Will “Financial Wellness Coach” be Replaced By Robots? 🤔

Job Description

Advise and educate individuals or organizations on acquiring and managing debt. May provide guidance in determining the best type of loan and explaining loan requirements or restrictions. May help develop debt management plans, advise on credit issues, or provide budget, mortgage, and bankruptcy counseling.

Job Details

• The SOC (Standard Occupational Classification) code is 13-2071.00
• The Mean Annual Wage in the U.S. is $ 49,480.00
• The Mean Hourly Wage is $ 23.00
• Currently, there are 34,110 people on this job

☝️ Information based on the reference occupation “Credit Counselors”.

Also Known As…

• Credit Counselors
• Financial Wellness Coach
• Financial Health Counselor
• Financial Coach
• Credit Counselor
• Counselor
• Counseling Program Leader
• Certified Personal Finance Counselor
• Certified Credit Counselor
• Certified Consumer Credit and Housing Counselor
• Assistant Director for Financial Literacy
• Mortgage Loan Counselor
• Mortgage Counselor
• Financial Aid Officer
• Financial Aid Counselor
• Financial Aid Advisor
• Debt Management Counselor
• Debt Counselor
• Debt and Budget Counselor
• Credit Support Counselor
• Credit Specialist
• Credit Representative
• Credit Balance Specialist
• Consumer Credit Counselor
• Branch Credit Counselor

Tasks for “Financial Wellness Coach”

• Advise clients or respond to inquiries about financial matters in person or via phone, email, Web site, or Internet chat.
• Disburse funds from client accounts to creditors.
• Conduct research to help clients avoid repossessions or foreclosures or remove levies or wage garnishments.
• Recommend strategies for clients to meet their financial goals, such as borrowing money through loans or loan programs, declaring bankruptcy, making budget adjustments, or enrolling in debt management plans.
• Interview clients by telephone or in person to gather financial information.
• Review changes to financial, family, or employment situations to determine whether changes to existing debt management plans, spending plans, or budgets are needed.
• Prepare written documents to establish contracts with or communicate financial recommendations to clients.
• Recommend educational materials or resources to clients on matters such as financial planning, budgeting, or credit.
• Advise clients on housing matters, such as housing rental, homeownership, mortgage delinquency, or foreclosure prevention.
• Maintain or update records of client account activity, including financial transactions, counseling session notes, correspondence, document images, or client inquiries.
• Create action plans to assist clients in obtaining permanent housing via rent or mortgage programs.
• Calculate clients' available monthly income to meet debt obligations.
• Refer clients to social service or community resources for needs beyond those of credit or debt counseling.
• Explain loan information to clients, such as available loan types, eligibility requirements, or loan restrictions.
• Assess clients' overall financial situation by reviewing income, assets, debts, expenses, credit reports, or other financial information.
• Prioritize client debt repayment to avoid dire consequences, such as bankruptcy or foreclosure or to reduce overall costs, such as by paying high-interest or short-term loans first.
• Explain services or policies to clients, such as debt management program rules, the advantages and disadvantages of using services, or creditor concession policies.
• Estimate time for debt repayment given amount of debt, interest rates, and available funds.
• Negotiate with creditors on behalf of clients to arrange for payment adjustments, interest rate reductions, time extensions, or to set up payment plans.
• Explain general financial topics to clients, such as credit report ratings, bankruptcy laws, consumer protection laws, wage attachments, or collection actions.
• Teach courses or seminars on topics such as budgeting, managing personal finances, or financial literacy.
• Create debt management plans, spending plans, or budgets to assist clients to meet financial goals.
• Investigate missing checks, payment histories, held funds, returned checks, or other related issues to resolve client or creditor problems.

Related Technology & Tools

• Laptop computers
• Financial calculators
• Inkjet printers
• Multi-line telephone systems
• Personal computers
• Laser printers
• Laser facsimile machines

• Merlin Information Services databases
• Microsoft Access
• ICCO CreditSoft
• Prime Debt Soft Debt Settlement
• Web browser software
• Microsoft Excel
• Email software
• Microsoft Word
• Prime Debt Software Credit Repair
• Integrant DebtLogic
• Oracle PeopleSoft
• Freddie Mac Loan Prospector
• Cooperative Processing Resources DMS Professional Suite
• Chat software
• CoreLogic DebtorTrace
• Microsoft Outlook
• Microsoft Office
• LexisNexis Accurint
• Paragon Financial Services Paragon Financial System
• Microsoft PowerPoint
• SAP