As a financial therapy supervisor, I have the honor of getting to know some of the leaders in the financial therapy field, as well as the up-and-coming folks who are carrying the torch to make financial therapy more accessible for various populations around the world. In every monthly group supervision meeting, we start with a check-in question. In April, I posed “what would you tell the next generation of financial therapists?” Here is what these wonderful financial therapist professionals had to share:
Do your own work - I couldn’t agree more! How can we ask clients to do emotional heavy lifts with money if we haven’t looked at our own edges too?
Find community - where do you find community? Is it through FTA, the upcoming conference, financial therapy supervision, networking events, coffee chats, or something else?
Specialize or niche down - Even though the field is still relatively small, it’s helpful to niche down to make it easier for your ideal client to find you, not to mention having colleagues happily refer to you because they know exactly who you serve!
Don’t rely on this full-time -This piece of advice doesn’t surprise me because of the variability of financial therapy clients. Unlike mental health clients, financial therapy clients typically are with us for a shorter time span due to factors like out-of-pocket cost, budgeting, and accessibility. Having other income streams sounds like a solid idea to account for busy and slow seasons as a financial therapist.
Be comfortable with not having a clear structure - As someone who is happy to speak to peers about financial therapy, this feels like sound advice. The financial therapy community has only been around since 2008, and oftentimes, collectively, we feel like we are building the plane as it’s flying.
Know your role/lane -understanding your scope or role is important, especially as we have financial therapists coming from two different home disciplines of mental health and financial planning. Knowing your bumpers and building a solid referral network can help clients connect with the right professionals should they need something you cannot provide within your role with them.
Find a mentor - I personally love this one! Did you know you can connect with many financial therapists at the annual conference or through the FTA’s directory to see about fit?
Be comfortable with taking your own path to get here - Another solid validation that there is no one way to become a financial therapist. It’s why Ed Coambs and I had the pleasure of interviewing 20 financial therapist leaders in our book Becoming a Financial Therapist to help our community see the variety to how they arrived in this space.
Be comfortable with no one knows what they are doing - Similar to #5, a common discomfort is not having a clearly defined framework. Is it permission to take your place at the table? Absolutely! For creatives and trailblazers, this can also serve as an invitation to help shape the field!
Keep your day job - similar to #4 above, there are very few financial therapists who do financial therapy full time. So having other income streams or employment could be necessary for financial peace of mind.
Excavate your bias -aligned with #1, staying curious about your own biases is critical to helping clients of diverse backgrounds. What work can you engage in to uncover your biases and explore them further?
Never judge - the financial therapist who shared this advice went on to explain that judgement in the space of financial therapy and people’s choices or behaviors with money can actually cause more harm. Embrace curiosity rather than judgement to better understand why clients “do what they do” with their money.
Be compassionate - I imagine this recommendation applies both to self as a financial therapist as well as the clients you serve. Money remains emotional for many, so compassion is welcome when doing this hard and meaningful work.
What advice did you need to hear most from the list above as you consider your own path within the financial therapy space? What advice would you share from your lived experience? Come say hi at the upcoming conference in Austin, I’d love to hear your story!
