I give 403b/401K advice away for free. I do this for clients for whom I am currently managing assets, which may range anywhere from $5000 to $500,000. Ninety percent of the time, these clients ask me to review and advise them on how to allocate their company retirement plan. Historically, I have provided this advice for free and now I don't want to. How should I change my pattern and also charge for the advice?

Article ID: 457

Last updated: 20 Nov, 2019

Say something like this, "I used to provide this advice to you for free, however, I will no longer be doing that. My fee for giving you advice about _______ is $_________, does that work for you?"

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I often use the question "Do you have someone walking you through the financial aspects of...?" during my initial conversation with potential clients when they tell me of upcoming changes in their lives. If they answer, "Yes", what is an appropriate response? For example, Betty is telling me she is going to retire this week. I say, "Wow, Betty, do you have someone walking you through the financial aspects of retirement?"

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