The Gym's Money Back Guarantee with Shannon and Caitlin
Money Back Guarantee with Shannon and Caitlin
On this episode of Financially Naked: Stories from The Financial Gym, our host is Shannon McLay, CEO and Founder of The Gym. She is joined by Caitlin Lyttle, Head of Marketing, to discuss The Gym’s money back guarantee.
Podcast Notes
Shannon and Caitlin get alerted when any review is posted online about The Financial Gym. They take all of the reviews, good and bad, seriously. They want everyone to be happy and if they get a bad review, they take it personally, even though 98 percent are four or five star reviews.
They recently received a one-star review about their money back guarantee and how The Gym did not honor it. The Gym offers this guarantee, even though most financial companies do not.
The Gym started this guarantee about a year and a half ago, because they believe in what they do. If you follow what your trainer says and if you do even some of the things they recommend, you will be successful.
The money back guarantee is a contract and it is legally binding. The client has to do something and the company has to do something. Shannon and Caitlin spent a lot of time figuring out what this looked like and how it should be written so it was very clear.
The first part of the guarantee says if after you complete six months of coaching with The Financial Gym, and your net worth does not increase by the amount you invested in their services during that period, they will refund you the amounts you paid during that period.
After three months, half of the clients are doing what they should be doing and half are not. It takes time, and most people are not going to get results in three months. It takes about six months for 75 percent of clients to hit their goals. They know from experience that six months is the right amount of time.
Net worth is assets minus liabilities. The Gym uses net worth, because all clients are on different financial journeys. Some are focused on paying off debt, some are focused on saving and investing, and some are focused on a combination of the two.
Over six months, the client will pay approximately $500. The Gym is guaranteeing that the client’s net worth will grow more than $500 and they are confident in that.
The second portion of the money back guarantee is the client must notify The Gym that they believe they are eligible for the money back guarantee within 30 calendar days after completing the six months.
The third portion states that the client must attend at least four coaching sessions during those six months. This could be virtually, over the phone, or in person. The core of the business is for Trainers to get to know their clients and figure out what what works best for them.
If you are not comfortable with your Trainer, tell The Gym by emailing Caitlin or support@fingyms.com, and you will be able to switch to another Trainer. You can also reply to any email you get from The Gym.
The fourth portion of the guarantee states that you must complete at least 50 percent of the tasks assigned to you by your Trainer. When you get your financial plan, you will receive 30, 60, and 90 day goals. Tasks could include automating a savings process, checking your credit score, rolling over an IRA, etc. These are all things that are going to help you and your financial health.
The person who wrote the bad review was blaming The Gym, because they have more than $4,000 in credit card debt after starting with them. That is like blaming Weight Watchers for gaining 20 pounds.
The Financial Gym is here for you, they are going to assign trainer who will meet with you at least four times, and they are going to give you the right advice and guidance to help you meet your goals. You have to do at least half of the tasks assigned to you.
There is personal accountability that goes along with this guarantee.
Since implementing this guarantee, The Gym has never had to pay it out.
They have had some complaints about client experiences. The Gym doesn’t get it right all the time, but they get it right a lot of the time. There are times when they know they failed for some reason or another and they have repaid membership fees to clients. This is not a money back guarantee, this is client experience, but it doesn’t happen often and The Gym owns up to it.
The Gym takes money very seriously and when you are investing in them you are investing in yourself as well. They don’t want you to walk away and feel like a failure. They want to help you.
Nobody cares more about your financial health than The Gym. They are in it for results and they want clients to be better off. If you have any concerns or issues with your experience, please contact The Financial Gym immediately.
Resources Mentioned
Client Experience Issues/Questions: caitlin@fingyms.com or support@fingyms.com
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