Forget the Sports Car

Levin, Ross
January 2005
Journal of Financial Planning;Jan2005, Vol. 18 Issue 1, p24
Academic Journal
This article presents the author's case for opting to be paid by fees instead of commissions for financial planning services offered by his firm. We now have much higher minimum fees. We have a larger staff with far more credentials and provide a whole range of services. I often get asked about offering an Accredited Lite plan for those people who cannot meet our minimums. We have chosen to not do this and here is why. This was not a moral statement, it was a decision based on the fact that we wanted our next seven years to look different from our first seven. Our client's money is extremely important to them. The client with $100,000 needs quality advice just as the multi-millionaire does. And this client needs to be able to work with someone who can deliver what they need when they need it. For us to set up a secondary offering that provides less service does not seem consistent with our long-term business objectives or in the best interests of the client. We would have to run a secondary business that would take our focus off our primary clients. If a problem arose with the smaller client, we would have to be on top of it just like we have to be for any of our clients.


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