If your Ideal Client Profile dictates a written plan and you charge a fee for it, should you also charge a fee for a plan for current potential Ideal Client's? Should there even be a fee charged for current clients if they come over to the New World?

Article ID: 32
Last updated: 20 Nov, 2019

Yes, if there is a fee you should charge that fee to existing clients as well. Particularly your new Ideal Clients even though they come from existing client base. Some advisors offer their existing clients a preferred price on the first year’s planning fee because they are existing clients.


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b I am starting to attend a lot of networking events. At these events, you always get asked for your card. I have been reluctant to give my card out, however, due to your previous comments about our business cards. What is your advice for what information should be on the card (keep in mind for compliance reasons we need to have certain information on the card here in Australia)?
b I just completed a Group Self-Referral presentation. It went very well. Should I email the participants’ filled-out Ideal Life worksheets to them? If so, what email template should I use?
b Should I schedule/conduct Financial Road Map® meetings with Non-Ideal Clients that won’t be able to afford our service and become Ideal Clients? I am trying to reconcile different comments regarding Non-Ideal Clients and Financial Road Map® meetings with Non-Ideal Clients • Jeff (& Tom Moore) – do a road map with ALL existing clients • Bill Bachrach 24/7 website – answer to a question – there are some existing clients you shouldn’t conduct Financial Road Map® meetings with • Rick Barrera – “Non-Ideal Clients will Steal Your Ideal Life….and prolong your journey…” Disengage as quickly as possible. I entered Ideal Life Evaluation Program and Committed Advisor Program with the approach that I will do what I am told to do and not question things (Tom M. and Peter’s O's advice). I am just having a difficult time reconciling; soaking up resources for a little more short term profit, getting FRM meeting experience, giving the gift of a Financial Road Map® to Non-Ideal Clients, Non-Ideal Clients potential referrals (although there would be a disincentive for them to refer where it would shorten their tenure as a client?), letting Non-Ideal Clients know what we are doing... We could add one deliverable and increase revenue but I am finding that my deliverables team is already stretched (it will get better with experience) with Implementation meetings, Progress Update meetings...we only have 14 Ideal Clients so we will be able to handle a lot more Ideal Clients work load once we gain efficiency and better time management. Although I think the time management by my Deliverables Team (in-house) has been fairly good - it seems to be more an issue of efficiency with new system and reports. I think it would be fun to do these road maps and an easy way to fill up some Client Acquisition time. While this may be easier than other Client Acquisition activities I don’t want to take the easy way out. Lastly, I think there is something to momentum and keeping busy on PRODUCTIVE Client Acquisition activities, I just want to make sure this is productive/the best use of my time.
b I work predominately with retired clients. My thinking is that some of these clients would have friends, family that we would be able to assist however I am thinking that I really need to be aiming at more successful/professional type people although I have little of this type of person in my client base. This may be a silly question but how would you got about attracting this type of clients?
b I have been advised that there is a psychology that comes into play when a client pays for services (They are much more invested in the process if they pay for the service, no matter how little/much). If the payment does not take place until implementation [%AUM], does this minimize their commitment to the process? (Your experience here, please). What if there is no formal agreement to sign until implementation and the transfer of assets? What affect does this have? Do you have something that can be used? I am trying to find a "workaround" to the Financial Planning Agreement of my RIA, while still being compliant.
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