Shannon McLay, the founder of the Financial Gym, is changing the way people view financial services.
Most financial service companies focus on people in a rather high tax bracket – people with at least $250,000 in assets. However, those under this tax bracket struggle to find financial help, because financial advisors tend to work on commission. That means that the smaller the tax bracket, the fewer products can be sold, and the less commission the financial advisor will receive.
But Shannon McLay wasn’t focused on the commission. She was focused on helping the people who needed it. During one of her first meetings as a financial advisor, McLay met a woman with $250,000 in student loan debt and who made $50,000 per year. She knew her company wouldn’t allow her to help this woman, so out of the kindness of her heart, McLay created a financial plan on a Word document for this woman.
Over time, McLay kept getting more of these clients. They all wanted to pay her for her services, but there was no legal way for that to happen! Furthermore, she knew there were so many more low-income individuals in the world that needed financial help that she alone wouldn’t be able to reach. That’s why she started the Financial Gym.
How Does the Financial Gym Work?
As the name implies, the Financial Gym works like a gym. There is an initial warm-up call, through which the company gets to know the client. Then, the client is paired with a trainer that will be best for them. And finally, the client is given a financial plan with 30-day, 60-day, and 90-day goals. Every 90-days after that, their trainer checks in to make sure that they stay accountable and are on track with their financial goals.
According to its website, the Financial Gym helps 90% of their clients achieve their financial goals! The company attributes this success to the support and accountability each individual gets from their personal trainer.
How Much Does It Cost?
To become a client at the Financial Gym, it costs $85 per month (and slightly more for couples). For businesses, it costs about $200-$250 per month. There is even a scholarship program for college students that only costs $50 per month!
Who Is the Target Clientele?
Women actually make up the majority of the Financial Gym’s clients! 65% of the clients are women, while only 35% are men. While that’s not necessarily Financial Gym’s goal, McLay claims that it makes sense, since women tend to be the ones seeking financial help instead of trying to figure it out all on their own.
Currently, the Financial Gym works with people in 48 different states (40% remotely). There are plans to work with people in all fifty states and to open more brick-and-mortar locations.
How Can I Get Started with the Financial Gym?
Head on over to their website and book your twenty-minute warm-up consult!