12 Best Financial Services Franchise Opportunities in 2024
Michael Nicholas / Franchising / April 30, 2024
For those that aspire to be business owners but don’t want to begin from scratch, starting a financial services franchise is an excellent option.
As a franchisee, you get the support and resources of a respected franchise while gaining the freedom and profit potential of owning your own business.
There are many types of financial services franchises, and depending on your skillset and prior experience, one franchise will be a better fit than the others.
In this article, we’ll explore what makes a great financial services franchise and provide examples of some of the best franchises you can start this year.
Not all franchises are created equal and there are certain criteria that you should keep in mind when choosing which franchise you want to start. Let’s explore what you should look for in a franchise before committing to the engagement.
Almost all financial services franchises can be operated from the location of your choice. Instead of having to choose specific brick and mortar locations as is the case with retail or restaurant franchises, you can simply set up a home office with the tools or equipment you need to run your business. If you do need a traditional office, you usually have flexibility in where you open up shop.
In most cases, you can also continue to run your business while traveling if you have a laptop and an internet connection. This type of freedom is one of the key reasons people choose to start a financial services franchise.
A key factor when selecting which franchise to start is the level of support that the franchise provides to its franchisees.
Any respected franchise should support their franchisees in the following ways:
The upfront expense of starting a franchise is an obvious consideration for any franchisee. Some will be more expensive than others, and it’s up to you to decide which franchise aligns with your current capital availability. Some franchises offer financial assistance through their company while others work with third-party financing organizations if you are in need of assistance.
For a franchise to be successful, there needs to be a demand for its services. Luckily, since many financial services franchises are remote operations, you don’t have to rely on just a local pool of clients. You can market your offerings to people all across the country, or even internationally, depending on your service and other regulations.
As a franchisee with P3 Cost Analysts, you’ll consult businesses on how to cut costs on their utilities, waste management, telecom, merchant processing, copier/print, property tax, and uniform and linen expenses. You get to leverage P3’s decades of industry expertise and proven system of reducing expenses for businesses in all industries.
Franchisee support from P3 is extensive, giving you all the necessary tools and training you need to execute your operational and consulting endeavors. If you have a passion for helping people save money and avoid being taken advantage of by the vendors they work with, becoming a franchisee with P3 Costs Analysts is a great option.
One certainty amidst any economic conditions is that people need help with tax preparation and filing. As a trusted national brand for over 25 years, Liberty Tax gives franchisees the opportunity to provide tax-related services year-round.
As a franchisee, you’ll be entering a recession-proof industry and be able to get up and running quickly. Their process makes it easy to start and ultimately scale your business to reach your financial goals. If you desire to work with a respected national brand in the tax services sector, Liberty Tax is a go-to option.
With over 30 years of experience in the commercial brokerage industry, Transworld Business Advisors has helped businesses all across the country buy, sell, or grow their businesses.
This turnkey opportunity will allow you to help other aspiring entrepreneurs find a franchise that fits their needs, guide business owners on how to turn their business into a franchise, and support business owners on how to buy or exit their next business.
As a franchisee, you’ll be given the training and support needed to leverage all three profit centers available to Transworld Business Advisors. These include Franchise Consulting, Franchise Development, and Business Brokering.
With over 25 years in the medical billing industry, American Business Systems has the proven expertise needed to help you become a successful franchisee. The health services sector is poised for growth and you can take advantage of this profit potential without any prior medical or billing experience.
You’ll gain access to the American Business Systems toolbox for practice management, revenue cycle management, and other essential solutions for this industry. They also have a 100% money-back guarantee if it’s not a good fit within the first 30 days of operation.
Money Wise Financial has developed a proven system of delivering investment services to a wide variety of clients and industries. As a franchisee, you’ll be able to leverage the tools, training, and operational support provided by Money Wise Financial Services in order to start your business in this growing industry.
As a turnkey operation, Money Wise is structured to let franchisees focus their efforts on their pool of clients instead of spending too much time acquiring these clients. They will help you build strong relationships with clients while also maximizing your ROI. For day-to-day operational issues, software troubleshooting, and customer service problems, the Money Wise support team can assist you.
An ideal franchisee will possess a strong work ethic, integrity, business management skills, and a desire to build professional relationships.
