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Apr 23, 2009 5:21 pm

I could not find a recent discussion with the thread search tool. Is anyone specifically marketing using "flat hourly fee, second opinion, CFP skill and experience" approach to picking up  some portfolio analysis for people with money?

Apr 23, 2009 9:57 pm

Portfolio analysis? When you fail, I hope you’re able to find an indoor job. 

Apr 23, 2009 10:13 pm

Is that all got?  Mishigun 1 HAAIC 0. Guess you don’t know anything about consulting fees.

Apr 24, 2009 2:56 pm

Mishigun: <?: prefix = o ns = "urn:schemas-microsoft-com:office:office" />

I am a CFP. I have done more plans in the last six months then I did in the last two years. I am finding that people are scared and they are very open to doing a plan. I will bill hourly if the client wants, I would rather charge by the plan. I have also found that most people would rather pay a flat fee for a plan then to pay me hourly.  Second find it is rare for me to do a plan were I do not uncover a need for either a change in the person investments, or additional need for insurance (life, health or disability). My track record for closing this additional business is very high.


Apr 24, 2009 3:25 pm


  How are you marketing this.  Are you cold calling or is it referrals?
Apr 24, 2009 3:35 pm

Thanks for the inspiration, JB. Need to kick myself in the b. Do you have a flat fee range, and are you targeting mass affluent (100k+) or affluent (1m+) prospects?

Apr 24, 2009 3:46 pm


I get most of my business from cold calling. I would say that three out of four plans come from cold calling. I call on employee benefit like group health or retirement plans, during my meeting with the owners I bring up financial planning as one of the options that the employer can offer as an employee benefit. They are often only interested in financial planning for them selves, and not for their employee’s.  Which truth be told is fine by me, as doing a financial plan for someone who is low wage is not a good use of my time, I do not get the ancillary business that I would like. JackBlack
Apr 24, 2009 4:19 pm

I charge by the plan. For a comprehensive plan:  which include the following analyses: net worth, cash flow, asset allocation, emergency fund, retirement, education, estate planning, income tax, stock options, portfolio, health insurance, disability insurance , life insurance , liability insurance, long term care, goal attainment, and  Monte Carlo simulations I charge $1500.00.

If I do just a retirement plan analyses alone which also include a portfolio and insurance analyses and a Monte Carlo analyses. I charge $1000.00.

If the client want JUST a retirement analyses, or just a Education analyses and does not want and does not want me to look at their insurance’s or their cash flow I charge $500.00.

Apr 24, 2009 5:18 pm

Perfect. I like the A, B, C level choices. May have to steal your idea. I like the round numbers.

Apr 24, 2009 5:32 pm

<?: prefix = o ns = "urn:schemas-microsoft-com:office:office" /> 

Get out there folks. People are hungry for professional help. I am finding that people want someone to help them find out were they stand and how to get were they want to go.

Apr 24, 2009 6:00 pm

Where do you stand now, and where do you want to go? I provide three levels of planining, for a flat fee. That pays for our time together, you get a second opinion on where you stand, and where you go from here.

  I'm sure you'll get a lot of referrals off your increased activity, after you take folks through the planning process. Nice to meet ya, JB. Your confidence is refreshing.
Apr 24, 2009 8:04 pm


Mishigun: <?: prefix = o ns = "urn:schemas-microsoft-com:office:office" />

I can learn from you and you can learn from me.

  I believe this market is a chance of a life time if you are a planner. People want and need answers, if you are willing to give then the answers that the facts dictate, and not just what they want to hear, you will build trust and pick up business besides the planning.
Apr 24, 2009 8:26 pm

No question. For you and I, and every man and woman who has earn their stripes. Then you go back to a basic fact: this is one of the coolest freaking professions in the world.

  So much of what has happen makes us feel downtrodden or even dirty.   To me, a planner is someone who has broad exposure to things you mentioned in your comprehensive plan fee. Doesn't mean we got to fight each other like dogs about conventions that were set up to help clients and feed anyone other than - planners.   The more you give people the truth, the more you see it. I'm many of us are amazed at the strength and resiliency of our clients right now. Any of yours call up and say, " how are you doin', JB, are you hanging in there, I'm worried about you." Let's continue to learn from each other here, and take it to the next level, during the (planning) market opportunity of a life time.
Apr 24, 2009 8:56 pm


Yes I have had several client call and ask how I am hold up. I have to say that make my day when it happens. Jack Black