Say that I want my Ideal Clients to pay me $5000 per year, ideally where does that income come from? Planning fees, AUM, insurance sales?

Article ID: 246
Last updated: 20 Nov, 2019
Preferably, a flat fee. Almost certainly not from insurance sales as they generate a commission that does not recur.

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b When making the calls to schedule Financial Road Map® interviews with current clients, I've received the same reply numerous times. The client will often say something to the effect that he/she needs to check scheduling with their spouse and will get back to me with a time that works for the two of them. I reply that it is fine and confirm when I can check back in. I then send an email to the client I spoke with to serve as a reminder. Is there anything else I should be doing? I imagine that pressing to set an appointment on the phone, with language like, “Let's set a time that works for you, you'll check with your spouse and we can reschedule if necessary” is too “salesy”?
b I have a prospect who says that they want to come on board with me but that they can’t out of loyalty to their existing advisor. What should I say in my script for this situation?
b I recently completed a Financial Road Map® for a referred couple. At the end of the Commitment To Hire Conversation™ they enthusiastically said ‘yes’ to hiring me and we completed the paperwork to get things started. I am not sure if my answer to the couple’s next question was the best response: The client said, "You know I'm the President of Bradford Christian Academy, and as such I need to make financial decisions every day. One of the things we review on every purchase or project and this includes consultants who we bring in from time-to-time. One thing we look at is our Return on Investment. Since the services you provide are not necessarily financial, other than portfolio performance, how would we determine the dollar value of our business together to use to determine the Return on Investment on the relationship?" My response was, "Well Vicki, you and Bob do not have any plan in place now for retirement, college financial planning, and other major purchases, which is what has brought you to this point in our meeting. You are also concerned with your portfolio and how it is invested because neither of you are professional investment people and you're looking for help in that area. You have big dreams and values and right now are not sure how you will achieve them with your current process. So I guess I would ask you, what is the value, monetary value, you would place on a comprehensive plan that would give you the peace of mind to rest knowing you have a plan to give you the highest probability to achieve these items on your road map regardless of what happens in the world?" I felt guilty because I turned the question back to them and they said they would have to think about that answer and hadn't thought about it that way. Do you have a better answer that you would have used? I feel that I did not really answer their question, but I am not sure I could have come up with better answer than that.
b Does a Financial Advisor always have to start in business by approaching his/her natural market?
b How well does the Mastery Series™ work for advisors who do not work off fees?
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