Charge a Modest Fee for Financial Plans
Create a financial planning pricing menu that outlines in detail all the services you offer, as well as the cost associated with each service. --Scott Schutte
Establishing a bundled pricing model effectively discounts the value of your services. Going back to a client and trying to charge for services that were once free or of less value isn't likely to be a viable option. It's better to create a financial planning pricing menu that outlines in detail all the services you offer, as well as the cost associated with each service. This pricing approach will not only ensure that you get paid for your time, but it will also let new and existing clients understand the depth of your service offerings. As our industry-and, consequently, our clients-embrace fee transparency, we need to follow suit.
-Scott Schutte, vice president of wealth management consulting at Commonwealth Financial Network in Waltham, Mass., in How to Demonstrate Your Value to Boomers
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