David Hole, a money coach who recently launched his own business, is focused on helping people have meaningful conversations about their finances. With over 30 years of experience as an independent financial advisor, David decided to train in coaching as a hobby after using a coach to lose weight. Coincidentally, around the same time, the investment company Octopus, which owns Octopus Energy, acquired a money coaching business. David reached out to the owners of Octopus and everything fell into place.
The main difference between a financial coach and a financial advisor is that the former is there to help people make decisions rather than selling products. David’s focus is on people around his age who may be at a crossroads, such as considering selling their business or recently having done so. His conversations revolve around what motivates them and what they want to do. David came across a concept called ikigai, which involves finding what you love, what you’re good at, what people need, and what you can make money from. For David, coaching fits within each of these circles.
David’s conversations also involve the use of modeling software to show people how much money they have available and how much they can spend without worrying about running out. He emphasizes the importance of spending money on experiences and family rather than leaving it behind for inheritance tax. David believes there are many legal ways to avoid inheritance tax, and one of the best ways is to spend your money.
Venturing out on his own has allowed David to have more meaningful conversations with his clients. With fewer clients, he can spend more time with each one and help them change the way they live their lives. While he charges a fee, David believes it is minimal compared to the value he can provide in saving people money. He encourages individuals to open their minds and have meaningful conversations about their financial situations.