Financial Planning the 'Fitness Way'
The New York City-based Financial Gym, a location that helps members manage their money, opened in February 2018. Upon a client's first visit, they’re assigned a 'trainer’ and given a custom plan for achieving 'financial fitness’. The company's advice takes clients' life goals, spending habits, income and more into account. Then, clients receive letter grades based on their progress each month; as Financial Gym states, they’re held accountable in a way that ‘no app or tech product’ can. A standard membership costs USD 85 per month.
With every trend comes a counter-trend; for every saver outsourcing wealth management to a robo-advisor, others will turn to strictly human-delivered services. Okay, having a flesh-and-blood financial advisor is hardly a new concept. But the Financial Gym is noteworthy in how it transforms what can be a relatively sterile, potentially intimidating, experience into something more fun – for example, members can attend regular ‘Wine & Learn’ events.
The fitness theme is also no coincidence. Some reports suggest young Americans will now spend more on the gym than on their university tuition (and this is a country with severe student debt!). But don’t be the finance professional who hears that and writes off the younger generation as being narcissistic and shallow. Instead, ask how you might do business on their terms. Indeed, no matter which industry you’re in, take a moment to consider which customer groups currently ignore you.
What are they spending their money on?
Could you develop an offering that pays homage to that?