Chadstroma
Footballguy
(((edit update 3/12/21)))
I have decided to pursue this with the intent of starting it.
(((edit update 3/12/21)))
I would love to get some feedback...
(I am posting this rather than hijack the Mortgage Rates thread like I was doing) Some of you may be familiar with me in the Mortgage Rates and other threads dealing with personal finance etc.
I am seriously considering adding Financial Coaching services to what I do. I would remain a Mortgage Broker and in fact will be enrolling in insurance classes soon to add doing Insurance Brokering. Both mortgage and insurance will be working for companies as a W2 employee. The Financial Coaching would be starting my own company.
For those here in this thread you have been exposed to my advice and coaching. Honestly, the feedback and kudos from my fellow FBG's has been a driving force for me to consider this.
Some further info on me. Obviously I am a Mortgage Broker, I have been in banking, financial services, lending etc for 20+ years. As is my nature, I have gone above and beyond to understand and learn more than the training given to me or what others in my positions in the past typically know. I would give myself an expert rating in mortgage and equity lending, banking, credit scores/repair, and general personal finance. I am well acquainted with investing. I am more knowledgeable than your average person for insurance. That knowledge base will greatly increase as I begin the process to get licensed.
My general thinking currently is to focus on first time homebuyers in credit and generally preparing to buy their home as the niche but offer general financial coaching as well.
Reasons for why I think there is a market for this are:
Most LO's don't mess with putting time and effort in helping people get ready for a mortgage. They basically tell them "your credit needs to be XXX, come back when you get it there" or otherwise quickly move on. Why? Because you put all this time and effort into helping someone and then they hear about some DPA program or a family member tells them to go somewhere else or they think they are getting a better deal somewhere else for some reason and the hours of time you put into helping them means nothing to them. All of those are real examples that have happened to me- regardless of whether I can actually help them better or not, they think they are getting something better/more elsewhere. Whether broker or LO, anyone that does go above and beyond has been burnt. On top of that, people that need the help may or may not actually do what you tell them to do to get ready. So, even if they are committed to using you, they may never get there because they are not really committed to it. Someone paying for a service to get there is likely at a higher level of commitment.
I help a lot of people that I am not licensed in states for and I get nothing for it. I do enjoy helping people but I also need to be fair to my family and respect my time since I am not independently wealthy. I have to just turn people down who ask for more help because my time is my money. If they want further help, they can pay for that and I can serve them.
I have an email that I put together to help my clients get ready for a loan without spending a ton of time with them. I often send that to people who I have no opportunity to do a loan for (in a state I am not licensed in). One of the guys I did reached back out and asked if I could spend time with him to go over everything specifically and offered to pay me. I said that I didn't normally do that but it sounded like something I could agree to and asked him what he thought was fair. He said $100 and I agreed. He sent me his credit report and I reviewed it and then we had a phone conversation to go over everything and give him a specific game plan on what he needed to do. It all took less than an hour of my time to do. (My first paying client)
People literally pay hundreds of dollars for the Dave Ramsey crap. I mean, hundreds of dollars to have someone say "Don't spend money and don't use debt" and along the way give poor advice in other areas. Obviously I don't have the Dave Ramsey brand/name and I am not about to pay thousands to be one of his pep's but that is evidence there is a market for this.
I ended up coming across a Financial Coach and he agreed to jump on a call for us to talk about it. He actually has his niche doing basically the same as I was thinking of doing. He just started and is doing it part time but he is bringing in business.
Finally, I have a FB group that is centered around Credit Scores/Repair. It has a little over 300 people in it right now (I hadn't been trying to grow it much until recently) and I threw up a poll last night when I also posted in here. Simple question: If I were to offer Financial Coaching services would you be interested? Two options: Yes! Where do I sign up? and No thank you. It currently shows 65 reached and 19 have answered Yes! (no one said no but I wasn't really expecting anyone to- lol) Now, not sure who many of those 19 would really sign up when it came to actually paying money but that is a pretty good response I think.
So, that is all why I am thinking there is some business here. I further thought of the potential to tap into my broker contacts across the country where I see some opportunity to have this become my main business, maybe even eventually stop lending but for now it would be a minor part of what I do unless/until it grew to be the primary source of income. Who knows.
I am not really sure what I am looking for in this post. I know many of you are smart (all except Bronco and Chief fans that is), some are business owners, insightful, knowledgeable etc. It is a great group of people who have a lot to offer. Anything helpful is much appreciated. Thoughts, feedback, advice, constructive criticism, pleas to not do it or whatever else. Thanks for anything helpful!
