Mass Affluent Financial Planning

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Jul 10, 2007 3:26 pm

Is anyone here doing formal financial planning, including budgeting and formal capture of discretionary dollars directed to investments, with " deliverables " to clients.


How much do you charge for the plan itself, and what software do you use for the deliverables?

Jul 10, 2007 3:36 pm
GolFA:

Is anyone here doing formal financial planning, including budgeting and formal capture of discretionary dollars directed to investments, with " deliverables " to clients.


How much do you charge for the plan itself, and what software do you use for the deliverables?



Hell no. I don't sell things that people don't want. If someone needs a plan, I'll pay some loser CFP a few hundred to put it together.

Jul 10, 2007 3:39 pm

I generally do this for most clients.  However, I don't always charge the client.  Certain things come into play on whether I will charge or not and it may be flat fee or I may charge by the hour when I do. 


If I was to take an "average" client of mine that I will charge, generally speaking it will range from $500 - $2k.  If I get into the parts you mentioned; budgeting, bill pay, and others... it will move to the higher end. 


Right now, I have been using Naviplan extended; generally happy with it but I am looking at other tools now.  It can be a pain to work with in terms of loading data and updating it etc.  LPL is rolling out the eMoney program and I will look hard at this at our conference.  T

Jul 10, 2007 3:49 pm
GolFA:

Is anyone here doing formal financial planning, including budgeting and formal capture of discretionary dollars directed to investments, with " deliverables " to clients.


How much do you charge for the plan itself, and what software do you use for the deliverables?



isn't that what the ameriprise reps are doing?

Jul 10, 2007 4:49 pm
Bobby Hull:
GolFA:

Is anyone here doing formal financial planning, including budgeting and formal capture of discretionary dollars directed to investments, with " deliverables " to clients.


How much do you charge for the plan itself, and what software do you use for the deliverables?



Hell no. I don't sell things that people don't want. If someone needs a plan, I'll pay some loser CFP a few hundred to put it together.



That's a shocker.

Jul 10, 2007 4:53 pm
csmelnix:

I generally do this for most clients.  However, I don't always charge the client.  Certain things come into play on whether I will charge or not and it may be flat fee or I may charge by the hour when I do. 


If I was to take an "average" client of mine that I will charge, generally speaking it will range from $500 - $2k.  If I get into the parts you mentioned; budgeting, bill pay, and others... it will move to the higher end. 


Right now, I have been using Naviplan extended; generally happy with it but I am looking at other tools now.  It can be a pain to work with in terms of loading data and updating it etc.  LPL is rolling out the eMoney program and I will look hard at this at our conference.  T



Yep. I'm having my assistant plug data into Morningstar Workstation, and using some of the output alongside my closing presentations.


It seems like there is no really great planning software.


It's nice to have the fee flexibility, really I'm just charging for my time. For some new clients, it's nice to say, " I'm charging you a flat fee for doing some work, I can also handle the investments, but there is no pressure, you can decide after we do some planning. "

Jul 10, 2007 4:56 pm
Vin Diesel:
GolFA:

Is anyone here doing formal financial planning, including budgeting and formal capture of discretionary dollars directed to investments, with " deliverables " to clients.


How much do you charge for the plan itself, and what software do you use for the deliverables?



isn't that what the ameriprise reps are doing?



Well, yeah, exactly, that's my impression. They have created an entire branding and advertising 'dialog' with consumers - I guess mass affluent - over the planning.


Since a lot of people who make good money don't have a clue how to create wealth, the concept is not bad. Don't mind having my 1m+ clients, but there are a ton of people who could use a little more discipline.


And as a CFP, I don't think the idea of having a plan ( even if it is in your head), and approaching new clients with that notion, is all bad.