The Happy Hour Crew Talks Investing
Today is the last Friday of the month, and on the last Friday of the month, we host the happy hour on the podcast, where we gather great friends to drink cheap drinks and talk about money topics.
This month of the show, we’ve been discussing investing to celebrate the launch of Financial Gym’s investment management subsidiary, FG Advisory Services, LLC. This happy hour is a time to share more with friends what was shared with this team, and that’s why this business line is so important to me and why we’ve fought so hard to make it happen.
What are we drinking?
Alicia Lazarto - Brotherhood Spiced Wine
Melanie - Black Lavender Tea by Portland’s Stephen Smith
Colin - Orange Tangerine Electrolyte Water With Vodka
Shannon - Nighthawk Bota Box Red Wine
Podcast Notes
Announcing FG Advisory Services LLC
The Financial Gym is starting an exciting new chapter in 2024! For the first time ever, The Financial Gym can manage clients’ money directly.
There are several reasons why The Financial Gym is taking this step right now. There needs to be a change in the industry, which is still 80% male and mostly white.
The industry is horrible and the fiduciary standards are pretty gray. The team has witnessed things happen that are perfectly legal but pretty shady.
Robo-Advisors are okay, but we don’t know who’s operating those, and it can be challenging to connect with a person. You shouldn’t need a dollar minimum before being able to work with an actual human.
The Financial Gym has been helping clients grow wealth for the last ten years and thinks differently about wealth than the rest of the industry. They focus on the clients’ aspirations over numbers in the bank.
The Gym will now be able to guide clients through their entire financial journey. Some clients leave The Gym when they’re ready to graduate to the next step. This service will allow The Gym to be more of a one-stop shop for all aspects of Financial Health.
The Trainers were interested in career development. This allows them to enhance their education and help clients get even further along in their personal finance journey.
Growing with The Clients and Serving Their Needs
There are many pieces of the financial puzzle, and investing is just one of them. The 1-1 Financial Training will continue to be one service offered at The Gym for a monthly fee. The new company, FG Advisory Services LLC (FGAS for short), is a separate arm of The Gym.
The management fee will be 1%, which is standard in the industry. All Trainers working with clients will be paying the exact fees and investing alongside them.
If you have less than $50k in assets, you’ll be encouraged to join the Trainer on Demand program. If you have more than $50k in assets, Trainer on Demand will be included in the 1% management fee.
Financial Training and Financial Management are separate fees because they’re different services and work. The 1% fee will be taken directly from the portfolio quarterly, so it’s not like a monthly expense.
They can also work with HR associates and help with 401k accounts. They can provide educational opportunities for employers looking for that as part of the management process.
The team gets to put their values and passions to work, which is why there is no asset minimum, and everyone is welcome. Personal finance is so personal, and you should feel comfortable talking with the person managing your money.
Bring your ASSets to The Financial Gym
FG Advisory Services is here for everyone who wants help with their investments and a place to start. There is no asset minimum, which will be revolutionary. The Financial Gym is excited to give the team and all clients a safe place to work and invest together.
The last six months have been a challenge with many folks trying to discourage Shannon, from the board to potential investors. Every path is a lot of work, and The Gym is excited to be on this one.
If you want to be part of this revolution, to work at The Gym, and help us give a big f*ck you to the industry, we invite you to join.
Email your trainer if you’re a current client interested in learning more. If you’re new to The Gym and want to learn more, reach out to advisory@fingyms.com.
Takeaway: My biggest takeaway is that 15 years ago I acknowledged that change was needed in the wealth management industry and my work is not done yet. I hope you’ll join us on this revolutionary journey to disrupt a very male, pale and stale industry.
Connect with the Happy Hour Crew
Melanie Lockert: melanielockert.com
Colin Becker: @iwillbecolinyou & colinbecker.com
Alicia Lazarto: CFO of The Financial Gym
Shannon McLay: The Host and CEO at The Financial Gym
If you have any topics you would like me to cover on this podcast, or if you’d like to get in the financially naked hot seat, I encourage you to email me at Shannon@fingyms.com, or join the private Martinis and Your Money Facebook Page, and let me know what you want to hear.
In addition to hosting this show, I’m the founder and CEO of The Financial Gym. We are celebrating 10 years of this journey, and now, more than ever, I see the importance of the work we do every day. Rising inflation, the return of student loan debt, high interest rates on mortgages, and volatile stock markets make it a time when you need a best financial friend to help you make the best choices.
At Financial Gym, you get paired with a Certified Financial Trainer, who we call your BFF. Our team has coached clients through every financial season, whether they were living paycheck to paycheck or headed into Financial Independence and retirement.
To celebrate the final season of Martinis and Your Money, listeners can get 20% off of one-on-one training services. So what are you waiting for? Head over to financialgym.com to get started today. Our warm-up calls are free of cost and judgment.