Many of our Ideal Clients are business owners and, therefore, sponsor 401(k) retirement plans for their businesses. If we are the advisors to 401K plans where one or more of the owners are Ideal Client's, how should we be charging for the advisory services provided to the plan and participants? Should this be part of the PMARR that the Ideal Client is paying or should we charge a separate fee to the plan for the services?

Be the advisor for the business owner Ideal Clients, but do not be the advisor for the employees who are plan participants and not Ideal Clients. Refer that work to someone else, like a fee-only financial planner who charges a flat or hourly rate to do financial planning for the employees. At our company our Human Resources director provides the basic information about our 401(k) options and we will pay up to $500 / year for financial planning services per employee. You might encourage your business owner clients to do something similar.

One of the worst things you can do for your "image" with your Ideal Client business owners is to also be the lower level financial planner for their employees.