Sole Financial Group LLC | Application Preview
Sole Financial Group LLC is seeking government grants to fund its first year of operating expenses. The business aims to expand organically by offering retirement income planning seminars over the next five years. In its inaugural year, the goal is to assist 15 households with a total of $8 million in assets under management. Following this, the plan is to launch in-person seminars via a webinar platform, allowing for broader reach to additional cities while keeping costs low. By year five, the company aspires to be active in eight growing cities, maintaining a steady growth of serving 15 new households per city annually.
The application highlights a crucial need for funding due to a significant demographic shift, with 10,000 individuals reaching the age of 65 daily over the next decade. This trend is paired with a looming shortage of financial advisors, as many in the field are nearing retirement.
Sole Financial Group asserts it faces no direct competition due to its unique approach to retirement planning, which they believe comprehensively addresses client needs. The firm's competitive advantage is threefold: a proven planning process refined over 20 years, a younger advisory team that promises long-term client relationships, and an independent operational model that prioritizes client interests over corporate mandates.
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General Information
Business Registration Number: 85-2289918
Location: Akron, OH, United States
Length of Operation: 1 Month
Number of Employees:
Annual Gross Income:
Annual Gross Expense:
Open to Loans: YES
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Funding Usage
The funding would be used to cover our first year of operating expenses.
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Business Plan
We plan to grow our business organically over the next 5 years through our retirement income planning seminars. Our year one goal is to serve 15 households with $8,000,000 of assets under management. After year one, we plan to introduce our in person seminars via webinar platform. This enables us to take our seminar process into more cities while limiting our overhead expenses. By year 5, our goal is to be in 8 growing cities. Each year we project to serve 15 new households with $8,000,000 of assets per city. Our industry is facing a crisis. There are 10,000 people turning 65 every day for the next 10 years. During this time, a third of advisors (100,000) will be leaving our industry. The average age of a financial advisor is over 50 years old and they will be among the retirees in the coming years. Therefore, we will have more people retiring in the next ten years than we've ever seen before, cumulatively in our country with less advisors.
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Self Identified Competition
This is not intended to be disrespectful or arrogant in any way and we understand the reasoning for this question. In order to stay true to the principles and philosophies in our business, and in the nature of full transparency, we genuinely believe that we do not have competition. We know that there are other financial advisors/firms in the area that are successful. We just believe that our retirement income planning process comprehensively services our clients, like no other firm in our area. Our 3 differentiating characteristics are our process, age, and independency. We have implemented a process that has been tested and proven over the last 20 years by our mentors. We are 25 years younger than the average advisor and we believe this is our strongest and most important differentiator. Our clients can rest assured that we will be servicing them throughout the duration of their entire retirement. Lastly, the independent nature of our firm allows us to provide our clients with the proper solutions. We do not have a corporate headquarters pushing products or services that may or may not be in the best interest of our clients.
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Contact Applicant
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