If you’re drowning in debt, confused about investing, or wondering how to launch your private practice, knowing who to ask for help can be a major hurdle. There seem to be as many types of financial professionals as there are clinicians, each specializing in something different. Financial planners, advisors, and coaches all sound similar—so what do they all do? More importantly, who’s best equipped to help you with your unique financial needs?

As a busy healthcare professional trying to get on top of your finances once and for all, you need someone you can trust (and you need them ASAP). In this article, we’re breaking down the difference between financial planners, advisors, and coaches—and we’re helping you figure out exactly who, if anyone, you need to hire.

1️⃣ What Is a Financial Advisor?
The term “financial advisor” is a bit of a catch-all. On a broad level, financial advisors give you advice about how to manage your money. But they often have expertise in a specific area of finance, such as taxes, estate planning, insurance, mortgages, retirement, and investments.

Who they help 
Consider a financial advisor if you have a specific financial goal, like building a solid investment strategy, protecting your family with insurance, or understanding business taxes for your private practice. Or, if you want to offload the task of managing your investments, a financial advisor can help.

Credentials and licensing
Some advisors sell financial products, like stocks, bonds, and insurance, but they need certain licenses to do so. (Common licenses include Series 6, Series 7, Series 63, and Series 65.) Make sure yours is licensed in the areas where you need help.

How they’re paid 
Advisors can use one of several different payment structures. They may charge a flat fee, an hourly fee, or a percentage of your assets under management (often called an advisory fee). If an advisor sells products like investments or insurance, they might also receive a commission.

2️⃣ What Is a Certified Financial Planner?
Certified financial planners, or CFPs, offer holistic financial advice. The CFP designation is important—it designates a professional who has passed the comprehensive CFP exam covering investments, insurance, tax planning, retirement savings, and more. Additionally, CFPs make a fiduciary commitment, meaning they'll always act in your best interest when giving you financial advice. 

Who they help
If you feel like you’re juggling a lot and the thought of balancing a dozen different financial goals feels impossible, consider hiring a CFP. A CFP’s holistic approach takes all of your financial goals into account, helps you prioritize them, and keeps you on track. And if you're a high earner with a lot of money accumulating in your accounts, a CFP’s fiduciary responsibility can give you some peace of mind.

Credentials and licensing
Like financial advisors, CFPs need licenses to sell certain investment products. But the CFP credential is what sets them apart, because it requires them to act as a fiduciary. 

How they're paid
Like financial advisors, CFPs can charge a flat fee, hourly fee, retainer fee, or advisory fee. If they sell financial products, they may also earn commissions.

3️⃣ What Is a Financial Coach?
If you've ever played a group sport, you know what it's like to have a coach. They teach you new skills, help you practice, and provide encouragement along the way. A financial coach is similar, but they help you with your money.

Financial coaches focus on money management skills like budgeting, debt payoff, and spending habits—things that weren’t part of your rigorous healthcare training. Rather than giving you specific advice, a financial coach's primary goal is to help you build healthy day-to-day financial habits. They do this by offering education, encouragement, accountability, tools, and resources.

Who they help 
Financial coaches typically help those who need support with the financial basics. If you need help putting together a budget, getting your spending under control, or creating a debt payoff plan, a financial coach can help. 

Credentials and licensing
Unlike financial advising and planning, the financial coaching industry isn't regulated. Some financial coaches hold certifications from the Association of Financial Counseling and Planning Education (AFCPE) or the National Financial Educators Council (NFEC), but it isn’t required.

How they're paid
You typically work with a financial coach over a set period of weeks or months. Financial coaches can charge hourly, by the session, or for a package of sessions. Compared to advisors and CFPs, hiring a financial coach can often be more affordable. 

📌 Keep in mind: Two other types of financial pros you may come across include Accredited Financial Counselors (AFCs) and financial therapists. 

AFCs can help you build a solid financial foundation, set goals, and create a plan to reach them to achieve financial wellbeing. They’re certified by the Association for Financial Counseling & Planning Education.

Financial therapists focus primarily on the emotional side of money to build healthier financial habits and mindsets and reduce money-related stress. Though credentials vary among individuals, the Financial Therapy Association offers training and certification for Certified Financial Therapists (CFT). 

These professionals can fill in gaps that others may not cover, especially when it comes to financial education and effective behavior change. 

Advisors, planners, and coaches: Which do you need?
If your financial confidence is struggling to keep up with your career, you may be ready to hire one of these pros. But if you’re still not sure which is right for you, ask yourself these questions:

What’s your biggest money stressor? 

The day-to-day 
If you’re drowning in debt, struggling to pay bills, or wondering why your generous paycheck isn’t lasting through the month, consider hiring a financial coach. They can help you track your cash flow, build a budget, and get some basic systems in place to give you financial breathing room.

Wondering if you’ll be able to retire
With such a taxing career, you know you won’t be able to work forever—but you need the reassurance that your money will last. For big-picture problems like this, consider a CFP. A CFP can help you with long-term, holistic financial planning to ensure you’re ready for retirement. 

Taxes, insurance, or other specific issues
Maybe you’re unsure about the most efficient way to save for retirement. Or maybe you’re thinking of opening your own private practice. If you have a specific goal you need help with, consider hiring an advisor with expertise in that area. 

How involved do you want to be? 

In the weeds
Even though you’re busy, it’s important to understand what’s going on with your money. If you’re feeling lost and need help dissecting your financial situation, choose a coach for their emphasis on guidance and accountability.

Hands-off
If you’re generally comfortable with your finances but want to offload some responsibility, consider an advisor or CFP. These pros can research investments, rebalance your portfolio, and lead annual check-ins to update you on your big-picture finances. (If you have multiple competing priorities, a CFP's holistic approach might be worth the investment.)

Do you need short-term or long-term support? 

Short-term support
If you’ve got an acute money problem, a financial coach can help. For example, once you learn a budgeting technique that works, you can do it on your own. 

Long-term support
If you’re looking for a long-term relationship with a professional you can rely on for decades, consider a financial advisor or planner. These professionals are more likely to work with clients on a long-term basis, offering ongoing support and annual check-ins. 

Financial Advisor vs. Coach vs. Planner: A Guide for Healthcare Professionals

✅ Start with RouteFin: Finding the right person to trust with your money can be a lot, especially when you’re juggling a demanding career on top of everything else.

That’s where RouteFin comes in. RouteFin is a marketplace connecting healthcare professionals with trusted financial experts. These are advisors, planners, coaches—even loan experts and business consultants—who understand your career and know how to help.