Financial planning can be a complicated and confusing endeavor for many. As a Registered Financial Consultant, I am always looking for ways to improve my services on a variety of people I am lucky enough to serve. Before I go too far into what I am thinking of changing in my practice, I would also like to disclose that no matter what changes I end up making, I remain a Certified Financial Fiduciary, meaning I will always put the best interest of my clients first. And second, my payment will also remain fee-only meaning I do not make any money off the products I recommend to my clients.
Currently, I have two methods for my clients to pay the fees associated with my practice. One is the hourly fee of $75 per hour to perform financial planning activities. This is a popular option for people who do not need a lot of guidance and are mainly looking for work to be performed once or twice the first year and then an ongoing annual basis. This method keeps costs low and provides you with the services you require and need. And again, I only collect the hourly fee and make no money off of any products I may recommend to you be that funds to invest in or life insurance.
The second method I currently use is a percentage of assets you place with me as a custodian to invest on your behalf. This system is a bit more complicated than the straight hourly fee but is for my clients that have ongoing needs and are not looking for specific projects. Here I offer my services on a scale that will see the percentage paid decrease as the amount of assets placed with me increases. In this fee structure, I only make money with the assets you place in an account I have access to buy and sell investments on your behalf but have no access to the funds.
Under both of these scenarios, I provide my clients with a comprehensive financial plan at least annually. Under the hourly fee structure, I will only provide the services you require and pay for meaning as a client you will ultimately determine how much you will pay. In the scenario in which you place assets in with me for investment purposes, you will have ongoing monitoring of your asset account. You will receive at least quarterly updates on your investment’s performance.
In the spirit of change and adaptation, I am going to be offering a third option for my financial planning services that is more in line with what younger clients are accustomed to, and that is a flat monthly fee for a combination of the two above mentioned services. As this fee structure plan is in development, that is still things to work out, and I will be seeking input from my readers and my current clients. But the basics will be a first-year charge of $1,000 for an initial consultation, financial plan, and meetings to lay the groundwork for the future relationship if that means meeting once a quarter or once a week that will be included in the $1,000 fee for the year. Then, after the initial year is over, I will charge a monthly subscription fee between $175 and $350, depending on the complexity of the work required by my clients. This will provide you with at least an annual financial plan, quarterly meetings to discuss where you stand with your plan and a monthly review of your total investments provided in a report for your use.
Financial planning is an important aspect of one’s financial well-being, and it is wise to consult an expert to seek help when you need it. As a Registered Financial Consultant, I have the training and expertise to offer complete and comprehensive financial planning for anyone from someone just starting their career to someone already in retirement. And now, I will offer three fee structures that will allow anyone to tailor the costs to what they need to be done.
For more information, please do not hesitate to contact me directly. Or to join our email mailing list, please fill out the for below.
