Did this month fly by for everyone or was it just me? Maybe it’s all the awesome news I’ve come across related to our industry—or, possibly, the fact that June gloom floated away from California.
Either way, there’s so much happening that you should know about. First off, our government affairs team is working tirelessly on many projects, one being adjusting the FTC’s “Click-to-Cancel” proposal. Read on for an update on that and more optimistic headlines.
IHRSA Seeks Coordination With FTC on “Click-to-Cancel”
On Friday, June 23, IHRSA filed comments with the Federal Trade Commission (FTC) in response to their proposed rule on contract terminations. The legislation seeks to require simple online cancellation of health club and gym memberships but goes much further to limit many other aspects of the member/club relationship, including the ability to offer alternatives to cancellation. In our comments—developed with guidance and input from the National Health & Fitness Alliance Advisory Council to build a consensus position—IHRSA emphasized the differences between in-person fitness businesses and online subscription services and urged the FTC to tailor the rule accordingly.
Consumers Define Wealth by Their Well-being
Responses from the new Charles Schwab Modern Wealth Survey overwhelmingly show that people believe well-being—not money—measures wealth. According to CNBC, respondents estimated that a net worth of $2.2 million makes someone financially wealthy. Although, overall, they mentioned their well-being (40%) more often than money (32%) and assets (26%) when asked what being wealthy means to them. These responses are encouraging to more than just our industry. “Whether they know it or not, well-being is much more important,” said CFP and financial psychologist Brad Klontz, a managing principal of Your Mental Wealth Advisors.