Is the Financial Coach Master Training Worth It?
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.
Update: The format of the program has changed since I took it back in 2016. It is currently all held online and no longer contains an on-site portion. I'm still part of the coaching program and have worked my way through the online training now. I've updated this blog with the most current information.
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.
When I took the training, it consisted of 3 parts: Online, On-Site, and Mentorship. Since then, they've combined all of these things into a powerful online platform. While in the past the training took a minimum of 3 months to complete, you can now do it in a fraction of the time.
The videos you watch are mostly live recordings from the on-site portion of the past trainings.
When I attended live, I was pleasantly surprised to find out almost the entire training was led by Chris Hogan. The material is extremely valuable and engaging. At no point during the live sessions was I watching the clock or hoping he would wrap it up.
Even as I've gone back through and watched the videos again, they are just as captivating (it's probably the voice, right?!) and I still found myself jotting down notes.
Each video comes with an assignment or quiz to complete. If you're watching closely or taking notes as you go, these are usually quick and easy. Periodically you'll be prompted to schedule a call with one of the in-house coaches. They're role is to serve you both in your development as a coach and growing your business. This is BY FAR the greatest value the program offers.
Oh, and did I mention prizes?! As you complete milestones in your training, you win prizes (I won't spoil it for you).
Once the training is complete, your mentor will officially approve you to be a Ramsey Solutions Master Financial 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 become a Ramsey Preferred Coach, which comes with its own suite of benefits.
The Ramsey Preferred Coach Program
As you admire your FCMT certificate, you'll immediately start wondering whether or not it makes sense to join the Ramsey Preferred Coach (RPC) Program or not. While I can't make that choice for you, I'll share what it includes and whether I think it's worth the added investment.
The most obvious perk to the RPC Program are the leads. You are able to receive leads based on two different zip codes (most likely the zip code you live in and another code of your choosing).
This means when someone (let's call him Jim) fills out a request on Dave's website, it is sent to the 3 coaches that are closest to him (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 #1 question I receive is, "How many leads do you get per month?" Like most things, the answer depends on your area. The good news is if you're from an area where Dave is less known, you can set your 2nd zip code in a more populated area.
In addition to these leads they have the "Ask-A-Coach" feature in FPU and EveryDollar. Users can submit a quick question which gets directed to a local coach (you!). Many of the questions I've received have become long-time clients.
It doesn't matter how many leads you receive if you aren't able to convert them into clients. I mean, you can't fully help people if you don't get them to sign up as a client, right? They've got you covered there.
You'll get TONS of support from fellow coaches and the Ramsey team. There's a private Facebook group with hundreds of coaches, many that are doing this full time with years of experience (some over a decade). The group is incredibly supportive and will answer any question you have.
The RPC Program also hosts monthly development webinars that cover topics like prospecting and sales (among others). You also have full access to an in-house business coach to book one-on-one calls with as needed.
The list of perks continues to grow. Worried about a website? RPCs are provided with a crisp looking page to get started. Not sure how to manage leads? They now provide you with an online CRM. I'm sure as you're reading this they've added even more perks to the program.
The RPC Program runs at about $150/month, which is an incredible value for everything they offer.
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.
FCMT is hands down the best investment I've made in my coaching business. If your desire is to help as many people as possible take control of their finances, 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!