Business coaching is a specialized service that helps businesses achieve their growth and performance goals, forming an $11 billion industry. The goal is to help organizations enhance their financial health through strategic planning, budget management, and investment decisions. Within this booming industry, The Growth Coach stands out as one of the leading financial advisor franchise opportunities.
The Growth Coach delivers an efficient start-up package, including proven systems and effective materials for rapidly launching and scaling a coaching business. Recognized as one of the top financial franchises, it provides affordable group and individual coaching options that enable franchisees to optimize their reach while managing costs efficiently.
United Check Cashing offers a comprehensive financial services franchise opportunity. With its long history as one of the oldest check-cashing franchises, United provides established operating procedures, proven products, and comprehensive support systems.
Franchisees benefit from strong banking relationships and a top-rated Anti-Money Laundering Program, which are essential components of financial franchises. United also offers ongoing training, marketing support, and advanced technology tools. This robust support establishes United as a premier choice for entrepreneurs eager to make their mark in the financial services industry.
Ameriprise Financial stands out as a leading financial advisor franchise with a substantial presence in the U.S., managing over $1 trillion in assets. Ameriprise offers a comprehensive support system for its advisors, including advanced technology, marketing resources, and a wide array of products and advisory solutions.
As part of Ameriprise, you gain access to continuous professional development and competitive compensation, positioning you well within the financial planning franchise sector. Ameriprise allows you to build a career in providing trusted financial advice while growing a successful business.
Brightway Insurance has rapidly expanded to become one of the largest privately owned property/casualty insurance franchises in the U.S. With over 350 franchises in 35 states and managing more than $1 billion in annual premiums, Brightway stands out as a significant player in the financial planning franchise market.
Brightway provides its franchisees with an extensive support system. This includes comprehensive training, marketing support, and access to experienced consultants, all designed to ensure the successful launch and ongoing operation of their franchises. Additionally, Brightway handles much of the back-office operations, allowing franchisees to concentrate on customer engagement and sales, which are key to building a successful financial services franchise.
Entrepreneurs can join the $37 billion payroll services industry with Payroll Vault, a financial services franchise specializing in outsourced payroll solutions for small businesses. With low start-up costs, diverse revenue streams, and high ROI, Payroll Vault offers a recession-resilient opportunity ideal for those seeking flexibility and growth.
As a Payroll Vault franchisee, you’ll access multiple revenue streams through monthly payroll processing, quarterly tax filings, and annual W-2 and 1099 preparation. This franchise model ensures a steady flow of recurring revenue, allowing you to scale your business efficiently from home or remotely.
HomeVestors, known for its ‘We Buy Ugly Houses’ slogan, offers a distinctive opportunity within financial franchises that specialize in real estate investments. This business model provides entrepreneurs the chance to tap into the lucrative house-flipping business.
Support for franchisees is robust, including access to comprehensive training, practical marketing tools, and a strong lead generation system, all crucial for success in the real estate investment field. HomeVestors also offers mentorship from experienced franchise owners, giving new franchisees a valuable resource for navigating the complexities of real estate and financial franchises.
Commercial Capital Training Group (CCTG) is a commercial finance franchise that provides comprehensive training for entrepreneurs to start and manage their own finance businesses, focusing on commercial loans and real estate financing. Unlike traditional financial franchises, CCTG does not require ongoing fees or royalties, making it an excellent choice for those eager to enter the realm of commercial lending and property finance.
CCTG supports its trainees with access to a network of lenders and ongoing mentorship, facilitating the management of complex financial transactions. This support system allows franchisees to operate their businesses from any location, significantly reducing overhead costs and removing geographic limitations.
As we’ve seen, there are some great financial services franchise options to choose from. Before jumping into any opportunity though, we encourage you to do your own research and reflect on which franchise aligns best with your skills and interests.
Profit potential is obviously a factor when choosing which franchise to start, but what’s equally important is choosing one that will stay interesting and keep you engaged as you grow the business. The franchise’s mission and ongoing support will play a key role in this long-term satisfaction.
For these reasons, many new franchisees choose to take the path of cost reduction consulting because of the tangible impact it has on their clients’ lives. It’s extremely rewarding to help businesses of all sizes reduce costs and pay fair prices for their essential business expenses.
If starting a cost reduction consulting franchise sounds like a good fit for you, get the P3 information packet from our franchising page.
