In this episode of Steeped in Wellness, we dive into financial wellness with certified financial planner Cole McClarren. We explore the often misunderstood role of a financial advisor and distinguish between true comprehensive planning and the sales-driven tactics sometimes mistaken for it. Cole walks us through what it means to be a fiduciary and why fee-only, conflict-free advice is so crucial. We learn how his journey began—interning with his father and living on a futon during an internship with a pioneer in the field—eventually finding a career that blends psychology and finance.
We explore the emotional side of money: how people feel shame around finances, how couples manage joint versus separate accounts, and the importance of open communication. Cole emphasizes that the foundation of successful financial planning isn’t math but understanding people. Tools and software handle calculations, but building trust and seeing the full financial picture is what sets a good planner apart.
We also discuss how and when to start talking about money in relationships—from who pays for the first date to merging finances with a partner. Cole stresses there’s no one-size-fits-all approach, but transparency and shared goals are key. We talk about the increasing trend of using financial tools like Klarna and how our generation views debt differently—highlighting the influence of social media and the normalization of luxury spending.
Cole unpacks the core principles of comprehensive financial planning: saving consistently, having an emergency fund, and investing in oneself. He reframes financial freedom not as the ability to retire early but as the power to live with integrity—doing work you value and making decisions not dictated by money.
We wrap up with advice on college savings, the realities of student loans, and how to talk to kids about money. Cole reminds us to prioritize retirement before saving for our kids' education (funding retirement is harder!), and he reflects on the importance of identifying personal money narratives so we don’t unintentionally pass down harmful habits. We close on a personal note, with Cole sharing his evolving mantra: understanding and expressing what he truly needs, both in relationships and life.
More:
Cambridge Financial Group: https://cambridgefinancialgroup.com/
ACP: Alliance of Comprehensive Planners: https://www.acplanners.org/home
I Will Teach You To Be Rich: https://www.iwillteachyoutoberich.com/
Money Quotient: https://www.moneyquotient.com/