Personal Finance Education - New Venture
Discussion
Dear All,
Thread moved from 'Business' in the hope of further responses...
I have an idea, potential large Client base, and method to execute a programme offering an alternative education into personal finance. Whilst the idea of Financial Independance, Retiring Early (FIRE) is well documented and gaining traction across the internet, I want to offer a service/education coming at it from a slightly different angle.
I have a head full of thoughts, but struggling to unravel somewhat. I want to sell a package, rather than my time as such. Initlally this would be offered to local customers, millennials typically, whereby the service would be executed in the home office, before then providing an ongoing mentoring period (possibly remotely).
I would rely on generic social media methods to put the word out. Initial thoughts would be to put 5 Clients through the process (discounted rate) to hone the service and gain testimonials.
Along side this, I plan on blogging my journey to financial freedom myself- I am a low bracket tax payer, 31 years old, and want to show how (hopefully) it can be done.
I think the idea has legs, however welcome the forums thoughts- rip it to pieces.
Please forgive any typo’s as this has been written on the phone.
Dan
Thread moved from 'Business' in the hope of further responses...
I have an idea, potential large Client base, and method to execute a programme offering an alternative education into personal finance. Whilst the idea of Financial Independance, Retiring Early (FIRE) is well documented and gaining traction across the internet, I want to offer a service/education coming at it from a slightly different angle.
I have a head full of thoughts, but struggling to unravel somewhat. I want to sell a package, rather than my time as such. Initlally this would be offered to local customers, millennials typically, whereby the service would be executed in the home office, before then providing an ongoing mentoring period (possibly remotely).
I would rely on generic social media methods to put the word out. Initial thoughts would be to put 5 Clients through the process (discounted rate) to hone the service and gain testimonials.
Along side this, I plan on blogging my journey to financial freedom myself- I am a low bracket tax payer, 31 years old, and want to show how (hopefully) it can be done.
I think the idea has legs, however welcome the forums thoughts- rip it to pieces.
Please forgive any typo’s as this has been written on the phone.
Dan
dan_87 said:
Dear All,
Thread moved from 'Business' in the hope of further responses...
I have an idea, potential large Client base, and method to execute a programme offering an alternative education into personal finance. Whilst the idea of Financial Independance, Retiring Early (FIRE) is well documented and gaining traction across the internet, I want to offer a service/education coming at it from a slightly different angle.
I have a head full of thoughts, but struggling to unravel somewhat. I want to sell a package, rather than my time as such. Initlally this would be offered to local customers, millennials typically, whereby the service would be executed in the home office, before then providing an ongoing mentoring period (possibly remotely).
I would rely on generic social media methods to put the word out. Initial thoughts would be to put 5 Clients through the process (discounted rate) to hone the service and gain testimonials.
Along side this, I plan on blogging my journey to financial freedom myself- I am a low bracket tax payer, 31 years old, and want to show how (hopefully) it can be done.
I think the idea has legs, however welcome the forums thoughts- rip it to pieces.
Please forgive any typo’s as this has been written on the phone.
Dan
Hi DanThread moved from 'Business' in the hope of further responses...
I have an idea, potential large Client base, and method to execute a programme offering an alternative education into personal finance. Whilst the idea of Financial Independance, Retiring Early (FIRE) is well documented and gaining traction across the internet, I want to offer a service/education coming at it from a slightly different angle.
I have a head full of thoughts, but struggling to unravel somewhat. I want to sell a package, rather than my time as such. Initlally this would be offered to local customers, millennials typically, whereby the service would be executed in the home office, before then providing an ongoing mentoring period (possibly remotely).
I would rely on generic social media methods to put the word out. Initial thoughts would be to put 5 Clients through the process (discounted rate) to hone the service and gain testimonials.
Along side this, I plan on blogging my journey to financial freedom myself- I am a low bracket tax payer, 31 years old, and want to show how (hopefully) it can be done.
I think the idea has legs, however welcome the forums thoughts- rip it to pieces.
Please forgive any typo’s as this has been written on the phone.
Dan
What experience/qualifications do you have in this area?
What is your different/unique angle?
I am all for financial education by the way.
PM me if you like.
rockin said:
JulianPH said:
And one is back with you! 
Did you remember to attach copies of FSMA 2000 and the Financial Services Act 2012? 
Thankfully if I have met the COBS requirements, complied with MiFIDii rules and applied PERG regulations it will make the FSMA (2000 Act )and COBS Source book far more easy to follow!
Thousands of pages that could all be put on one side of a A4 sheet of paper. Madness!
It should be [Green] "don't do this", [Amber] "you shouldn't have done this, don't do it again" and [Red] "right, you're taking the piss now" all voiced by Dara O Briain.
Happy Christmas Steve!
I think in this case charging for this service goes against what your followers would be trying to achieve. I.e they want to be saving money not spending it. I think you need to generate income from advertising from companies that can help save your target market money like swapping gas and electric suppliers, mortgage comparison sites or discounted fees on investments etc.
As well as an online presence maybe every so often you could arrange an event at a hotel with guest speakers who are doing well talking about their progress and goals. Again maybe try to make the event free but try to get sponsorship from companies or have companies there selling appropriate products.
