CSUN student and VITA volunteer Shant Bagumian helps
community members through virtual financial coaching.
Tackling credit card debt, creating a budget plan, striving to be financially conscious — these pursuits can be difficult in and of themselves. However, trying to tackle these feats after a year-long pandemic can be nearly impossible. That’s why the financial coaching team offered in collaboration between the CSUN VITA Clinic and the Financial Planning Program at the Nazarian College of Business and Economics offered virtual financial coaching to students and the local community members alike at no cost.
With the generous support of Bank of Hope, these services became a reality during this tax season, proving to be more important than ever, as many, because of COVID-19, have suffered serious financial hardships with no clear plan to get themselves out of it.
“Our clients come from all walks of life,” said Shant Bagumian, a senior financial coach majoring in financial planning in CSUN’s Nazarian College of Business and Economics. “That’s why at the start of all my meetings, I ask the client specifically what type of financial coaching they need. Once we have pinpointed their goal, I work with them to help achieve that.”
Individuals can make their appointments by either calling the CSUN VITA Clinic or scheduling it online. Once made, a financial coach will contact them to schedule either a one-hour Zoom or telephone call to discuss whatever financial issue the client would like to discuss.
A large demographic of the clientele that needs these services is senior citizens and unfortunately, because of COVID-19, their access to financial coaching has been restricted due to the potential risk that meeting face-to-face with a financial coach carries to their own health.
“The Zoom conferences are a great benefit to ourselves as well as the client,” said Alejandro Cruz, a senior financial coach majoring in financial planning. “People shouldn’t have to worry about their health when they’re trying to better themselves financially.”
Many clients are uneasy sharing private information, especially in a virtual setting, expressed both Bagumian and Cruz. To ensure that clients’ information is kept safe and secure, all financial meetings take place virtually using a HIPPA-credentialed Zoom platform.
While the virtual financial planning program allows many this year to receive financial coaching, the program also offers student volunteers an opportunity to gain invaluable career skills as financial coaches themselves. Both Bagumian and Cruz have expressed a desire to pursue careers in financial planning post-grad.
“The financial coaching internship opportunity is an exceptional learning experience,” said Cruz. “This program allowed me to hone my interpersonal skills and be a more effective communicator overall.”