How to Choose a Financial Therapist
Ok. So you’ve started your personal finance journey. You’ve subscribed to a couple of financial education email newsletters, you follow a few [dozen] personal finance influencers on IG, and you’ve read 6 to 8 different books on how to get your finances in order so you can start moving toward financial success. But there’s just something that’s still holding you back. Whether it’s impulsive spending, avoiding your monthly money dates, or grappling with indecisiveness, you still find yourself struggling to implement all the fantastic information you’ve consumed.
That’s where a financial therapist comes in. A financial therapist is a professional who is trained specifically to help you identify and address the root causes behind your financial behaviors, so that you can make sustainable changes to your financial behavior. But now you might be wondering, How exactly do I find a financial therapist for myself?
In this post, I’ll talk about the importance of choosing the right financial therapist and give you some practical tips on how to do that.
Why Is It Important to Choose the Right Financial Therapist?
Much like finding any other therapist, finding the right financial therapist is vitally important. Research shows that therapeutic alliance – the rapport and relationship a person has with their therapist – is THE primary factor that determines how effective therapy will be. Therefore, it is crucial that you choose the right person to work with. And when we consider the fact that financial therapy is dealing with two of the most intimate and deeply vulnerable aspects of one’s life — money and mental health —it becomes even more important to find the right financial therapist for you.
How to Choose a Financial Therapist
1) Find someone who is a licensed mental health professional
When choosing a financial therapist, it’s important to work with someone who is a licensed mental health professional (commonly known as a psychotherapist or therapist). It is important to work with a professional who will have the training and skills to facilitate the transformation that you are looking for. Typically, a psychotherapist will have the specialized training to be able to diagnose and work with anxiety, ADHD and other forms of neurodivergence, and trauma. Mental health professionals are also held to a high set of standards, both ethically and professionally, by their licensing board. For example, as a licensed clinical social worker, I hold to the National Association of Social Workers Code of Ethics. This helps to ensure that you as the client are getting the best care possible.
It is exciting that there is a growing number of financial professionals who understand the importance of money psychology and who recognize the inherent connection between money and emotions. Although these professionals can often provide education on general money mindset and the emotions of money, that is vastly different from providing trauma-informed, evidence-based therapeutic care that can lead to deep healing and transformation.
Financial Therapists vs Financial Educators/coaches
The differences between financial therapists and financial educators and coaches is similar to the differences between a physical therapist and personal trainer, as an example. Although both professions focus on helping people reach fitness, strength, and movement goals, there is a distinct difference between the two. Both provide valuable services, but there are very different reasons you would choose to work with them. Whereas a personal trainer works with their client to make changes to their behavior and mindset, usually to reach a specific fitness goal like increasing flexibility or improving endurance, a physical therapist has the education and training to help their clients recover and heal from injuries and are able to treat the underlying causes of pain or limited movement.
Similarly, financial educators and coaches work with their clients to make changes to their financial behaviors and habits, and there is a growing number of these professionals who incorporate money mindset into their work. Financial therapists, however, have the training and experience to support clients in shifting the emotional and psychological root causes behind negative money habits and financial trauma.
If you are seeking to create sustainable, long-lasting changes in your relationship to money, it is important to choose a financial therapist who will be able to help you heal your relationship with money in order to reach your financial goals.
2) Find someone with whom you feel safe
You deserve to work with a financial therapist who makes you feel safe and who validates your lived experience. I say this because the personal financial industry has historically ignored the intersection of money with politics, race, gender, and hierarchy. It is important to work with a professional who has the training and skills to provide culturally-sensitive care, and facilitate the transformation that you are looking for. Unfortunately, the personal finance world has historically perpetuated a system of hierarchy which thrives on shame and judgment. Especially if you have experienced marginalization from systems like capitalism, patriarchy, and/or white supremacy, you will benefit from finding a financial therapist who will hold space for you and your lived experience.
Trust is the foundation of any healthy relationship, including one with your financial therapist. You should feel as if you can be yourself and be completely honest. It is ok (and totally normal) if it takes a few sessions to explore whether or not the financial therapist is the right fit for you. Ultimately, if you do not have a felt sense of safety within the relationship with your financial therapist, that will limit your ability to find healing and work toward achieving your goals.
Choose the right financial therapist for you
Choosing to work with a financial therapist is one of the best decisions you can make, and it’s essential to choose a financial therapist who is both competent and trustworthy. Selecting the right financial therapist for yourself will help to ensure that you build a healthy relationship with money and achieve true financial well-being.
If you want to work with a financial therapist who is experienced in and is passionate about creating a shame-free space to heal your relationship with money, I’d love to connect! Click here to get started with a free initial consultation.
