Should I let the client explain their financial documents? I find that it's often easier if the client explains their financial documents, since they know how to best interpret what they've brought.

Article ID: 481

Last updated: 20 Nov, 2019

NO! The All the Money Conversation™ exercise is a math exercise that should take no more than 10 minutes. Watch the Financial Road Map® video for the demonstration of how this should be done.

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If we cannot charge a fee now, but may be able to in the future, how do you recommend discussing this with clients when we complete the Financial Road Map?

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 want to create a concise answer to the question of what do we charge. You mention two things and I can't reconcile them. Either "set a Predictable Minimum Annual Recurring Revenue and honor it for all clients" or "use an annual fee of ____ % of their net worth or assets". These seem very different. I'm fine with charging an initial one-time separate $2500 fee for creating the plan. But on going do I charge a Predictable Minimum Annual Recurring Revenue or % of assets/net worth for the 10 deliverables/3 meeting annual on-going process.

How do you complete the insurance section? Some types of insurance aren't easily summarized by a number, for example auto, disability, long-term care, etc.

How do we respond to someone when they say, "$7500/per year (our PMARR) is a lot of money?”

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