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Do you see value in this service based business?

Idea threads

Smove97

New Contributor
User Power
Value/Post Ratio
33%
Jun 25, 2020
3
1
Leeds, UK
Hi guys,

Background - I have 10 years experience in the financial planning/advice industry and are a fully qualified financial planner.

I am doing some research to find out if the following services would be useful to people. We would like to help the 99% of the population who either can't afford financial advice or don't have enough invested assets for them to be a valuable client to a financial planning firm.
Services would include:
  • Analysis of current financial situation (Income/expenses/emergency fund/current investments and pension)
  • Detailed cashflow modelling - Visualised (To check affordability of goals and retirement/stress test cashflow against inflation and market downturns)
  • Debt Management (if needed)
  • Education and financial literacy (based around any products or investments they have or are looking at/ education the client through self-invest platforms and funds)
  • Protection shortfall/needs assessment
Scenarios where it would be useful:
  • Client has inherited a lumpsum of money and is unaware how to invest
  • Client holds a large amount of cash and isn't financial educated enough to deal with it
  • Someone looking to retire soon and are unsure on the affordability and options available
  • Someone who has never reviewed their personal financial situation
  • Young people looking plan for their future (First time buyers/LISA/Mortgages)
  • ect...
After an initial factfinding/information gathering meeting/document is completed, we will provide a detailed report (c.30 pages) tailored to the client. This will detail the points mentioned above in a simple, visual, easy to understand manor. This will not be ongoing financial advice, no products will be recommended and only guidance and education will be given.
There will be no hidden ongoing fees! I would like to charge a one-off fee for this service of £500 - £750 (undecided).
 
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Roli

Platinum Contributor
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Read Unscripted!
Speedway Pass
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160%
Jun 3, 2015
2,061
3,301
Hi guys,

Background - I have 10 years experience in the financial planning/advice industry and are a fully qualified financial planner.

I am doing some research to find out if the following services would be useful to people. We would like to help the 99% of the population who either can't afford financial advice or don't have enough invested assets for them to be a valuable client to a financial planning firm.
Services would include:
  • Analysis of current financial situation (Income/expenses/emergency fund/current investments and pension)
  • Detailed cashflow modelling - Visualised (To check affordability of goals and retirement/stress test cashflow against inflation and market downturns)
  • Debt Management (if needed)
  • Education and financial literacy (based around any products or investments they have or are looking at/ education the client through self-invest platforms and funds)
  • Protection shortfall/needs assessment
Scenarios where it would be useful:
  • Client has inherited a lumpsum of money and is unaware how to invest
  • Client holds a large amount of cash and isn't financial educated enough to deal with it
  • Someone looking to retire soon and are unsure on the affordability and options available
  • Someone who has never reviewed their personal financial situation
  • Young people looking plan for their future (First time buyers/LISA/Mortgages)
  • ect...
After an initial factfinding/information gathering meeting/document is completed, we will provide a detailed report (c.30 pages) tailored to the client. This will detail the points mentioned above in a simple, visual, easy to understand manor. This will not be ongoing financial advice, no products will be recommended and only guidance and education will be given.
There will be no hidden ongoing fees! I would like to charge a one-off fee for this service of £500 - £750 (undecided).

I would have thought with 10 years in the industry, you can answer that question better than anybody?

Who were your clients when you worked for other people? They will be your clients now.

Anyway, they all sound viable to me, apart from young people/first time buyers.
 

Smove97

New Contributor
User Power
Value/Post Ratio
33%
Jun 25, 2020
3
1
Leeds, UK
I would have thought with 10 years in the industry, you can answer that question better than anybody?

Who were your clients when you worked for other people? They will be your clients now.

Anyway, they all sound viable to me, apart from young people/first time buyers.
Sorry, I didn't explain myself properly. I am trying to see if people who don't have my industry experience see the value in those services.
 

Roli

Platinum Contributor
Read Fastlane!
Read Unscripted!
Speedway Pass
User Power
Value/Post Ratio
160%
Jun 3, 2015
2,061
3,301
Sorry, I didn't explain myself properly. I am trying to see if people who don't have my industry experience see the value in those services.

Yes I realise that, but just because a couple of people on here say "yeah sure, good business", won't make it a good business. For that you'll need clients and seeing as you work in that industry and have done for 10 years, you'll know if there is any scope to go out on your own.

It's like if I say to you I'm a deep sea diver and I'm thinking of starting a business after working in the industry for 10 years. In that situation, maybe you can give me some nuts and bolts advice about how to run a business, but you can no way know if it's a good industry because it's not in your niche.
 
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G

GuestUser4aMPs1

Guest
Sorry, I didn't explain myself properly. I am trying to see if people who don't have my industry experience see the value in those services.
Agreed with @Roli don't take our word for it.

Only one way to find out, do a small test.

Nothing says you're truly providing value like money in the bank.
 

Jobless

Silver Contributor
FASTLANE INSIDER
Speedway Pass
User Power
Value/Post Ratio
141%
Jun 8, 2017
394
557
EU
The ideas for services 'sound good' as they say, but I would be interested to know how you would reach the right customer and propose your offer. How to increase perceived and real value of the offer?
 

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