Updated: Jul 8
Welcome to episode 29 of The Innovating Advice Show.
I’m joined by Catherine Morgan, a multi-award-winning financial coach and founder of The Money Panel in the UK.
In this episode, Catherine recounts a traumatic experience when her second son was an infant and shares how that trauma ended up playing a big role in her career trajectory and what she’s built at The Money Panel.
Catherine has done it all: she’s got a podcast, online courses, Facebook community and she also shares two new projects at the end – The Initiative for Financial Wellbeing and an online coaching course she’s created for financial advisors.
Catherine Morgan is a multi-award-winning financial coach and founder of The Money Panel in the UK.
Having worked in banks since the age of 18, she became disillusioned with the focus on complicated financial products. She then discovered financial coaching and has built a hugely successful financial coaching business in the UK.
Catherine is also on a mission to help more financial professionals explore the emotional and practical sides of money through a new online coaching programme.
00:43 – Introducing Catherine Morgan
02:15 – Going back to work after maternity leave
03:10 – The traumatic experience when her son was an infant
09:57 – Being diagnosed with PTSD
11:45 – When it clicked: Many people don’t understand money because nobody ever taught them
14:00 – It’s not just about selling products, it’s about helping people improve their relationship with money
16:27 – Resigning from working at the bank
17:15 – Learning that working at an IFA isn’t any better
18:10 – Finding a forward-thinking firm and getting into financial planning
19:05 – Getting coached on financial planning
20:46 – Is it possible to make money from financial coaching?
21:45 – Don’t get hung up on qualifications
23:25 – The biggest challenge: the ability to really listen to your client
24:41 – How to get your client to implement your advice: getting down to the subconscious beliefs
28:05 – Recommended book by Mark Wolynn. It Didn’t Start with You: How Inherited Family Trauma Shapes Who We Are and How to End the Cycle
28:50 – The importance of observing the conflicting values in your clients
29:52 – Why as an advisor you need to understand your own relationship with money
30:55 – The coaching program for advisers she just launched
33:50 – How to decide where to focus first: focus on what you are passionate about and just get started
34:15 – The benefits of podcasting
36:02 – Go step by step
37:14 – Purpose and passion: think about how much impact you can have on others
38:36 – The Initiative for Financial Wellbeing