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Hourly Financial Planning Fee

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Feb 17, 2011 7:31 pm

WrapIt

Joined: 2008-01-30Offline

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!

Mar 1, 2011 2:16 am

joelv72

Joined: 2008-11-28Offline

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

Mar 2, 2011 1:38 am

WrapIt

Joined: 2008-01-30Offline

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!