Sep 5, 2019
This episode comes from a recent Horizon Advisor Network
coaching call with Pete Bush, who explains how and why to charge
consulting fees to take your business to the next level. You’ll
learn why you should charge this way to position yourself as a
problem solver with a business that will be ready for big changes
in the financial planning industry.
- 2:07--- What is fee for service or fee for advice?
- 4:09--- What is a financial planning consulting agreement?
- 5:25--- What is the ERISA participant advice program
- 6:05— What is the plan advice and consulting program?
- 6:50--- Why should you charge this way?
- 6:54--- Position yourself as a problem solver.
- 9:43--- Separate planning and advice from the implementation of
- 11:58--- This industry is evolving and will continue to
- 12:48--- How do you go from product-based compensation or an
asset management program to fee for service or fee for advice?
- 14:10--- Develop specialized knowledge that sets you
- 15:11--- Develop a narrative around leading with planning.
- 18:48--- How do you have a planning discussion?
- 21:54--- How do we present the actual amount we charge?
- 23:43--- How do we collect the fee?
- 27:48--- How does this take your business to the next
3 Key Points:
- When you begin charging a fee for service or a fee for advice
you’re charging clients for your wisdom, your experience, and your
unique problem-solving capabilities.
- When you charge this way, you are actively preparing for the
future of this business.
- When you lead with planning services, you will take your
business to the next level.
- “When you have the
ability to charge this way, it definitely separates planning and
advice from implementing advice.” – Pete Bush
- “You have to have a scope of knowledge
and ability to help people beyond picking investments.” – Pete
- “You ask open-ended questions so that they
get really clear on their answers.” – Pete Bush