Financial Advisor Success Ep 132: Finding The Confidence To Avoid Discounting And Charge The Fee You're Really Worth with Linda Leitz
Jul 9, 2019
Linda Leitz, president of Peace of Mind Financial Planning and veteran advisor with a PhD, shares her insights on confidently pricing services without discounting. She discusses transitioning from a solo advisor to leading a four-person team, emphasizing the value of an integrated approach. Linda reveals her formulaical fee structure and how she combats imposter syndrome when quoting prices. She also reflects on ethical decisions in her career and the surprises of building a client-centric firm. Tune in for practical strategies on navigating financial planning practices!
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Cross-Train Staff For Continuity
- Build a small cross-trained team where everyone knows clients and processes to avoid single-person dependency.
- Let operations staff own billing and ticklers to automate continuity.
Price Holistically With A Retainer Calculator
- Charge flat retainers covering integrated planning, investments, taxes, and estate work instead of piecemeal projects.
- Use a fee calculator that combines assets, income, and complexity to justify a clear dollar fee.
Combine Assets, Income And Complexity
- Build fees from a formula combining basis points on investable assets, a percentage of income, and a complexity add-on.
- Revise complexity scores to avoid 'blue-eyed' discounts and charge fairly for real work.
