We've reviewed the basics of fee only - not it is time for creativity! You can combine all of these options to create exactly the "menu" of engagements you and your clients need.


I’ve given you a little food for thought on hourly vs. retainer vs. AUM pricing model. Now it's time to get really creative. You get to create a combination of all those pricing models that really serves the clients you want to reach and creates the business model that you want to have. 

Your goal with any pricing model is to send a clear message and also to create a sustainable business model. A trend I’ve seen a lot of lately is doing a combination of reduced AUM pricing with a fee for the financial planning aspect of the services. This pulls you away from that “free with purchase” mentality that a classic AUM pricing structure has, and it really sends the message home that you’ve got value in your financial planning process, not just in managing those assets.

As advisors look to the next generation of clients who are still building their wealth and don't have a lot of assets but have high income and still need that advice, a great trend is to combine assets and income in your pricing model. This way you're getting paid what you're worth, but you're not relying on only clients who’ve already built up a lot of assets. It's a fantastic way to get people into financial planning early, before they make costly mistakes.

The great thing about building your own business is that you get to create the engagements, the pricing structure, all of this, to send the message that you want to reach exactly the clients you want to work with, regardless of whether they’re ultra high net worth or if they’re just starting out.