C@ULEC WD FOC Financial Coach

Workforce Development + Financial Opportunity Center

Position/Title: Financial Coach

Location: 506 Central Avenue, Newark, NJ
Hours: Monday thru Friday from 9-5pm (other hours as needed)
Salary: $45,000 - $50,000 (commensurate on experience)
Reports To: VP of Workforce Development and Financial Opportunity Center
Position Posted: Until filled

BASIC FUNCTIONS:

Summary
Responsible for assisting participants in developing plans of action that are intended to help the participant reach their goals and achieve financial stability.

Position Description
The financial coach provides direct services to low- to moderate-income individuals who are enrolled as Financial Opportunity Center participants. Financial counseling and coaching involve an ability to engage and motivate participants, a strong understanding of personal finances, and the ability to teach that knowledge to others.
The financial coach will work with the job developer/employment counselors and income supports counselor to ensure that the participant is getting assistance across these three major service areas. The financial coach reports directly to the FOC Program Director

RESPONSIBILITIES:

Provide one-on-one financial counseling/coaching

  • Teach participants about the value of their services and engage the participant in a long-term relationship
  • Assist participants in resolving current financial situations, while providing a wide lens on their financial health to shift the approach to proactive financial management
  • Work with participants to complete a very detailed financial assessment
  1. Work with the participant to document a budget and provide strategies for budget improvements
  2. Access the participants credit report/score and provide strategies for credit building
  3. Document the participant’s balance sheet and provide strategies for increasing net worth
  • Develop plans of actions and provide tools, resources, and accountability to the participant to help them meet their goals
  • Understand other services offered by the agency, such as employment services and income, supports counseling, and connect the participants to these other services

Outcome tracking—track the stories and successes of program participants

  • Use Efforts to Outcome (ETO), a participant management system, to document and reflect the outcome of their participants accurately and in a timely manner
  • Completing Combined Financial Assessment (CFA) for financial counseling participants that meet with a counselor more than once
  • Working with the entire FOC team to ensure that any changes to the participant’s CFA (new job, new benefit, change in credit score) is properly documented

The financial coach may conduct workshops as a means of outreach and education

  • The classes may be part of a larger job readiness class offered by the FOC, or may be occasional workshops to the public
  • Develop workshop materials or tailor existing materials to meet the needs of the community
  • Workshop topics should be relevant to the community, and may include topics such as: budgeting, savings, banking products, credit building, identity theft, and more

Develop relationships with local financial institutions and community organizations

  • Work with mainstream financial institutions to understand the needs of the community so they can provide products and services that fit
  • Create a network of referral organizations to help you assist the participant meet his goals (e.g. local housing counseling agency, legal aid, etc.)

QUALIFICATIONS:

  • A strong understanding of personal finances, particularly in the areas of budgeting, asset building, and credit building
  • A bachelor’s degree from a four-year accredited institution
  • Previous work experience in the financial sector (banking, lending, insurance, investments) is a plus
  • Strong communication skills, both written and oral
  • Previous work experience with the FOC’s target population, and/or the ability to provide financial counseling/coaching services in a culturally sensitive manner. A good financial coach can relate well to team members and participants
  • Proficient in Microsoft Word, Excel, and PowerPoint
  • Internet and Resource Savvy
  • Language skills as needed by the FOC

EQUAL OPPORTUNITY STATEMENT:

All qualified applicants will receive consideration for employment without regard to race, color, religion, sex, national origin, disability or protected veteran status.

HOW TO APPLY:

E-mail resume/CV and cover letter to Careers and Julie Santos.  Write "FOC Financial Coach" in the subject line.

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