifying notes in parentheses are the author’s). Ned:

I am having trouble meeting all of my expenses. . . I don’t seem to have enough to go around.

Counselor: Ok. . . . We can attack this in a number of ways. . .let’s just generate some ideas. Is that all right with you? (Note: here the counselor has jumped directly into “fixing mode.” A coaching approach will engage in exploration by posing a question like, “you mentioned that _________. Tell me more about that?). Ned:

That sounds good to me. (The client agrees to the agenda that has been set for him by the counselor).

Counselor: Could it be that you do not have enough income? (Here, counselor generates first solution for the client). Ned:

I suppose so. (Client agrees because the counselor is the expert).

Counselor: How can you generate more income? After Ned explains how, the counselor asks, Counselor: All of those are possibilities. Another way to look at your problem might be to cut down your expenses. How might you do that? (Counselor generates solution #2 and goes on with his own agenda). As a supporter, the financial counselor can encourage the client to generate alternatives (Pulvino & Pulvino, 2010). As a partner, both counselor and client can generate solutions. Financial counselors, with training in financial coaching, must learn to self-manage their tendencies to jump into problem-solving mode too quickly. Several ways to tame this urge are to silence the counselor’s inner

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voice, be present in the conversation, stay with the process, and listen actively until the counselor hears the glimmer of a solution. Instead of being fixated on providing solutions, taking a nonexpert position is one of the most important added tools for counselors who want to integrate coaching components into their practices. In coaching psychology, a coach is a partner, an advocate, a champion but he or she is not a liaison. However, in certain situations, the financial counselors’ main role is to be a liaison. Financial counselors can be the link to assist communication or cooperation between the client and an interested party. For example, in a mortgage default situation, the financial counselor becomes a liaison between the borrower and the lender (Delgadillo & Green-Pimental, 2007). In credit counseling scenarios, counselors can act as a liaison with credit card companies. Housing counselors can “provide names of resource people who are knowledgeable in the area or possibly contact professional acquaintances on behalf of the client” (Pulvino & Pulvino, 2010, p. 276).

CONCLUSION

Since financial counselors already have a foundation of communication skills, they can transition into an integrated practice by incorporating coaching principles into their counseling sessions. The prime condition here is that practitioners should be qualified to do both and to be mindful of the type of approach (coaching or financial counseling) required when providing financial services. Financial counselors will find that some of the communication principles that guide coaching will resonate in counseling practices.

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