Do we set a fee and then reduce it for what we collect in advisory fees (% AUM )and then bill the difference?

Article ID: 358
Last updated: 20 Nov, 2019
No. You will no longer be the Money Manager, therefore you will no longer collect a money manager fee.
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b Many retired clients do not have debt or a need for additional life insurance or they are not insurable. How detailed should we get if the client has sufficient income to cover all living expenses and the only area we could assist with is their current investment portfolio.
b I completed a Financial Road Map® with this gentleman and his wife. He loved the experience and was very excited to go ahead and have us create an action plan. We requested additional information needed to complete the plan. I then received this email (see below). How would you respond? Thanks. Morning, Michele and I had the opportunity to sit down with an investment adviser yesterday and discovered that Optimal Performance is not only an investment company but also a financial planning firm. Embarrassing for me, as we have worked with Diane for over five years and she has helped us manage a myriad of financial challenges over that time. To realize that I have not fully taken advantage of her years of experience her expertise was "uncomfortable" to say the least. That said, Michele and I have decided not to continue moving forward with Ideal Life and re-engage Diane since we are already paying for that service. Additional, I am sure you can appreciate that we do not want to put our relationship with Diane in jeopardy especially after she has been a cornerstone for us. I have reviewed our chequing account and as of Friday, our cheque has not been processed and we would ask that it does not happen. We are prepared to pay a small fee for the work to date (including the Value-Based book) and will issue another cheque to cover that amount. I can have that available when I come to pick up our binder. As you witnessed, we were ready to make the move to see the plan and realize this a disappointing news however this is the right thing for us and aligns with the values we hold true.
b A former client referred a guy (call him Bill) to me a couple weeks ago. Bill and I spoke on the phone and scheduled an appointment at my office, at which I intended to complete a Financial Road Map® for him. Bill arrived without the documents I asked him to bring. He had actually completed a Financial Road Map® many years ago but was not working with that advisor. As I started through the script, he was reluctant to proceed. I told him that I wasn`t interested in wasting his time and that we could end the appointment. He said he wanted to ask questions of me first and then we could later complete his Financial Road Map® - presumably if I answered his questions well enough. If I was at the point in my Values-Based Financial Planning™ journey that I was only accepting Ideal Clients, I probably would have not even started the meeting because he failed to bring his documents. However, prior to that time I need Survival Clients. So how do I handle the `I have questions for you before we get to the Roadmap stuff`?
b How can I increase my knowledge of, and mastery of, creating financial plans for clients? Do I need to pursue something like a CFP?
b At the end of the most recent webinar you gave an example of what you would say to a prospect who wanted to wait on doing a plan. One of the things you mentioned is that the advisor’s main benefit is not in the plan or any other technical work, but in the coaching and accountability. I hate to ask, but why don’t we include that in the script to make sure every prospect knows just what they are getting and why this will be different?
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