The potential for professional financial planning to benefit Australians economically, financially and psychologically is recognised by government. Financially, these benefits include increased savings, faster debt reduction, appropriate levels of insurance and less reliance on social security and a more financially literate society. Psychologically, the benefits include peace of mind that comes from an individual being confident in financial matters and better prepared for life changing events. However, despite 20 years of regulatory reform, the deficiencies in the quality of financial planning advice remain the focus of government and industry attention. Primarily, the concerns stem from the Australian Securities and Investment Commission findings that too often financial advice failed the client by not communicating how the advice was appropriate nor fill a knowledge gap sufficient to enable the client to make an informed decision. The exceptions, on the other hand, showed advisers that focussed on teaching and coaching were perceived as offering a higher degree of recognised financial and psychological client benefits. In response, some financial planning practices have shifted from the traditional six step advice model to a financial coaching approach and others have adopted a hybrid approach; by blending both traditional and financial coaching approaches. Whilst the attainment of the client’s financial goals are central to each approach, typically the traditional financial advice approach is paternalistic and focusses on optimising returns via portfolio product sales whereas, financial coaching is distinguished by its collaborative, educational approach and focusses on optimising financial behaviour.