Proposed Business Model And Business Strategy For Financial Planning Business In Young Middle Class Family Market
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Abstract
Financial planners are often perceived as a luxury service reserved for individuals with substantial assets, creating a misconception that they are not essential for middle-class individuals facing financial challenges. Despite the actual need for financial planning among the middle class, there is a scarcity of firms addressing this specific demographic. This study introduces a new venture—an online financial planning platform—tailored to cater to the financial needs of the middle-class segment. As a nascent player in the financial planning sector, the proposed platform lacks a well-defined business model and strategies for market entry. This paper aims to formulate a suitable business model and strategies for the proposed financial planner, focusing on young middle-class families. Employing a qualitative approach and utilizing the case study method, the research gathers data through interviews on respondents' financial behavior and preferences. The collected data is then analyzed using the strategy diamond framework to develop a business model and strategies for the proposed financial planner. The research suggests that the business model should prioritize providing customers with educational services rather than traditional financial planning consultations. The proposed business strategy emphasizes building an image, brand, and reputation to instill trust among customers
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References
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