8 Financial Service Business Success Stories [2024]
Navigating the world of finances can be overwhelming, which is why starting a financial service business can be a rewarding endeavor. This idea centers around offering expert financial advice and services—such as investing, retirement planning, tax preparation, and budgeting—to individuals or businesses in need.
To begin, you’ll need a strong foundation in finance, preferably backed by relevant certifications or degrees. Building trust with clients is paramount, so a solid reputation or portfolio will go a long way. Additionally, staying updated on financial laws and regulations is essential to provide sound advice.
Running a financial service business means you’ll have the opportunity to make a tangible difference in people's financial health. By offering personalized solutions and fostering financial literacy, you can help clients achieve their goals and secure their futures. If you're committed to financial excellence and enjoy problem-solving, this business idea could be a great fit.
In this list, you'll find real-world financial service business success stories and very profitable examples of starting a financial service business that makes money.
1. The Good Life Companies ($24M/year)
Founder Conor Delaney came up with the idea for Good Life Companies after realizing the need for a comprehensive financial services organization that catered to independent financial advisors. The business started as a service-oriented entity offering client transition services, but quickly expanded to include real estate, marketing support, administrative services, and more. The company's unique approach and ability to adapt to advisors' needs have allowed it to attract and retain customers successfully.
How much money it makes: $24M/year
How much did it cost to start: $500K
How many people on the team: 60
How one financial services company, Good Life Companies, went from a multi-faceted service organization to a nationally recognized brand with $25 million in revenue, averaging 50-75% growth per year, by providing independent financial advisors with the support, infrastructure, and real estate necessary to operate their practices and meet all needs, along with investing in marketing strategies and expanding their offering to multiple broker-dealer channels.
2. Gauvreau Accounting Tax Law Advisory ($4.44M/year)
Robert Gauvreau, founder and CEO of Gauvreau Accounting Tax Law Advisory, started his business in 2008 with just three employees and $220,000 in revenue. Over the years, through innovation and a focus on proactive financial services, the company has grown exponentially, now generating over $10 million in revenue and employing 90 to 100 people. Gauvreau's goal is to continue scaling the business and reach $200 million in revenue within the next ten years.
How much money it makes: $4.44M/year
How many people on the team: 80
Gauvreau Accounting Tax Law Advisory has gone from $220k in revenue in its first year to over $10 million with 90-100 employees, offering compliance solutions, strategic financial advisory services, leadership coaching, and specialized tax, wealth management, and business financing services; their primary goal is to positively empower business owners to maximize their impact in changing the world, and they plan to go from $10 to $200 million revenue in the next ten years.
3. Contrarian Thinking ($3M/year)
Contrarian Thinking is a premium membership community that teaches people how to add cash-flowing income streams to their portfolios and achieve financial freedom.
Codie Sanchez, the founder of Contrarian Thinking, came up with the idea for her business after experiencing numerous career changes and realizing that money was the key to solving problems. After working in finance and investing, she decided to blend her love for writing, investing, and teaching others to create a company that helps people achieve financial freedom. Through her premium membership community, Contrarian Cashflow, she teaches members how to add more cash-flowing income streams to their portfolios and build the life they have always dreamed of. With over 100,000 newsletter subscribers, a community of 1.5 million people, and a run rate of $3 million this year, Contrarian Thinking is empowering individuals to challenge the status quo and shape their own destinies.
How much money it makes: $3M/year
How much did it cost to start: $5K
How many people on the team: 4
Contrarian Thinking is a premium membership community that teaches its 1.5 million members how to implement cash flow strategies to achieve financial freedom, with a current run rate of $3 million and a goal of $50 million ARR in five years.
4. ConnectionPoint ($1.8M/year)
Daryl Hatton, the founder of ConnectionPoint, came up with the idea for his crowdfunding-as-a-service platform, FundRazr, while coaching his son's lacrosse team and struggling to get players to attend practice. He wondered if he could use Facebook to get them to pay their registration fees, which led to the core idea of using social media to facilitate funding for important projects. After investing a quarter of a million dollars and navigating some challenges with changes to Facebook's API, Hatton successfully launched FundRazr in 2009 and has since helped almost 200,000 projects raise over $200 million.
