Hourly Financial Planning Fee

3 replies [Last post]
WrapIt's picture
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Joined: 2008-01-30

As I  continue to develop my business I am trying to diferentiate my services between investment management and financial planning.  For most of my clients I simply manage their investments on a fee basis, and for most of those clients I provide some basic financial planning services for free.  However, more and more I am getting clients that want financial planning services but maybe don't have an account with me at that time.  What is a typical hourly fee that advisors charge for financial planning?  I am in a rural town so prices here tend to be on the lower end of the spectrum, but I obviously still want to make it worth my while.  Can anyone give me a range of typical fees? Thanks!

joelv72's picture
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Joined: 2008-11-28

$150/hr with a minimum of $500 is a good place to start.  Part of it depends on your target market.

WrapIt's picture
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Joined: 2008-01-30

Thanks for the insight gentlemen.  I like the idea of fixed fees for planning, other than the uncertainty of time it can take for any given financial plan.    As I do more plans maybe I will get a better handle on how much to charge individual clients.  I'll probably start out giving clients a choice between hourly or fixed and tweak things as I go.  As joelv72 suggested, I will probably go with $500 or $150/hour to begin with, although I may have to lower the fees as the market seems pretty soft right now for financial advice.  Hopefully I will be able to increase them as I develop my market a bit more. Thanks Again!

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