You have been speaking a lot lately on charging 1% fee for financial services instead of the typical wrap fee for just investment management. The only times I can think of that converting into a single fee for service would be the following: - I don't have any clients that can afford a Predictable Minimum Annual Recurring Revenue of $10,000+ (perhaps this is my own thinking getting in the way). - I work for another advisor who owns a franchise with our broker / dealer and I can't stray far from the compensation model he's set for his and my clients. If there's any other reasons not to make the transition to a single fee for service please let me know. Also, do advisors make the transition from earning money via wrap fees to a single fee for service all at once or over time?

My favorite way to be a Financial Advisor is to deliver truly comprehensive financial services, as we define it with our complete deliverables checklist, and charge a flat fee between $20,000 and $50,000 / year. $36,000 is a good number because it easily divides as $3,000 / month or $9,000 / quarter.

I believe you know where to find people in your community who can afford this fee. The challenge isn't finding financially successful people. The challenge is having a value proposition that would impress financially successful people and the communication skills to articulate that value proposition to financially successful people so they will meet you in the first place and subsequently terminate their relationships with other advisors and institutions and do all of their business with you. Our forte is providing you with such a value proposition and teaching you to be this good.

Most advisors make this transition by simultaneously building their Ideal Client Community and maintaining their non-Ideal Client business to make sure they have enough money to cover their business and personal expenses. Building an Ideal Client Community takes approximately 4 years.

Your next step is to come to the next Academy and then make good choices about what to do next.