Does anyone know if I can legally charge a fee for individual health insurance in AZ and FL? (I'm not so good at comprehending state legislature language.)
I am an RIA, and can legally charge a fee for any advice I give. But I'm sure it becomes an issue when I'm also receiving a commission. Double dipping is not my first choice and all comp would be fully disclosed to the client. But, with comp reducing by 50%, I'm just trying to figure out a way to keep my compensation level without having to double production (still 24 hrs in a day), and be paid an appropriate amount for my time and knowledge. Otherwise, the client loses with lower service levels and a churning mentality.
Plenty of people out there willing to pay good money for good advice.
I see comp coming in 4 forms:
1. Commission only - compensation is high enough for the time allocated.
2. Fee only - no commission available, fee for advice.
3. Fee/commission combination - collect on both sides to equal the amount to match the price of our service
4. Fee offset - Set a predetermined level of compensation, and reduce the fee by the amount of commission received.
I prefer #4, and is how I ran my RIA practice. I offset my planning fee by any insurance commissions I received.
Any useful insight from anyone?
I am an RIA, and can legally charge a fee for any advice I give. But I'm sure it becomes an issue when I'm also receiving a commission. Double dipping is not my first choice and all comp would be fully disclosed to the client. But, with comp reducing by 50%, I'm just trying to figure out a way to keep my compensation level without having to double production (still 24 hrs in a day), and be paid an appropriate amount for my time and knowledge. Otherwise, the client loses with lower service levels and a churning mentality.
Plenty of people out there willing to pay good money for good advice.
I see comp coming in 4 forms:
1. Commission only - compensation is high enough for the time allocated.
2. Fee only - no commission available, fee for advice.
3. Fee/commission combination - collect on both sides to equal the amount to match the price of our service
4. Fee offset - Set a predetermined level of compensation, and reduce the fee by the amount of commission received.
I prefer #4, and is how I ran my RIA practice. I offset my planning fee by any insurance commissions I received.
Any useful insight from anyone?