Paul Mitchell | Financial and Retirement Planning Coach
Find him here at: Your Smart Retirement Coach
Introduction: Advice Isn’t Always the First Step
In the UK today, the demand for retirement advice is rising. Searches like “retirement planning advisor” and “financial advice for retirement” are hitting record levels. But the challenge for many is this:
Are you actually ready to speak to a financial adviser yet?
Surprisingly, for many people approaching or in retirement, the answer is no.
That’s where financial coaching comes in.
In this article, we’ll explore why coaching may be the smarter, more affordable, and more empowering first step before diving into regulated advice — especially for those managing pensions, ISAs, and life transitions.
🎥 If you’re unsure about getting advice or managing it alone—watch this quick intro to learn how coaching can be the perfect starting point to explore your options.
What’s the Difference Between Financial Coaching and Advice?
| Aspect | Financial Coaching | Financial Advice |
|---|---|---|
| Regulated? | ❌ No | ✅ Yes (FCA-regulated) |
| Product recommendations? | ❌ Never | ✅ Yes |
| Goal setting & behaviour? | ✅ Yes | ❌ Rarely |
| Explains your options? | ✅ Yes | ✅ Yes |
| Charges? | Flat/fixed fee or hourly | % fees or fixed |
| Suitable for early planning? | ✅ Ideal | ❌ Often too soon |
Coaching is about understanding, education, strategy, and confidence.
Advice is about regulated product recommendations and investment decisions.
Why People Jump Straight to Advisers (And Why That’s Not Always Ideal)
Many people believe:
- “I need to move my pension, so I must talk to an IFA.”
- “I’m not allowed to make decisions without regulated advice.”
- “Advice = peace of mind.”
But often, people are unprepared:
- They don’t understand what they have
- They can’t clearly explain what they want
- They’re unsure about income needs, risk, and legacy plans
That leads to confusion, missed opportunities — or expensive advice that doesn’t solve the real problem.
How Coaching Prepares You for Advice
Here’s how a financial coaching session gets you ready to make the most of formal advice later:
✅ 1. Clarifies Your Retirement Goals
- What kind of lifestyle do you want?
- How much will you need monthly or annually?
- What matters more: security or flexibility?
✅ 2. Unpacks Your Financial Position
- Understand your pensions, ISAs, cash, and property
- Clarify which accounts are accessible, tax-wrapped, or locked
✅ 3. Builds Confidence
- You’ll know what questions to ask a future adviser
- You’ll feel less overwhelmed by the jargon or choices
✅ 4. Saves You Time and Money
- Coaches don’t sell products — so you’re free from conflict
- You may only need advice for part of the picture (or not at all!)
Case Study: Diane, Age 62 – Overwhelmed But Determined
Diane had:
- A defined contribution pension worth £210,000
- Two small final salary pensions due at 65
- An ISA portfolio from years of DIY investing
- Anxiety about whether she could afford to reduce work hours
She contacted me unsure whether to see a regulated adviser.
In two coaching sessions, we:
- Mapped her income from age 62 to 70
- Identified when and how each pension could be accessed
- Ran through lifestyle needs and “safe” withdrawal rates
- Clarified gaps where advice would be worth paying for
Diane said: “Now I actually understand what I have — and I know how to use advice better.”
What the FCA and Financial Industry Say About the “Advice Gap”
The FCA has acknowledged the Advice Gap for years:
- Many people can’t afford advice
- Others don’t feel they need it, but want guidance
- The industry lacks “simplified” ways to help everyday retirees
👉 That’s where coaching fills the void — providing clarity without commission or complexity.
Stat: In 2024, over 60% of UK adults lacked confidence in retirement decisions, but only 8% of those with £10k+ in assets used a regulated adviser (FCA & MoneyHelper 2024).
How to Know If Coaching Is Right for You First
Start with coaching if you:
- Are 3–10 years from retirement
- Want to map income from pensions or ISAs
- Don’t know if you need advice yet
- Prefer to learn before paying for investment recommendations
- Are avoiding advice because of cost or complexity
How I Help as a Financial Coach
I’m not an IFA. I don’t sell or recommend products. I won’t move your money.
But here’s what I do:
✅ Help you understand your pensions, ISAs, and other assets
✅ Explore retirement lifestyle and tax considerations
✅ Support you in building a workable, confident plan
✅ Help you feel more in control of your choices
✅ Refer you to advisers when (and only when) needed
👉 Book your FREE 15-minute initial discovery ZOOM call to discuss your retirement and financial planning goals and create a plan to achieve them.
📞 Book Your Free Discovery Call 👈
🔁 Related Reading: Deepen Your Understanding
If this article has sparked new thinking about how you approach your retirement planning, the next step is to broaden your knowledge. These three articles expand on the key themes we’ve explored today:
- Financial Coaching vs Financial Advice
Learn the critical differences between coaching and regulated advice, and how each serves a unique purpose in your retirement journey. - Retirement Wake-Up Call: What Most People Miss
A reality check on what UK retirees often overlook when planning their financial future—and how to avoid the most common mistakes. - Asset Allocation in Retirement: How to Find the Right Mix
Discover how to balance income, growth, and security by finding the right investment mix as you move into retirement.
💡 These resources build on today’s insights and help you take the next step with clarity and confidence.
Important Disclaimer
This article is for general information purposes only and does not constitute financial advice. The information provided is based on current PLSA research and government data as of June 2025, which may be subject to change.
Individual circumstances vary significantly. Therefore, you should always seek professional financial advice tailored to your specific situation before making any pension or retirement planning decisions. Additionally, tax rules and pension regulations can change, and their impact will depend on your personal circumstances.
Your Smart Retirement Coach provides retirement coaching and guidance, not regulated financial advice. For specific pension investment advice or regulated financial planning, please consult with an FCA-regulated financial adviser.
About the Author
Paul Mitchell is a dedicated Financial and Retirement Coach (Qualified To Chartered Financial Planner status) with over 35 years of experience in financial services. Through Your Smart Retirement Coach, he helps clients build confidence in their financial future and create fulfilling retirement lifestyles. As a retirement transition coach, I’m committed to empowering investors with knowledge, perspective, and strategic support.
👉 Book Your Free Consultation Now
Let’s find out if you’re truly ready—and help you get there.
