Assisting Our Clients to Achieve $2.7m More in 2023

In 2023, consumers experienced extreme levels of inflation, immense economic instability, two wars, massive layoffs from the biggest tech firms, and a pervasive atmosphere of dread. At Bolder Money, we experienced a financial revolution in 2023…our members managed to raise their net worth in total by an incredible $2.7 million. They're not simply saving; they're striving after over $35 million in financial objectives, having already put away more than $10 million towards these goals. Beyond raw figures, they made changes that impacted their lives – paying off considerable debts, buying a home, and beginning to invest. Most notably, they've changed their lives – altering their occupations, migrating to different cities, and in some cases, beginning familes, now unhampered by financial worries. We weren't the first to offer financial coaching, yet consumers have responded positively to our chat-based approach. People feel overwhelmed when it comes to finding financial advice, and they don't know who to trust. They're bombarded with contradictory information and too many financial products and services, and they find the fintech apps to be a distraction. Our two most popular blog posts from the last year were "10 Ways to Get Money Fast" and "How to Manifest Money", which indicates a strong desire for swift financial solutions. But, achieving financial security cannot be achieved through shortcuts. Yet, having an in-depth financial plan is not sufficient; financial advisers and advisors who focus solely on retirement tend to overlook where consumers actually require the most assistance – implementing their plans. Our customer demographic, which is mainly women (90%), and has a median annual household income of $75k, frequently has to contend with the difficulty of handling debt (student loans, credit cards, and medical costs) and managing the accompanying worry. For example, Sarah, a 32-year-old educator from Ohio, registered with us with $40,000 in student loan debt and credit card bills. In addition to the debt, she was burdened with financial worries and embarrassment for winding up in this position. The shame prevented her from discussing the difficulty with her family, monetary advisors and planners were intimidating, and refused to speak with her. She arrived at us feeling overwhelmed, isolated and dispirited. With our coaching specifically designed for her, she was able to not just pay off her debt but also create an emergency fund, demonstrating the broad help our clients are worthy of and need. Understanding financial concepts is touted as a key to financial freedom, but it is by no means a comprehensive solution. Knowing the theories is one thing; being able to actually implement them in everyday life is something else. Our position is that a knowledge gap does not exist in regard to money, but a confidence gap; this cannot be solved simply by providing facts, but instead necessitates personalized advice and compassionate backing. You can't acquire the same level of knowledge on driving a car as you would by actually doing it; the same logic applies to finance, in that you can't expect to become wealthy just by reading about it or watching TikToks. When it comes to money and financial decisions, people normally adopt a cautious approach, being aware that the consequences of their decisions can lead to significant repercussions. As a result, it is not uncommon for people to become overwhelmed by the magnitude of the task, resulting in no action being taken at all. Consulting with financial advisors will inform you that customary processing of paperwork, upon a client's commitment to the service, can take up to 6 months for the finances to move. Even when an agreement is made, there are delays due to financial insecurities. This is where financial coaching differs in its approach, combining elements of both emotion and finance with actionable steps to take and a determination to help if met with difficulty. Our coaching model is built on relatability. We identified quickly that people are more likely to accept advice from someone with whom they can identify. We build connections and mutual understanding through discussing shared experiences - especially when it comes to money management - and consumers look to experts who understand the situation they are in. We make a conscious effort to hire coaches from backgrounds similar to that of our members. For example, Mia, an instructor of ours, has gone through the experience of paying off her credit card debt following her divorce - something that is very relatable to numerous members of our service. Having someone who can relate to the hardships of the audience enables the establishment of a relationship based on trust and comprehension that generic pieces of advice are not able to produce. Financial conversations can often be filled with embarrassment and remorse. They come up in times of transitioning or alterations, and in a lot of cases, these are difficult events in life - like divorce, unemployment, or simply standard uneasiness. At times when people are feeling uncertain, they desire assistance, something that can assist them in handling situations they find difficult to manage. Nobody wants to be subject to sales tactics, and not everyone wants guidance; most of all, they're not in search of criticism. Bolder Money is a place where users can have conversations free from judgement. Our coaches are trained to be open and honest about their own financial journeys, in order to motivate and empower our members. As a result, we have created a sanctuary for those looking for guidance as well as emotional support. At Bolder Money, we prioritize support – not only through our coaches, but also with the help of our community. We have several thousand members who can access our abundance of financial literacy content, as well as a cohort of individuals with similar ambitions and experiences. The role of community is essential in our system. It gives a platform for healthy comparison and mutual instruction. For example, John's success in obtaining a higher salary stimulated the others in the community to examine similar openings. This type of learning from peers is a significant asset in our toolkit, supplying both inspiration and useful information. It was unexpected that no one had pertained to our members to determine what they truly desired. Everyone of us has broad objectives like eventually buying a residence, traveling more frequently, or launching a venture, however, they were never sincerely recognized. We have crafted our onboarding process to assist our members in constructing an impression of the life they desire to live and being as descriptive and clear-cut as possible. Using Lisa as a model, she had a vision of owning a house that seemed beyond her grasp. With our help, she formulated a plan that would allow her to save and reach her goal, transforming her dream into a real aim. Up to this point, we have discussed matters that meet minimum requirements for assistance and guidance. Nevertheless, substantial improvement can not be realized unless the issue of responsibility is addressed. We recognize our role in holding our members accountable, and the strength that comes with it. We make sure to tailor our approach to each individual, offering a personalized experience. We use CBT and personal messages to create an environment that allows them to stay on track, and build models for them to refer to when they drift. The impressive accomplishments of individuals like Mark are proof of the success of our program; he went from having difficulty in saving money to being able to contribute consistently to his retirement fund over a consecutive period of six months. Accountability can be beneficial however too much and it can cause people to become disenchanted. To combat this, we have created a system of cadence that allows our members to move forward at their own pace. Furthermore, we have implemented reset points throughout the customer journey, so they never feel overwhelmed or defeated. It is important to acknowledge small successes. Doing this helps our members realize the gains from their efforts. For example, commemorating a member's initial $500 saved can foster a tendency toward financial stability and prosperity. This enables us to assist members in realizing and teaching their minds to focus on the positives, especially when striving for extensive, far-reaching ambitions. We have produced our own ChatGPT implementation accessible to all our members, that utilises their individual details to address inquiries and furnish appropriate direction. Unfortunately, we perceived restricted interest as ‘information’ wasn't the crux of the matter, what our members want is a system that recognises them as individuals and displays empathy. Though AI can provide direction and suggest alternatives, it is unable to replace the human factor when it comes to accountability and reliability. The human coaches we employ bring with them empathy and understanding, aspects which artificial intelligence simply cannot duplicate. We've collaborated with banks and other monetary service providers, offering monetary coaching to their customers. It has been advantageous to be autonomous in these connections as individuals don't view their bank as their 'coach' or to help them discuss delicate financial matters. Banks and other financial institutions offer a variety of financial products, prompting the inquiry — who can give sound financial advice? We believe that by offering financial coaching, banks and fintech companies have a great chance to utilize a more customized process in their services. This could have an immense effect on their customers’ financial wellness and satisfaction, building a stronger bond of faith and devotion. This year has seen a major transformation for Bolder Money and our members. Our outlook doesn't just revolve around offering financial tips; it's about encouraging individuals to take charge of their finances and, ultimately, their destiny. Our strategies are more than just the groundwork for successful personal financial management; they are a beacon illuminating the path for banks looking to build a genuine relationship with their customers.

Source: https://sidsingh03.medium.com/how-we-helped-our-clients-become-2-7m-richer-in-2023-c2665f948178?source=rss------fintech-5