Upfront fee for planning vs ongoing AUM percentage fee
I am struggling with how to implement an upfront fee for financial planning. My initial interaction with a new client/prospects is to develop a financial plan.
Most of my revenue is from asset based fees with a little commission from an annuity or alternative something.
Nearly everyone I do a plan for becomes a client, and I have a pretty firm asset minimum so I get paid eventually for the planning.
However, it seems it would be cleaner if I charged an upfront fee for the plan to cover that work and waived the AUM fee for 6mos/year to not double charge the client. My BD doesnt let me waive that advisory fee for a couple of months of course. Although, an RIA custodian will let me do what I want with fees.
Should I consider going all RIA for the flexibility? or Should I just live with the situation that seems to be working, but isn't as "clean" as I would like?
Any thoughts or ideas would be appreciated. Thanks