Welcome again to the 132nd episode of Monetary Advisor Success Podcast!
My visitor on at this time’s podcast is Linda Leitz. Linda is the president of Peace of Thoughts Monetary Planning, an impartial RIA based mostly in Colorado Springs offering complete monetary planning providers on a retainer charge foundation to just about 100 shoppers with a group of four.
What’s distinctive about Linda, although, is the depth of her expertise in pricing her monetary planning providers and dealing with shoppers for an ongoing retainer charge, and what she’s found out over the span of 20 years about the best way to efficiently place retainer charges for shoppers who will not be used to seeing the precise greenback quantity they’ll be paying for monetary planning recommendation.
On this episode, we speak in depth about how Linda has structured her monetary planning charges tied to a consumer’s earnings, internet value, and complexity, the best way she presents this info to shoppers utilizing a charge calculator to validate the worth, the best way she positions her retainer charge will increase throughout biannual renewals, exhibiting shoppers how their charges examine to what one other advisor’s AUM charge may be, how the largest drawback when quoting monetary planning charges is just not that shoppers attempt to haggle the worth down, however that as advisors, we regularly haggle our personal charges down on account of our personal self-doubt, and what it took for Linda to lastly cease the temptation to provide shoppers a reduction the second they flinched or gasped at the price of her providers.
We additionally speak about Linda’s choice after almost 20 years to shift from being a siloed solo advisor underneath a cost-sharing partnership to constructing her personal multi-advisor group. Why she determined to make the shift to not place herself for retirement, however merely to make sure continuity of service for her shoppers within the occasion that one thing occurred to her, what shocked her most by shifting to a group construction after being a solo for therefore lengthy, and the way having a group round her modified her personal mentality about the best way to value her providers with shoppers.
And make certain to hearken to the top, the place Linda shares why she determined to return to highschool for a PhD in monetary planning as an skilled practitioner to assist construct higher connections between practitioners and lecturers. The variations she discovered about being a practitioner versus doing educational analysis, and the considerably humbling expertise she had doing a dissertation that confirmed how a few of her personal conventional monetary planning recommendation may not really be absolutely validated in analysis.
So, whether or not you’re excited by studying the best way to acquire confidence across the charges you cost, methods to speak charge will increase to shoppers, and methods by which flat-fee advisors can differentiate themselves from advisors with different charge fashions, then we hope you get pleasure from this episode of the Monetary Advisor Success podcast.
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