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We charge an Initial Planning Fee of $4,000. We also plan on charging a flat fee for the Three Meeting Process™, 5 Critical Reports™ and for helping them keep their financial house in order. When do we start charging the flat fee which we plan on billing quarterly? We are taking three weeks to get the initial plan done.

Article ID: 511

Last updated: 20 Nov, 2019

Start the annual fee at the Implementation Meeting.

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Implementation Meeting

« What do you think of this scripting when the prospective clients...

I had a presentation meeting with a client and his wife about a... »

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What do you think of this scripting when the prospective clients are talking in great detail: “I appreciate that you want to tell me the details about this, and should we decide to work together professionally, I will need to know more. For the purpose of this exercise, however, I just need to summarize the facts. I have 8 minutes budgeted for this. Would you be willing to give me a few minutes to go through your documents?"

I do a Financial Road Map® with all my existing clients when we meet for a review. Sometimes they balk at committing to implement the updated plan. What should I do - Close the meeting or do the plan anyway?

I am struggling not discussing an ongoing fee in Financial Road Map® Meeting. During this conversation the clients ask me how much? The Financial Road Map® Meeting has been around 45 minutes so far and going well. I say $5,000 for the initial plan. They say what do you get? I then run through my 2 page letter of engagement which outlines upfront and ongoing service offering and takes another 45 minutes. After 1.5 hours I feel like the clients are tired and the "would you like to proceed” has lost its presence because of the meeting time. How do I avoid this? I would love to skip the letter of engagement all together, should I just briefly talk about deliverables team (which I have) best-in-class Subject Matters Experts. I am also struggling to understand in the Implementation Meeting how to address the ongoing fee is $1k-$3k per month and not go over the plan in any detail.

I have several existing clients and prospects that have zero debt and range typically from $3-$10 million in liquid net worth. Many of them have believed in “Term and invest the rest” mentality and therefore don't like to discuss insurance needs and their term policies have expired. By this, I'm referring to clients who are past the accumulation phase and confident in their mind that they have been adequately insured and no longer need much insurance (I realize this may not be true), and have the notion typically to only buy term and put the rest of their money into savings. When we get to the Commitment to Hire Conversation™. Many of my existing clients have zero debt, more cash then they need to have sitting around (I realize this needs to be addressed), and don't feel they need much help with insurance. Therefore the step-by-step plan addressing these four areas only has one area where they typically want, or feel, they need help in creating a plan. I'm curious if it would it make sense to change the "What you get” discussion to something that could provide a little more value than the 4 bullets currently in the script? Can you please tell me perhaps a different word track then the Financial Road Map® script since two of the four areas are not of much interest to these types of clients?

I’m a little confused about the level of commitment we are expecting from a new client once they hire us. In the script and videos it seems that during the Commitment to Implement we expect that at the implementation meeting the client will follow all of the action plan items and sign all of the documents we have prepared for signature, no questions asked. However, on the most recent Webinar, it sounded to me that regardless of what we may have said at Commitment to Implement, at the actual implementation meeting, it is more of a “traditional” approach where we are presenting our “recommendations” and it’s up to the client to decide which items, if any, they implement. To sum up, it seems that at the implementation meeting the approach is much less “take it or leave it” than presented during the Commitment to Implement. Please help me understand.

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