The company’s clients—founder Shannon McLay cheekily calls “clients”—pay $85 monthly for monthly meetings and an on-call financial trainer. They also have access to online courses and a list of gym-approved products.
Each relationship starts with a warm-up call, during which current clients discuss their journeys and help prospective ones determine if the Gym is right for them. Then comes the first session, McLay calls a “financially naked” meeting.
The warm-up call
The Financial Gym, founded by former Merrill Lynch advisor Shannon McLay, takes a fitness-inspired approach to personal finances. The company offers one-on-one coaching and a set of online courses that teach you to make small changes that add up over time. It also helps you find the best credit cards, mortgages, and savings accounts to meet your needs.
The gym’s clients are diverse: some command triple-digit salaries and struggle to pay off student debt, while others are blue-collar families saddled with punishing mortgages. However, they all share the same goal of becoming financially fit and achieving financial independence. The gym charges its clients a monthly fee for an on-call financial advisor, a meeting with a trainer, and a plan tailored to their goals.
Unlike traditional financial advisers, who typically work with people with significant assets, The Financial Gym works with people of all levels of wealth. Its founder, Shannon McLay, realized the need for a different type of financial service when she noticed that most people seeking help had no idea where to start.
She compared her approach to a financial fitness class, where clients are paired with an instructor who guides them through workouts designed to help them achieve their goals. The Financial Gym also offers various other services, including workshops on specific topics such as investing, retirement planning, and entrepreneurship. The company’s members also have access to six Money Tribes across the country, which host monthly meetings to create a community of people passionate about finance.
The Financial Gym is a financial consulting and planning firm that serves individuals and businesses. Its services include retirement planning, investment management, and debt counseling. Its team of certified financial planners uses a holistic approach to finances and can help you make the right decisions for your unique situation. The company’s trainers can recommend loans, investments, mortgages, and insurance. They can also recommend credit cards and high-yield savings accounts to meet your needs.
The first session
Financial fitness is the ability to manage money to meet your current and long-term goals. It involves a combination of savings, investments, and reducing debt. It also includes establishing an emergency fund to protect you from unexpected expenses. Developing a solid financial foundation can help you avoid the common traps that cause most people to fail at their money goals.
The Financial Gym is an online and in-person personal finance service that offers a fitness-inspired approach to coaching clients toward meeting their financial goals. Founded in 2013 by Shannon McLay, the company’s goal is to make financial planning more accessible than traditional options. In the same way fitness trainers act as accountability partners for their clients, the financial Gym coaches offer a monthly membership package to teach their clients how to reach their personal finance goals.
Each relationship with a trainer starts with a warm-up call to get to know the client and their goals. During this one-hour session, the financial trainer asks the client to lay it all out: their current financial situation, their goals, and what they’re willing to commit to doing to get there. The trainer then works with the client to create a plan to help them achieve their financial goals.
Unlike traditional financial planners or financial advisors, the trainers at the Financial Gym aren’t paid commissions. They’re paid a flat fee per client that ranges from $125 to $500 a month, depending on the complexity of the client’s finances. The gym also has an apprenticeship program, where new hires work with seasoned financial trainers to learn the more qualitative aspects of the job, such as connecting with clients and helping them feel comfortable talking about their finances.
According to their website, the average member of The Financial Gym increases their net worth by $2,500 and raises their credit score by 40 points in their first six months of membership. Its clients are generally middle-income individuals without many assets, who would be unlikely to receive the same level of attention from other (more expensive) financial advisers. In many cases, these people are anxious about their finances and may benefit from the relationships and support that come with a financial coach.
The weekly spend
Getting financial fit doesn’t have to break the bank. That’s why Shannon McLay created the Financial Gym, a New York City-based company that takes a fitness-inspired financial approach. It’s the equivalent of a gym for your money, where you pay a monthly fee to work with a personal trainer who will help you reach your goals and keep you accountable.
The company works with clients from all walks of life, from high-powered executives who command double-digit salaries to blue-collar families struggling with punishing mortgages. And like a regular gym, memberships are affordable: For $85 per month, you get one monthly meeting with an on-call financial advisor and a personalized plan to help you hit your goals.
You can do your coaching sessions in person at four Financial Gym locations, or online. If you choose to meet in person, the trainer will ask you about your current spending habits and what your non-negotiables are (that is, what you won’t go without). Afterward, you’ll create a savings goal to help you achieve those non-negotiables.
When you’re ready to begin your financial workout, the trainer will set up a schedule for check-ins, so you can be sure you’re on track to reach your goals. He or she will also help you create a budget and provide tips on managing your money better.
As with physical training, the results of your financial work will vary from person to person. Some will see results immediately, while others may struggle for a little longer. But the important thing is to stay committed. After all, no one is born financially literate. And when you have a coach on your side, it can make all the difference.
While most people are afraid to talk about their finances, the founders of the Financial Gym want you to speak up and feel confident about your financial future. They’re on a mission to educate women and men about their finances and empower them to take charge of their money. With a fitness-inspired approach, the company offers a monthly membership where members are assigned their financial trainer (B.F.F.s) for a flat fee.
The monthly goal
While it’s hard to talk about money, the Financial Gym team helps people find the courage to do so by encouraging them to be as open as possible. Shannon’s goal is to reduce the shame many people feel around their finances and provide a platform where they can see that they are not alone in their struggles.
Financial Gym takes a fitness-inspired approach to finance, helping clients reach their goals through regular check-ins and small changes that add up over time. The company was founded by Shannon McLay, whose experience at Merrill Lynch led her to notice a gap in the industry. While she could work with clients who had investment assets of $250,000 or more, she saw that most people needed help on a much smaller scale.
When starting out, a good idea is to make a monthly list of all the things you want to accomplish and then write them down somewhere visible. You can tape them to the refrigerator, tuck them in your wallet, or even write them in a planner so you see them every day. These can be as small as “no impulse spending this week,” or as big as a new savings goal. The key is to track your progress and celebrate the small wins.
After working with a financial coach for three months, you will receive a folder of paperwork that includes a financial plan, including specific actions you need to take to achieve your goals. These action items may be as simple as canceling a subscription you no longer need or as complex as switching retirement funds. During each quarterly review, you will be given additional action steps to get you closer to your goals.
The Financial Gym is a unique financial service for the everyday person, offering face-to-face sessions with trainers at locations across the country. The firm’s clients are a mix of individuals and couples, including people with children. Each session is about an hour long, costing less than $100 per month.
