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Althaus explains how having the often-difficult conversation about fees with clients should become less of an issue once you establish an alignment between your value and their objectives and expectations. 

While traditional financial planning services generate revenue primarily from commissions and investment management fees, incorporating recurring flat fees for financial planning into your model can benefit you, your business and clients. MacLean discusses how his firm made the move to fees and provides useful insights on the process and scalability of building a financial planning team. You will learn how to position this service and fee model to new and existing clients, reinvent your firm as an industry leader and stay ahead of your competition.

While traditional financial planning services generate revenue primarily from commissions and investment management fees, incorporating recurring flat fees for financial planning into your model can benefit you, your business and clients. MacLean discusses how his firm made the move to fees and provides useful insights on the process and scalability of building a financial planning team. You will learn how to position this service and fee model to new and existing clients, reinvent your firm as an industry leader and stay ahead of your competition.

As a second generation financial advisor, Kane explains how he turned his dad's “good” business into a “great” business, with 30% fewer clients and 40% more revenue, in just over 12 months — during a pandemic! Charging a higher fixed fee yielded more client satisfaction, higher staff energy and a team-sharing culture. He also shares his strategy for introducing this new fee structure to clients.

Althaus needed to increase her fees and narrow her client list — even if it meant having uncomfortable conversations.

You probably aren’t anticipating that clients will go out of their way to make sure that you are properly compensated. In this episode recorded before the pandemic, MDRT members share times when they have been taken aback by gratitude from clients.

You’ll hear from:
Leanne Barbara Bull, Dip FP, CFP
David Meszaros, CFP
Paresh B. Shah, CFP

Episode breakdown:
0:36 – When clients insist to pay even when you’ve offered them a free meeting
2:14 – Making a priority of clients who are invested in you
4:50 – The surprise of clients being concerned about your finances
7:48 – Receiving unexpected praise and engagement from new clients
9:54 – The importance of aligning your fees with the value you deliver
10:43 – The impact of video testimonials from appreciative clients

When you become a financial advisor instead of an order taker it can cause a shift that increases both your income and professional happiness. For Top of the Table qualifier Ed Marshall, it starts with selecting clients who are financial delegators. He explains how to identify that type of client, and what to do with clients who won't implement a holistic financial plan.