Everything You Need to Know About the Ramsey Solutions Financial Coach Master Training.
Interested in signing up for the Financial Coach Master Training through Ramsey Solutions? Yeah, so was I. With the price tag it carries, even Dave himself would probably want you to look into it more deeply before dropping that kind of dough (Check their website for the most updated rates).
Before signing up for the training, I spent weeks scavenging the internet for information. What does it entail? How much business will it bring? What is the ROI? There wasn’t a lot of answers out there.
I signed up anyway and took a risk, promising myself that once I completed the on-site training, I would answer all the questions I had for anyone else that was interested in signing up.
So that’s what I’m going to do. As I type this blog post, I am on an airplane returning home from 2 ½ days at Ramsey Solutions headquarters in Nashville, TN. Here’s everything you need to know.
August 2018 update: The format of the program has changed since I took it 2 years ago. It is currently all held online and no longer contains an on-site portion. After interviewing a coach that recently went through the program, I've added new commentary that will be in red to shed some light on how things may look today.
What is the Role of a Financial Coach?
Before you sign up for the training, it’s important to know the role of a financial coach. No, a coach is not the same thing as a financial advisor (I get this question all the time). While a financial advisor helps you choose investments to build wealth, a coach guides you in money making decisions that better set you up for building wealth.
This can include a number of things, such as getting out of debt, avoiding bankruptcy, creating a budget, and planning for retirement, to name a few.
A coach doesn’t sell anything. The only product they sell is hope and clarity. A coach’s job is to meet the client where they are and provide options from an unbiased point of view. As a coach, you’re going to save marriages. You’re going prevent people from making bad financial decisions because they didn’t know their options. You’re going to set people up to create a financial legacy that could potentially last for generations.
Sound like something you want to do? Keep reading.
The Financial Coach Master Training is broken into 3 parts. There’s an online portion, an on-site portion, and a mentorship.
(It no longer includes an 0n-site portion)
The Online Portion
You will complete the online portion before you ever hit the road for Nashville. This consists of 5 videos (average about 20 minutes) that go over some coaching basics. If you’re an FPU coordinator, you may already have access to these videos.
Each video comes with an assignment to complete. These assignments go over skills the video covers and are something you complete on your own. These are for practice, so there’s nothing to submit.
In addition to the online courses, you’ll also take a DISC profile personality test. You will refer back to this test heavily during the on-site training, so it’s important you complete it before you leave.
That’s it. The online portion is quick and gives you a taste of what you’ll get during the on-site training.
The On-Site Portion
The day arrives. You pack your bags, hop on the next flight (or car), and head to Nashville, Tennessee.
Sunday night is a meet and greet for all the coaches. While there isn't any content delivered at this time, you get a chance to meet your fellow trainees and enjoy some delicious crab cakes.
The real stuff starts Monday morning at 8:00am and goes until 5:00pm. It's a long few days.
I was pleasantly surprised to find out almost the entire training was led by Chris Hogan. The material was extremely valuable and engaging. At no point during the 2 1/2 days was I watching the clock or hoping he would wrap it up.
In addition to the "sit and get" style of learning, you are provided with case studies to analyze and role play in groups. These are in depth studies of real couples facing financial troubles. This gives you an opportunity to figure out the right questions to ask and what advice you would offer.
I think the greatest part of the on-site training is the coach support. Ramsey Solutions coaches are present to answer any and all questions you have. They even held Q&A sessions at the hotel each night until 8:30pm.
If he's in town, Dave will pop in and say hello at some point. Overall the content and delivery was top notch. While they don't go into how to build your coaching business, you will learn how to coach people. If you have questions on how to grow your coaching business, the evening Q&A sessions are an opportunity to get those answered.
The online portion above is now combined with the content that was given at the FCMT live training. You will have access to an online training portal that will cover content similar (if not identical) to what was shared at the live training. Topics range from the fundamentals of coaching to the processes to use for your sessions. They also cover the essentials of personal finance, such as dealing with collectors, bankruptcies, and foreclosures.
These are taken at your own pace and involve a short quiz after each chapter. You'll also unlock recordings of sample coaching calls and other helpful resources.
The 3-month mentorship
Alright, so 3 months have passed and I have completed the mentorship part of the training. Here's what it consists of:
The coursework doesn't end once you leave. Through the FCMT online resources, there are homework assignments for you to complete each month. These include videos, books, and recorded coaching sessions to review.
Everyone is also assigned one of the 3 Ramsey Solutions coaches to serve as your mentor. The mentorship lasts 3 months after the on-site training and involves group calls as well as one-on-one calls.
The group calls have a handful of people from your training online together. This is an opportunity for extended learning and debriefing the month's homework. It's important to complete your homework before these group calls; it's painfully obvious who didn't.
The one-on-one calls are between you and a Ramsey Solutions coach; mono e mono. These 30 minute calls are focused on your specific needs. You'll fill out a quick form updating the coach on your progress and how you want to utilize the 30 minutes together. This would be a good time to get those business questions answered. Most of my calls revolved around how to grow my business as a coach.
There will be a one-on-one coaching call and a group call each month (3 total). Once this mentorship period is complete, your mentor will officially approve you to be a Ramsey Solutions Master Coach.
What does that mean? Well that's really up to you. If you want to use this title to market yourself, you are welcome to do so. There will also be an opportunity to apply to receive referrals through Dave's website. This means when someone (let's call him Jim) fills out a request on Dave's website, it is sent to the 3 closest coaches (and the coaches' info is sent to Jim). It is up to the coach to reach out to Jim in a timely manner. From there, Jim decides if he wants to hire a coach, and which one seems like the best fit.
The Local Coach Program opportunity costs $59 per month (I've heard it is now $79/month. Still worth it in my opinion). Whether or not this amount is worth it is really based on where you're located. A town that has Dave's show on the radio may receive more leads than one that doesn't. From my experience, I book way more than enough clients through Ramsey referrals to offset the cost of the monthly fee.
As you navigate the online training, you'll be prompted to schedule coaching calls with the in-house coaches at Ramsey Solutions. You'll schedule 4 separate calls that, from my understanding, can be scheduled as closely/far apart as you like. That means you can likely complete the training faster than when I went through it.
So… Is It Worth It??
If you're looking to dive into the financial coaching business, then the answer is big yes! I don't think you'll find a more comprehensive training on this field. Not to mention the information is coming straight from a company that has pinpointed this market and done it well.
If you're going into this career to get rich, then it may not be the best fit. The most important part is your motives. If your desire is to help as many people as possible, then I recommend you sign up for the training and don't look back.
Know someone that's interested in the training? Be sure to share this with them!