What’s important to you? How much money do you need to do it?

For David Hole, who has recently launched his own money coaching business, these are two questions he focuses on above all else.

David has been working in the financial world throughout his career, having spent more than 30 years as an independent financial advisor.

After spending 10 years growing a business he would go on to sell and successfully exit, David decided to train in coaching as a hobby, having used a coach to lose some weight.

Co-incidentally, at around this time Octopus, the investment company which owns Octopus Energy, bought a money coaching business.

“I knew the owners of Octopus, so I got into contact with them and everything fell into place,” David explained.

“I love coaching, so why wouldn’t I do it where my skillset lies?”

But what does a financial coach do, and how does it differ from a financial advisor?

“The main difference is that I’m here to help people make decisions.

“I don’t sell products and, fundamentally, I’m not really talking to people about the money – I’m talking to them about what’s important to them.

“I’m mainly focusing on people who are around my age and at something of a crossroads. They might be thinking about selling their business, or have recently done so, and now they’re wondering ‘what comes next?’

This is one key aspect in which David’s new business differs from the work he was doing at Octopus, with him choosing to focus on people above the age of 55 and usually with more than £200,000.

“My conversations are about what motivates you, what do you want to do?

“I came across this concept a few years ago called ikigai. You draw four circles on a piece of paper overlapping.

“You find what you love, what you’re good at, what people need, and what you can make money out of, and if you can find something which fits in each circle – do that.

“For me, that’s coaching. I’ve got a lot of experience and I know what people need around all aspects of financial planning, but particularly around retirement, inheritance tax, long term care planning and similar things.

“I love doing it, I’m quite good at it, people need it, and it has a value. I use the same structure while talking to clients.”

One crucial element of this is modelling software which David uses to show people what money they have available, and how much the can spend without having to worry about running out.

“No one wants to be the richest person in the graveyard.

“Most people, given a choice, want to spend the money on experiences and family rather than leaving it behind for the taxman. They want to take their kids on holiday and make memories with them.

“There are many legal ways to avoid inheritance tax, so in many ways it’s a choice. One of the best ways is to spend your money.”

“It’s about having meaningful conversations with people about what they’ve got and what they want.

“Sometimes that’s showing them that, actually, you could have an extra £10,000 each year then working out what they would want to spend that on.

“Other times it’s saying to them that actually, you don’t have enough, so you need to do x, y and z to make it enough – and often those conversations are even more valuable.”

And being able to have more meaningful conversations is a big part of why David has decided to venture out on his own.

“I have less clients now, which means I can spend more time with each one and have meaningful conversations with people that are really going to help them change the way they life their lives.

“Yes, I charge a fee, but it’s minimal compared to what I can save people.

“The one thing I would say to anyone is open your mind and your eyes to what could be possible if you just got some information and a meaningful conversation about what your situation is.”