As well as an online presence maybe every so often you could arrange an event at a hotel with guest speakers who are doing well talking about their progress and goals. Again maybe try to make the event free but try to get sponsorship from companies or have companies there selling appropriate products.
CSLM3CSL said:
I think in this case charging for this service goes against what your followers would be trying to achieve. I.e they want to be saving money not spending it. I think you need to generate income from advertising from companies that can help save your target market money like swapping gas and electric suppliers, mortgage comparison sites or discounted fees on investments etc.
As well as an online presence maybe every so often you could arrange an event at a hotel with guest speakers who are doing well talking about their progress and goals. Again maybe try to make the event free but try to get sponsorship from companies or have companies there selling appropriate products.
Wise words. It takes some work to do this, but it's the sort of graft that will be needed to make it fly. You can't charge for this, you have to monetise some other way. These days, loads of things monetise just through advertising. As well as an online presence maybe every so often you could arrange an event at a hotel with guest speakers who are doing well talking about their progress and goals. Again maybe try to make the event free but try to get sponsorship from companies or have companies there selling appropriate products.
dan_87 said:
Dear All,
Thread moved from 'Business' in the hope of further responses...
I have an idea, potential large Client base, and method to execute a programme offering an alternative education into personal finance. Whilst the idea of Financial Independance, Retiring Early (FIRE) is well documented and gaining traction across the internet, I want to offer a service/education coming at it from a slightly different angle.
I have a head full of thoughts, but struggling to unravel somewhat. I want to sell a package, rather than my time as such. Initlally this would be offered to local customers, millennials typically, whereby the service would be executed in the home office, before then providing an ongoing mentoring period (possibly remotely).
I would rely on generic social media methods to put the word out. Initial thoughts would be to put 5 Clients through the process (discounted rate) to hone the service and gain testimonials.
Along side this, I plan on blogging my journey to financial freedom myself- I am a low bracket tax payer, 31 years old, and want to show how (hopefully) it can be done.
I think the idea has legs, however welcome the forums thoughts- rip it to pieces.
Please forgive any typo’s as this has been written on the phone.
Dan
Hi Dan,Thread moved from 'Business' in the hope of further responses...
I have an idea, potential large Client base, and method to execute a programme offering an alternative education into personal finance. Whilst the idea of Financial Independance, Retiring Early (FIRE) is well documented and gaining traction across the internet, I want to offer a service/education coming at it from a slightly different angle.
I have a head full of thoughts, but struggling to unravel somewhat. I want to sell a package, rather than my time as such. Initlally this would be offered to local customers, millennials typically, whereby the service would be executed in the home office, before then providing an ongoing mentoring period (possibly remotely).
I would rely on generic social media methods to put the word out. Initial thoughts would be to put 5 Clients through the process (discounted rate) to hone the service and gain testimonials.
Along side this, I plan on blogging my journey to financial freedom myself- I am a low bracket tax payer, 31 years old, and want to show how (hopefully) it can be done.
I think the idea has legs, however welcome the forums thoughts- rip it to pieces.
Please forgive any typo’s as this has been written on the phone.
Dan
In financial planning circles, there has been a lot of emphasis on financial coaching, financial education, life coaching etc. It is generally regarded as having influence without responsibility. A lot of firms will say ‘we’ll guide you’, or ‘we’ll better inform you to make a decision’, when all they are trying to do is influence you, without the need for indemnity.
I think that there is a gap in the market for coaches etc to work with advisers (and para planners etc), to offer a decent, joined up solution. Currently, it’s all a bit either/or.
If I can help, please don’t hesitate to get in touch. I’ve been involved with financial ‘education’ for the Money Advice Service, and TPAS back in the day, for about nine or ten years, ever since I started in this game. And although my ideas are pretty well formed, and although I think your business model might benefit from some tweaking, I think you could be in with a shout.
I ran a couple of adviser to adviser workshops earlier this year (at Port Talbot and the RAF Museum at Hendon) - the brand has a good reputation and I even mulled over the idea of running some consumer directed workshops. Focusing on sequential risk, cash flow model, behaviouralism etc, as well as asset class determination, fund research and selection, decumulation, drawdown etc. Trouble was, it would have to be a two day event for it to be properly effective.
I think, too, there is scope to work with scheme trustees, and I have meetings with two big schemes in January. The idea being to hold completely impartial and objective events (no advice or investment selling) in order to prevent scheme members making bad choices.
I ran a couple of adviser to adviser workshops earlier this year (at Port Talbot and the RAF Museum at Hendon) - the brand has a good reputation and I even mulled over the idea of running some consumer directed workshops. Focusing on sequential risk, cash flow model, behaviouralism etc, as well as asset class determination, fund research and selection, decumulation, drawdown etc. Trouble was, it would have to be a two day event for it to be properly effective.
I think, too, there is scope to work with scheme trustees, and I have meetings with two big schemes in January. The idea being to hold completely impartial and objective events (no advice or investment selling) in order to prevent scheme members making bad choices.
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