If we cannot charge a fee now, but may be able to in the future, how do you recommend discussing this with clients when we complete the Financial Road Map?

Article ID: 236

Last updated: 20 Nov, 2019

First of all, fix that “We can’t charge a fee” aspect. In the meantime, charge what you charge, the way you charge. As soon as you know what you will be charging, and when, tell them that also so they are clear what they are signing up for.

« How do you complete the insurance section? Some types of...

What is the course of action if the Ideal Client agrees to move... »

Others in this category

I recently had an experience where I had push back from a client when I asked for where all of their assets were located and then found a very small asset at another firm that they had opened up recently. It kind of irritated me and I asked why they had bought the policy. The client responded a little negatively and now I am wondering whether or not I should re-engage them with the Financial Road Map® and ask the Commitment to Implement Conversation™ questions or politely tell them that I do not want to work with them?

Is that flat Predictable Minimum Annual Recurring Revenue fee or % of net worth fee in addition to the 1% of AUM that I charge for their investments that we now manage?

Clients agree to pay for their plan (and pay at the end of the first meeting) $5,500 to have their Implementation Plan written. My annual ongoing Ideal Client Fee is $11,800. Do I collect this (annual ongoing fee upfront) from them at the same first meeting or do I do it at Implementation Meeting?

After completing the Financial Road Map® Interview with friends to help me get more experience, they decided to get a financial plan done. I relayed the cost of completing the plan, but not the cost of an on-going relationship (as I was unsure that was the best time to have that discussion being fairly new to the process). I am meeting them Saturday morning to have a pre-planning meeting. What is the best practice for inviting them into my Ideal Client community at this point and discussing the annual fee (I am thinking $10K...this would be my first Ideal Client invite)?

What is the course of action if the Ideal Client agrees to move forward after the Commitment to Hire Conversation, but does not carry a check-book (very few people these days do)? Are documents accepted? Is the follow-up meeting planned? Work started? Etc.?

» More articles