When deciding to be a Certified Financial Planner®, there are many considerations to take into account. You have to decide if you will work for someone else or if you will start your own practice. You have to decide if you will work on commission, be fee-only, or be fee-based. If you decide to be fee-only, you will then have to decide whether to charge based on AUM, for an hourly fee, or with a retainer model. There is no one “right” way to be a CFP®. The Alliance of Comprehensive Planners is committed to putting clients’ best interests first. We consider it a privilege and a responsibility to offer comprehensive financial planning services that help people live well and achieve their goals. If you are trying to decide or have decided to be a fee-only planner, ACP can educate you in the benefits of the retainer model and how to express its value to your clients. We can also give you the resources to put this model in place, such as a template of an open-retainer agreement and a fee calculator to take the guesswork out of setting your rates. Please join us on Friday, June 26, from 12:00 – 1:00 PM EDT for our Membership Experience Panel, in which members Chip Simon and Angela Dorsey will discuss the ongoing and increasingly significant topic of compensation models and setting fees.
00:44:13