How much money it makes: $1.8M/year
How much did it cost to start: $600K
How many people on the team: 20
ConnectionPoint's founder and CEO, Daryl Hatton, shares his experience of launching an enterprise-class crowdfunding-as-a-service platform that has helped almost 200,000 projects in 40+ countries raise over $200 million, and offers valuable insights on taking a focused approach to growth and pivoting the business to solve customer problems.
5. Secvolt ($1.2M/year)
Divakar Choudhary came up with the idea for Secvolt, a record-breaking hedge fund, after a lifetime of fascination with finance and entrepreneurship. He combined his passion for investing with his knowledge of quantitative strategies, assembling a talented team and developing proprietary quant models that led to impressive returns for investors. With a solid foundation and a commitment to excellence, Secvolt has become one of the top hedge funds in the world.
How much money it makes: $1.2M/year
How many people on the team: 15
Secvolt, a highly successful hedge fund that generated a record-breaking 262.10% returns for investors in 2022, shares their journey on developing their proprietary quant models and wealth management solutions for high-net-worth individuals around the world.
6. Fair Capital ($960K/year)
Avi Grunwald, founder and CEO of Fair Capital, started the company in 2017 to address the significant problem of unpaid invoices that many businesses face. Through his research, Avi realized that the debt collection industry had a bad reputation and many businesses were hesitant to hire a collection agency. Determined to make debt collection efficient and positive, Avi assembled a unique team of industry professionals and newcomers to create a culture of mediation between creditors and debtors. With their proven debt collection strategy, Fair Capital has achieved a success rate 52% higher than the industry average, as reported by ACA International.
How much money it makes: $960K/year
How many people on the team: 0
A debt collection agency's founder and CEO speaks on addressing the debts of businesses efficiently and positively, attributing its 52% collection success rate increase to a three-phase collection process.
7. ClearCheckbook Money Management ($198K/year)
Brandon, the founder of ClearCheckbook, came up with the idea for the financial management tool while he was in college and couldn't find a solution that met his needs. He started with a tiny website that he sent screenshots of to his friends, and their positive response inspired him to turn it into the first version of ClearCheckbook. Through providing great customer service and focusing on organic search traffic, ClearCheckbook has grown to generate about $18,000 per month with continued year-over-year growth.
How much money it makes: $198K/year
How much did it cost to start: $15
How many people on the team: 1
ClearCheckbook is a profitable financial management and budgeting tool, attracting customers who want to manage their finances effectively, and has achieved continued growth year over year, bringing in about $18,000USD per month.
8. MoneyTransfers.com ($138K/year)
Jonathan Merry, founder of MoneyTransfers.com, came up with the idea for his business after experiencing the confusing and opaque world of online remittances firsthand. He realized there was a gap in the market for a money transfers comparison site that would provide users with transparent and affordable options. Since its launch in 2019, MoneyTransfers.com has generated an average monthly revenue of £2.5m and has become a trusted brand in the industry.
How much money it makes: $138K/year
How many people on the team: 12
MoneyTransfers.com is a comparison website which has grown to generate average monthly revenues of £2.5m and 2,500 new customers for partners each month since founder Jonathan Merry took the plunge in 2019; despite only experiencing organic acquisition in the last year, the company's solid traffic and range of digital PR campaigns aimed at the expat community have contributed to the company's establishment as a trusted brand in the money transfers space.
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Download the report and join our email newsletter packed with business ideas and money-making opportunities, backed by real-life case studies.
Download the report and join our email newsletter packed with business ideas and money-making opportunities, backed by real-life case studies.
Download the report and join our email newsletter packed with business ideas and money-making opportunities, backed by real-life case studies.
Download the report and join our email newsletter packed with business ideas and money-making opportunities, backed by real-life case studies.
Download the report and join our email newsletter packed with business ideas and money-making opportunities, backed by real-life case studies.
Download the report and join our email newsletter packed with business ideas and money-making opportunities, backed by real-life case studies.
Download the report and join our email newsletter packed with business ideas and money-making opportunities, backed by real-life case studies.
