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You Have Financial Questions. ‘Hey Money’ Has Answers.
First-of-its-Kind, On-demand, Affordable Financial Guide Launches Today
INDIANAPOLIS — (February 24, 2020) — Americans know they need to save more and spend less money if they’re ever going to get in solid financial shape. They hear it all the time.
“What they don’t know — and how could they? — is how to save money when they have student loans, credit card debt and are trying to just get through the day,” says Peter Dunn, CEO of Your Money Line. “We’re going to change that.”
Dunn, who left a lucrative career as a financial planner to launch a hugely successful, humor-laced financial education business, today launched his latest effort to help American consumers get financially fit. It targets consumers who don’t yet have the wherewithal to hire a fee-based financial advisor but who want and need correct answers to money-related questions.
“Hey Money” is a subscription service offering on-demand answers to an unlimited number of questions like “I have credit card debt. Do I pay it off or should I put that money in a savings account?” “How big a mortgage is right for me?” “How much should I be putting in my 401k?” Or any other money-related question that comes to mind.
“People are used to calling out, “Hey, Siri” or “Hey, Alexa” when they have a question or want something delivered,” Dunn says. “‘Hey Money’ connects them — on their own terms and at their own convenience — with a real person; an expert qualified to learn their unique financial condition and guide them to a better one.”
Currently, consumers can ask “celebrity” financial experts (like Dunn) for help and hope to get an answer in time for their financial need. Or they can try their luck with their favorite search engine. But unless they have enough money to attract a fee-based financial advisor, they’re not likely to get the expert help they need in time to make good decisions, Dunn says.
“Hey Money is financial guidance for the rest of us,” he said.
For a flat annual fee of just under $20/month, subscribers get unlimited access to Certified Financial Planners (CFP)™ and Accredited Financial Counselors (AFC)™ via app, phone, chat, or email. Those experts provide unbiased opinions unfiltered by upselling, sponsorship or advertising. By comparison, fee-based financial advisors generally charge a minimum of $1,000 and/or earn a commission based on their clients’ wealth.
“As we like to say around the office, ‘money talks, but so do we,’” Dunn said. “This is a no-strings-attached, no upsell effort to help people get out of bad financial situations and perhaps even work toward the day when fee-based financial advisors would compete to have them as clients. It’s a game-changer.”
Inspiration for the new service line came from Dunn’s interaction with thousands of ordinary Americans who have sought his advice. “It’s a little bit like being physically fit,” he said. “It’s hard to stay focused on eating right and exercising, and it helps to have a trainer who helps you and holds you accountable. That’s what we’re doing here — helping everyday people tone up their wallets and giving them the confidence and knowledge to live a better financial life.”
Dunn began his career as a fee-based financial planner. Over the past 15 years, he’s earned a national reputation as “Pete the Planner,” a personal finance expert whose humor-laced lessons about financial fitness have helped thousands of people break bad financial habits since 2008. His “Your Money Line” was one of the first financial wellness companies in the U.S. and now serves more than 1.2 million clients in each of the 50 states. He reaches millions more consumers via lectures, books, newspaper columns, a radio show, podcasts, television news shows and an online social presence.
Dunn is used to a 96 percent client retention rate for his Your Money Line clients. He’d be happy with the opposite experience for Hey Money clients.
“We are not trying to replace financial planners. We are trying to create better clients for financial planners,” he said. “When our subscribers get to the point they’re ready for the next step, we’re going to help them soar right out of our nest. It’ll be a great day every day that happens.”
About Hey Money: Hey Money is your new financial friend, a human support system to help you make the smartest money moves that are true to YOU. With your monthly subscription to Hey Money, you receive unlimited phone, chat, and email access to our team of financial experts, as well as access to the Hey Money App which houses exclusive money resources. With a Hey Money expert as your guide, you can take the next right step with confidence. Peter Dunn is the CEO of Your Money Line and Hey Money. He’s a USA TODAY columnist and the author of 10 books focused on money management advice. He is the host of the popular radio show The Pete the Planner Show on 93 WIBC FM and is a columnist for the Indianapolis Business Journal.