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Once a client says ‘yes’ to paying for a plan, what engagement letter do you use with the invoice?

Article ID: 438

Last updated: 20 Nov, 2019

It depends on your licensing and what your firm requires. They will be the best resource to answer your question.

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I will be meeting with a professional money manager soon. I explained that I offer comprehensive financial planning and it would compliment their offering to their clients which his purely investment. My question to you is is it a good idea?, What should I share with them? The 5 critical reports? The three meeting process? The 143 item checklist? Anything else? It is not a cold call, I know them personally and professionally.

Under my current model, there are different means of compensation, depending upon the deliverable (I.e., planning fee, % of AUM, insurance commission, other). It seems that the planning fee would logically be part of the Commitment to Hire. When would the other pieces be brought into the discussion?

I am struggling as I develop a week’s plan that allows for 8 hours for deliverables and 8 hours for Client Acquisition. I need help with a pattern that would involve both the mornings and the afternoon. Other than the patterns in the book, what would you suggest as to how to structure the week?

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?

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

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