Why advisors should be offering financial coaching as part of their services

The future of financial advice belongs to those who treat their clients as people, not just as a collection of assets under management.

During my decades as an advisor, I’ve witnessed this need firsthand.

When the market is in flux, bringing alarmist headlines and excitable social media chatter, clients look to trusted advisors to help them filter the signal from the noise, manage their anxiety and make decisions that truly reflect their long-term priorities.

There’s growing empirical evidence to suggest this is increasingly the experience of advisors.

According to a recent survey of Canadian investors and financial advisors Edward Jones* conducted in partnership with Cerulli Associates Inc., market volatility is currently a growing concern for clients. Specifically, 63 per cent of advisors report that their clients are more stressed about it than five years ago.

Similarly, a June 2025 report from the B.C. Securities Commission found that 74 per cent of investors who followed market changes closely were concerned about the impact of these changes on their investments.

From portfolio manager to life coach

For financial planning to be meaningful, it should start with conversations about what matters most to clients – health, family, and long-term goals – rather than just numbers or rates of return.

Many advisors are moving toward a more holistic model that goes well beyond planning. According to that same Edward Jones research, an overwhelming majority of Canadian advisors (88 per cent) offer financial coaching to their clients in some capacity.

There’s been a major shift in how investors see their advisors: not simply as portfolio managers, but almost as life coaches, helping them stay focused on their long-term goals while also avoiding impulsive decisions and achieving short-term goals.

Deepening the relationship

For me, taking on this expanded role has required firm-level backing.

Thanks to the work my office administrator does, I’ve been able to devote more of my time to get to know my clients on a deeper level, and to understand their life goals, dreams and what truly matters to them.

This insight, combined with the flexibility that comes from the absence of proprietary products to sell, allows me to build tailored solutions that truly fit my clients’ individual needs.

My previous experience, spanning more than two decades, involved navigating back-to-back meetings and an overwhelmingly large roster of clients, making it challenging to forge deep client connections.

Now, I have the time and the freedom to engage with my clients more authentically, whether in my office or at their kitchen table. I even met with some clients in their backyards during the pandemic.

As our industry continues to evolve to meet clients’ changing needs, digital platforms and do-it-yourself solutions may offer convenience; however, we consistently see clients express a preference for face-to-face conversations, reinforcing the irreplaceable value of human trust and empathy.

After all, a 2024 Canadian Foundation for Financial Planning study found that in-person meetings still had significant value for clients, with half of the investors surveyed responding that they always prefer to meet in person.

Above all, following this shift to a more relationship-driven approach, I’ve noticed a remarkable change in my clients: they’re less reactive to market swings, knowing they have a trusted partner who understands both their finances and their lives.

As financial advisors, we can help our clients the most when we don’t settle for simply managing their portfolios. By also striving to build deep, trust-based partnerships, we can make them feel seen, heard, and supported — no matter what the markets may bring.

Today, clients are looking for more than investment advice – they also want reassurance, empathy, and a steady hand to guide them, particularly during times of market volatility.

Successful advisors not only recognize their evolving role but also embrace and tailor it to meet their clients’ growing needs.

To truly deliver on these expectations, firms need to empower advisors with the autonomy, resources, training, and support that this elevated level of service requires.

*Dana Hicks is a financial advisor with Edward Jones in Delhi, Ont.