Will “Financial 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
• 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 Coach
• 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 Coach”

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

Related Technology & Tools

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

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