Paul Mitchell | Financial and Retirement Planning Coach
Find him here at: Your Smart Retirement Coach
If you’re in your late 50s or 60s and thinking seriously about retirement, the big question you might be asking is:
“Should I speak to a financial adviser or a coach first?”
For decades, the go-to solution has been regulated financial advice—but times are changing. More and more individuals are turning to financial coaching as the smarter, more empowering first step.
Why? Because retirement is no longer about simply “stopping work.” It’s about designing the next stage of your life with purpose, clarity, and confidence. And for that, coaching may be exactly what you need.
What’s the Difference Between Coaching and Regulated Advice?
Financial Coaching:
- Focuses on you: your goals, habits, and financial confidence
- Helps you understand your finances without product recommendations
- Is about education, mindset, and empowerment
- Is not regulated by the FCA (and does not recommend or sell financial products)
Regulated Financial Advice:
- Focuses on recommending specific financial products
- Must follow FCA regulations and compliance processes
- Usually involves a fee or ongoing charges for advice
- Suitable for complex needs like pension transfers, investment selection, or estate planning
Why Coaching Should Come First
- You Need to Know What You Want First Regulated advisers need direction. If you haven’t clarified your goals, fears, lifestyle needs, or values, they’ll base advice on assumptions—not on your real vision.
Coaching helps you:
- Define what retirement looks like for you
- Prioritise spending, security, and legacy
- Identify mindset blocks around money
- Coaching is Affordable and Accessible Coaching often costs significantly less than regulated advice, making it a logical first step for those still building clarity and confidence.
- Advice is More Effective When You’re Informed Coaching builds your financial literacy so you:
- Understand pensions, ISAs, drawdown and annuity basics
- Ask better questions when you do see an adviser
- Avoid being talked into unnecessary products
- Coaching Isn’t Just About the Money Retirement is also a psychological shift. A good coach will help you:
- Design a meaningful, active retirement lifestyle
- Explore the idea of phased retirement or part-time work
- Prepare emotionally for leaving a career identity behind
The Myth: Retirement Means Stopping Work Completely
Let’s challenge an outdated idea:
Retirement = sitting still, doing nothing, and withdrawing from life.
Wrong.
Modern retirement is more dynamic:
- Some choose part-time work or consulting
- Others pursue volunteering, travel, or learning
- Many start small businesses or creative projects
Financial coaching supports this flexible mindset by asking:
- What do you want to do with your time?
- What does freedom mean to you?
- How much income do you actually need?
This helps avoid over-saving (which delays retirement unnecessarily) or under-spending (leading to regret).
When to Consider Moving to Regulated Advice
Once you’ve clarified your vision, goals, and needs with coaching, you may then consider advice if:
- You want to transfer a Defined Benefit (Final Salary) pension
- You need investment recommendations
- You’re setting up a complex estate plan
- You want help selecting specific annuity or drawdown providers
At that point, you’ll be better prepared, more confident, and more cost-efficient in how you use advice.
How Coaching and Advice Work Together
Coaching doesn’t replace advice. It complements it. Think of it like this:
- Coaching = strategic clarity + mindset
- Advice = technical product recommendations
Together, they form a complete retirement planning solution.
Final Thoughts: Start with Clarity, Not Complexity
Too many people dive straight into financial advice without truly understanding what they want their retirement to look like. That’s like handing a sat nav to someone without a destination.
Financial coaching is the GPS that helps you plot your course—so when you’re ready to drive, you know exactly where you’re going.
Book Your Free 15-Minute Coaching Call
Before you jump into financial advice, take a moment to step back, reflect, and map out your goals.
👉 Book Your Free 15-Minute Coaching Call
Gain clarity, boost your confidence, and take the first smart step toward the retirement you want.
Disclaimer
These insights provide strategic coaching perspectives. This is NOT regulated financial advice. Individual circumstances vary, and it is crucial to consult qualified financial professionals for specific financial guidance.
Individual cases are illustrative and not predictive of future results. Actual savings and support needs will differ based on personal financial situations.
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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 a free 15-minute consultation to start your journey toward financial clarity.
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