Fee Based Planning

[Advisor06]

I was contacted by a firm that is approaching me with a career opportunity to offer planning using "fee based planning" on high net worth families along with selling products.

Kind of seems like double dipping but maybe this is a industry standard and I am just missing out.

What do you think?

 

[DHK]

I think that if you are having a hard time selling promises, protection and guarantees (ie. insurance), then you'll have a harder time selling financial plans (worthless paper until implemented) for a fee.

 

[shooter]

There was a time when it was the rage of the financial
services industry.
Everyone was going to be payed for their advice and we would
all live happy every after.
You would not have to worry about those evil commissions,
because you my friend would be getting paid for creating a financial plan.

You were going to get paid if the client bought, or not.

You could give advice. Be a Registered Investment Advisor just like Bernie Madoff.
Then place your client in a no-load mutual fund, get them a no commission life policy,
an annuity without surrender charges.
Then we would all live in an utopian world.

Because your an advisor not a salesman.
Sorry, it is a tough road to pave.
With the red tape, and bad economy , I don't believe their will be many takers.

Shooter

 

[xrac]

I was contacted by a firm that is approaching me with a career opportunity to offer planning using "fee based planning" on high net worth families along with selling products.

Kind of seems like double dipping but maybe this is a industry standard and I am just missing out.

What do you think?

Sounds like Ameriprise. If you become interested in the financial advisor side of things talk to Edward D. Jones. That would be a better place to start then the fishbowl Ameriprise.

 

[SWM]

It takes some time to build a fee based business. Unless you already have the assets under management, moving into fee based fresh is and can be a very tough road. xrac, Edward Jones is aggressively moving people to managed accounts. There has been a huge sell off of American Funds as the move forward with this.

 

[agentjhc]

Are the so called no-load, no-commission products any less costly for similar product ?