I have decided to pursue this with the intent of starting it.
(((edit update 3/12/21)))
I would love to get some feedback...
(I am posting this rather than hijack the Mortgage Rates thread like I was doing) Some of you may be familiar with me in the Mortgage Rates and other threads dealing with personal finance etc.
I am seriously considering adding Financial Coaching services to what I do. I would remain a Mortgage Broker and in fact will be enrolling in insurance classes soon to add doing Insurance Brokering. Both mortgage and insurance will be working for companies as a W2 employee. The Financial Coaching would be starting my own company.
For those here in this thread you have been exposed to my advice and coaching. Honestly, the feedback and kudos from my fellow FBG's has been a driving force for me to consider this.
Some further info on me. Obviously I am a Mortgage Broker, I have been in banking, financial services, lending etc for 20+ years. As is my nature, I have gone above and beyond to understand and learn more than the training given to me or what others in my positions in the past typically know. I would give myself an expert rating in mortgage and equity lending, banking, credit scores/repair, and general personal finance. I am well acquainted with investing. I am more knowledgeable than your average person for insurance. That knowledge base will greatly increase as I begin the process to get licensed.
My general thinking currently is to focus on first time homebuyers in credit and generally preparing to buy their home as the niche but offer general financial coaching as well.
Reasons for why I think there is a market for this are:
Most LO's don't mess with putting time and effort in helping people get ready for a mortgage. They basically tell them "your credit needs to be XXX, come back when you get it there" or otherwise quickly move on. Why? Because you put all this time and effort into helping someone and then they hear about some DPA program or a family member tells them to go somewhere else or they think they are getting a better deal somewhere else for some reason and the hours of time you put into helping them means nothing to them. All of those are real examples that have happened to me- regardless of whether I can actually help them better or not, they think they are getting something better/more elsewhere. Whether broker or LO, anyone that does go above and beyond has been burnt. On top of that, people that need the help may or may not actually do what you tell them to do to get ready. So, even if they are committed to using you, they may never get there because they are not really committed to it. Someone paying for a service to get there is likely at a higher level of commitment.
I help a lot of people that I am not licensed in states for and I get nothing for it. I do enjoy helping people but I also need to be fair to my family and respect my time since I am not independently wealthy. I have to just turn people down who ask for more help because my time is my money. If they want further help, they can pay for that and I can serve them.
I have an email that I put together to help my clients get ready for a loan without spending a ton of time with them. I often send that to people who I have no opportunity to do a loan for (in a state I am not licensed in). One of the guys I did reached back out and asked if I could spend time with him to go over everything specifically and offered to pay me. I said that I didn't normally do that but it sounded like something I could agree to and asked him what he thought was fair. He said $100 and I agreed. He sent me his credit report and I reviewed it and then we had a phone conversation to go over everything and give him a specific game plan on what he needed to do. It all took less than an hour of my time to do. (My first paying client)
People literally pay hundreds of dollars for the Dave Ramsey crap. I mean, hundreds of dollars to have someone say "Don't spend money and don't use debt" and along the way give poor advice in other areas. Obviously I don't have the Dave Ramsey brand/name and I am not about to pay thousands to be one of his pep's but that is evidence there is a market for this.
I ended up coming across a Financial Coach and he agreed to jump on a call for us to talk about it. He actually has his niche doing basically the same as I was thinking of doing. He just started and is doing it part time but he is bringing in business.
Finally, I have a FB group that is centered around Credit Scores/Repair. It has a little over 300 people in it right now (I hadn't been trying to grow it much until recently) and I threw up a poll last night when I also posted in here. Simple question: If I were to offer Financial Coaching services would you be interested? Two options: Yes! Where do I sign up? and No thank you. It currently shows 65 reached and 19 have answered Yes! (no one said no but I wasn't really expecting anyone to- lol) Now, not sure who many of those 19 would really sign up when it came to actually paying money but that is a pretty good response I think.
So, that is all why I am thinking there is some business here. I further thought of the potential to tap into my broker contacts across the country where I see some opportunity to have this become my main business, maybe even eventually stop lending but for now it would be a minor part of what I do unless/until it grew to be the primary source of income. Who knows.
I am not really sure what I am looking for in this post. I know many of you are smart (all except Bronco and Chief fans that is), some are business owners, insightful, knowledgeable etc. It is a great group of people who have a lot to offer. Anything helpful is much appreciated. Thoughts, feedback, advice, constructive criticism, pleas to not do it or whatever else. Thanks for anything helpful!
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