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Advisors of Horizon are Registered Representatives of Cetera Advisors a broker/dealer and Registered Investment Adviser.

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.

 

Show Notes:

 

  • 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 agreement?
  • 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 advice.
  • 11:58--- This industry is evolving and will continue to evolve.
  • 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 apart.
  • 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 level?

 

 

3 Key Points:

 

  1. 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.
  2. When you charge this way, you are actively preparing for the future of this business.
  3. When you lead with planning services, you will take your business to the next level.

 

Tweetable Quotes:

-        “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 Bush

-     “You ask open-ended questions so that they get really clear on their answers.” – Pete Bush

 

Resources Mentioned: